There is something magical about finding your dream home, a little like love at first sight. When first you find it, you know it’s the one. You start picturing your furniture in all the right places. You tell your family and friends all about it and you’re even planning your house warming party.
So, when the deal doesn’t go through, you’re crushed. All your dreams come crashing down and you have to re-imagine the future.
Buying a new home, especially your first home, is a deeply emotional experience. Yet, there are many factors that can result in the deal falling through. The inspection may reveal a deal-breaking fault, someone may outbid you or you may be pipped to the post by a cash bidder.
Feel the loss
If you had really invested your dreams in the property, you may grieve the loss. Allow yourself to feel it so that you complete the grieving process and pick yourself up again.
The process has five stages. These are denial, anger, bargaining, depression, and acceptance. The stages may not happen in quite that order, but you’re likely to experience them all.
Licenced psychologist, Dr Carissa Phipps, suggests that connecting with your spiritual philosophy at this time may be helpful. Your beliefs can help you through the grief and take you forward to the search for another home.
Don’t aim for the top of your budget
Right now, property markets are very competitive. You may have to get into a bidding war to win your home. You should never consider buying above your budget, so consider looking for a house a little below the budget. This way, if you have to negotiate you have some money left in the kitty to work with.
Consider an escalation clause
If you want to make sure that you get your dream house, consider an escalation clause. The clause allows you to a percentage above the highest alternative bid. The amount is capped so you don’t have to worry about overspending.
There is no such thing as a perfect property
No buyer receives everything they want out of a house. If the house you want ticks 80% of the boxes, you’ve done well.
It’s worth remembering when you lose out on a property. In some ways, the house may have seemed perfect, but the next one may have other qualities that fit your lifestyle requirements just as well.
You can also recreate some of the features from your dream home in the new home that you buy.