"Expect the Unexpected: Mastering the Property Journey's Ups and Downs"

Another week has rolled by,

“I'm not angry… I'm disappointed”

Does anyone remember this emotional grenade being thrown at them in their youth? (If I could insert the guy from the Wonder Years show to recount it I would!) So in life there are ups and downs, you can’t have one without the other. This is going to happen on your property journey and it's something to be mindful of. It's important to look at what can lead to disappointments in your property search:

• The things you don't prepare for

• The things you didn't account for 

• The outcome you didn't want

• Or something you never even thought could happen.

In property, all bets are off and no two experiences are the same. So let's look at how you plan, manage, communicate through and overcome the possibility of either moments of disappointment or struggle. This relates to yourself as well as those who may be involved.

To be clear, planning about it doesn’t mean it is going to happen, just that you are prepared.

1. The Unprepared Twists: Expect the Unexpected

In property, as in life, the unexpected is just around the corner. You might find your dream home, only to lose it in a bidding war, or discover hidden issues during an inspection or survey. The key is to prepare for the unpredictable. How? By understanding that the property market is fluid and by keeping your options open. Flexibility is your best friend in these scenarios.

Story: I recall a client who “lost” their dream home because the owner, out of blue, fell back in love with their home and decided not to sell. It was a bitter pill in the short term but then, they dusted themselves off and found an even better property that ticked all the boxes.

2. Accounting for the Unaccounted: Budgeting Beyond the Price Tag

It's not just about the price of the property; it's about the hidden costs too. From legal fees and stamp duty to unexpected repairs, the unaccounted-for expenses can lead to disappointment if not planned for. To avoid this, create a comprehensive budget that includes a buffer for these unforeseen costs. This way, you're financially prepared for any surprises.

Insight: In the Irish market, for example, it's crucial to factor in post-purchase upgrade and  renovation costs, which can often be overlooked with rose tinted glasses. Just because a gas boiler was serviced just before the sale, does not mean it is immune to packing it in five minutes after you get your keys. Plan for this unknown at least in your head.

3. Dealing with Unwanted Outcomes: Resilience is Key

Not every property journey ends with a fairytale closing. Sometimes, the outcome is far from what you wanted. Maybe the market shifts, or your circumstances change. In these moments, resilience becomes your greatest asset. Remember, every setback is a setup for a comeback. Stay focused on your long-term goals and be ready to adapt your strategy. 

Have you ever faced a setback that turned into an opportunity?  (touch base & let me know)

4. The Unthinkable Happens: Embracing Flexibility

Sometimes, things you never even considered could happen, do happen. Maybe the area you chose suddenly becomes less desirable, or a global event shifts market dynamics (What are the chances! 😉). In these cases, embracing flexibility and keeping an open mind about your property goals can turn a potential disappointment into an opportunity for growth and learning.

5. The Role of Communication: Keeping Everyone on the Same Page

Disappointment often stems from miscommunication, especially when multiple parties are involved. Whether it's with family members, partners, or your real estate agent, clear and consistent communication is crucial. Discuss expectations, fears, and backup plans openly. This collective approach not only minimises misunderstandings but also strengthens the bond between everyone involved.

Three Takeaways: Your Guide to Overcoming Disappointment

1. Prepare for the Unpredictable: Understand that the property market is dynamic and be ready to pivot when necessary. Flexibility is your best tool.

2. Budget Wisely: Factor in all potential costs, not just the purchase price. A comprehensive budget is your shield against financial disappointments.

3. Communicate Effectively: Keep open lines of communication with all parties involved. Clear discussions can prevent misunderstandings and align expectations.

Conclusion:

Disappointment in property buying is not a matter of if, but when. It's an inevitable part of the journey. But with preparation, resilience, and effective communication, these moments can transform into valuable learning experiences. Remember, every challenge is an opportunity to grow stronger and wiser in your property quest. 

So, embrace the rollercoaster, and let's turn those disappointments into triumphs!

Andrew

Property Expert & Resilience Advocate

P.S. We are putting the finishing touches on our property buying course so if you would like to be one of the first to get it register below:

[email protected]

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