It Doesn’t Fit: Beware of the Red Shoes Strategy When Buying a Home

Couple with an agent

There’s a long list of rules when it comes to buying a home. A homebuyer should list down the requirements, get a pre-approved for a loan, and stick to your budget. But usually, it’s worth paying more attention to the don’ts, as these mark the possible pitfalls and booboos that will not just delay making your dream home come true, but also drain your energy and wallet. One of those crucial don’ts you can’t ignore is the “red shoes experience or strategy”.

Beware of the “Red Shoes”

Some people treat buying a home like buying red shoes. When you want red shoes, you go to different shops to look for the perfect one. At one of the stores where you find something you liked, you try it on and see if it fits. If it does, you apply the buying strategy: don’t buy it just yet. You leave the store, visit another one, try on another pair that you like, and then again, hold on to your cash.

The routine goes on until you’ve visited all the shops in the area, or you become exhausted. Then and only then will you buy the best of your options. At a glance, it seems effective, and perhaps could be applicable when purchasing a home. But the truth is, you might settle for a property that might not be your favourite in the end.

For real estate experts, the number of choices doesn’t matter. It can hurt your home buying efforts because it can put you in a dilemma. With so many options, you’re stuck in a loop of overthinking details, going back and forth the specs, comparing houses, and eventually failing to come to a firm decision.

Or, if you do arrive at one, there’s a good chance that someone else in the market already snagged the house you wanted. Another reason the red shoes strategy isn’t efficient is it leaves you extremely exhausted. The process of applying for a mortgage, doing all the necessary paperwork, and sticking to the budget are in themselves already tiring. The last thing you need is another source of stress. You want to conserve your energy (and resources) for the things that would bring you one step closer to your dream home.

Find the Right Home

When shopping in the real estate market, it’s not about seeing as many properties as you can. As long as a house meets your requirements, go for it. Many homebuyers find their dream houses and land properties in Donnybrook and often make the offer immediately. Many homebuyers who make such decisions are usually ready with a list of what they want in a house. Such a list should at least have the basics: your preferred location, the architectural style of the property, overall layout, and the number of rooms.

Of course, you should be set on your budget as well. Don’t go to unit viewings if you don’t have a figure in mind yet. Ask your real estate agent about your financing options. Make sure to stick to it through and through.

Be a Smart Buyer

Couple looking at documents

You don’t need to see several properties before you make a choice. Make a list of requirements so that you can narrow down your choices. Beware of the red-shoes experience when buying a home. It will only leave you tired and frustrated. Instead, be clear on what you want to see in a house and when you see it in real life, don’t pass it up.

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