Making an emotional purchase
Yes, that dog is a good boy. He is a very good boy and you love him very much. No, he doesn't know how he got so cute. You should ask him again. But if you’re buying a house just because it has a fenced-in yard for him to run around, that might be an emotional reason to buy a house, not a smart financial decision. Perhaps the good doggie could do with a smaller yard, and you could not spend so much on a house.
Emotions are often part of the house-hunting process because looking for a house is a serious time investment, and frustration is inevitable. And if you’re house hunting with someone else, you’ll likely have to compromise on the type of house you settle on. Feelings may get hurt. Regardless of the situation, be it doggy- or human-related, if you let your emotions get the best of you, the end result might be a poor financial decision.
Choosing the wrong lender
There are plenty of lenders out there, eager to give you a loan worth hundreds of thousands of dollars. But is the lender reputable? O’Connor recommends asking around to find out if the lender delivers on promises, whether they be the rate or the timeliness of the loan. She cautions that lenders call the shots for a simple reason: “Those who have the gold make the rules.”
Working with the wrong real-estate agent
Selecting your agent by whoever comes up first on your Google search of “good local real-estate agents who get turnt on the weekend” isn’t the most sound strategy, despite it giving you someone else to hit the bars with. However, you do want to find someone with whom you connect with, O’Connor says. Do you get along personality-wise? Does their schedule mesh with yours? Interview a few! Get recommendations. Finding the right person is a huge deal. Finding the wrong one can be hugely detrimental.
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Lee Breslouer is a senior writer for Thrillist, and loves Property Brothers. Follow him to HGTV binges: @LeeBreslouer.