WHAT TO CONSIDER WHEN PURCHASING AN APARTMENT IN KENYA
IS PURCHASING A HOUSE DRIVEN MORE BY EMOTION THAN LOGIC? If you clicked you are probably wondering what to consider when purchasing a apartment in Kenya.
Given that humans are emotive in their core, it is not surprising that our emotions play such an important part in deciding which house to buy.
Emotions influence up to 90% of purchasing choices across practically every industry.
When a home buyer has an emotional connection to the property, they are more inclined to purchase it.
Nostalgia, memories, and future goals all play an important role in determining whether to buy a home.
When purchasing a home, most purchasers examine how the house looks, if it will meet the needs of their family, whether they can envision themselves living in the house, and whether it has any elements comparable to a house they previously lived in, such as their childhood home.
All of these elements contribute to the emotional influence on property decisions.
IS BUYING A HOUSE PRIMARILY AN EMOTIONAL OR LOGICAL DECISION?
While buying a house should be logical, emotional reasons sometimes take precedence over logical ones when making decisions. Most home purchasers prioritize the financial portion of the transaction over everything else, which is one of the most common cognitive biases in home buying.
HOW DO EMOTIONS INFLUENCE THE PROCESS OF BUYING A HOME?
The psychological aspects of home buying are based on both internal and external factors. A home buyer’s emotions can influence the purchasing process for several reasons;
- Emotional connection to a house
- Personal attachment to a place
- Fear of missing out on a good deal
- A desire to fit in or to avoid being left behind
- Desired lifestyle
- Closeness to family and friends
- Peer Influence from family, friends, or co-workers
- The property’s visual appeal
- A need for a sense of security
- Family well-being
- Achievements of one’s life goals
- Sense of pride
- Desire for stability
HOW DO YOU BALANCE EMOTIONS AND LOGIC WHEN BUYING A HOUSE?
To avoid buying a property on impulse due to emotional influence, home purchasers should be reasonable in their purchasing selections. This can be accomplished by doing the following.
Identifying Features and Amenities
Make a list of everything you want your house to have so you can choose a house that meets your needs. Additionally, be sure that your desired property is close to the amenities that you require in your life.
Have a Budget
Assess your finances and select the maximum amount of money you will spend on a home. This will keep you from spending money on an expensive residence that is beyond of your price range.
Seek Professional Guidance
If you get carried away, consult with a mortgage advisor, real estate agent, or valuation specialist to assist you get back on track. They will provide you with a professional perspective, which may help you break free from your emotional decision-making cycle.
ALSO READ: Why You Need A Real Estate Agent
Do A Property Analysis
This is similar to a SWOT analysis, except it concentrates on the benefits and drawbacks of owning a certain house. This will help you determine whether the residence meets your needs and desires.
Inspect The Property
This primarily applies to previously owned residences. Assessing the quality of a home will help you determine whether it is a financially realistic option. You can accomplish this by calculating how much money you will need to improve, repair, and maintain the home. Consider the future resale value.
Nairobi, Kenya, boasts a tapestry of distinctive neighborhoods, each exuding its own charm and lifestyle. Among these, Kilimani, Kileleshwa, Lavington, Westlands and Mombasa Road stand out as some of the city’s premier residential estates, offering a blend of modernity, convenience, and a vibrant community atmosphere.
Key Takeaway
Please do not rush to acquire a house; instead, visit it numerous times to determine its livability. You may buy a house only to discover that the surrounding road is too noisy, making it hard to live peacefully.
You could also chat with relatives and friends to acquire their opinions. They will assist you in rationalizing the purchasing process, allowing you to purchase the appropriate home.
Finally, before making any commitments, conduct your due diligence. Remember that buying a property is an expensive decision that should be made logically rather than emotionally.