For most, buying real estate is one of the biggest decisions in their lives. The amount of time, money and effort needed to buy property prevents you from making snap decisions. This is a good thing in the grand scheme of things. Pacing yourself not only helps you protect your investment but also ensures better choices. However, this also means that most people go through similar stages when they are contemplating buying real estate. Today we’ll look at five such stages of buying property that everyone goes through.
1st Stage – Discovery
The journey to buy property starts with discovery! In this investment stage, a buyer begins to look for real estate that might actively peak their curiosity. Often, this search seems casual in nature until the buyer finds something noteworthy. This particular stage can last for months, during which buyers go through numerous properties for sale either online or using traditional medium; walking around the streets. However, the conventional method of enlisting help from others to find viable properties for sale is a slow process. Which is why more and more people today are opting to search online when looking to buy property.
Furthermore, the prospect of exploration and discovery entices our sense of adventure. Because of that, it is also at this stage of buying real estate that people enjoy the most. But do keep in mind that in finding properties for sale that matches your taste, requirement and budget are factors of sincere contemplation. Prolonged searches can lead to frustration and stress. That is until you encounter that perfect piece of real estate.
2nd Stage – Desire
As a buyer, you come upon all sorts of properties during the discovery stage. But it inevitably leads a buyer to the desired stage. After looking through numerous listings of real estate and luxurious apartments for sale and rent, you can’t help but be enamoured by at least a few; whatever your need or budget may be. The attractiveness of the extraordinary ones is only enhanced by the perceived lacking the rest of the listings have.
It is easy to lose track of your initial requirements in this stage as desire can be a strong force to contend with. However, the most common cause of dissatisfaction and frustration is the gap between expectation and reality. Often, the properties that buyers are most enchanted by are either impractical for them or aren’t affordable. This creates a dilemma for the buyer. The buyer must deliberate whether to go for a property they fancy or one that will fulfil their immediate requirements.
3rd Stage – Deliberation
This investment stage is crucial in the sense that it determines how satisfied you’ll become later when you buy property. Very rarely can we attain things that are exquisite in nature, fulfil our needs and are also within the budget. After going through wonderful properties, the buyer comes to an impasse. They wonder if it is worth holding off on buying real estate now to save for the future or choose something more viable. A few things come into consideration in this stage. For example, the desired property might not be available for long, or it might still be out of reach even after saving.
Most buyers come to a compromise between desire and need after much deliberation. Buyers begin to take a second look at the properties for sale. They search for real estate that fulfils all requirements that are within budget but also without straying too far from preference. Those who fail to make adjustments usually forgo their intentions to venture forth.
4th Stage – Debate
The difference between the deliberation stage and the debate stage lies in what is being considered. In the deliberation stage, the buyer is contemplating whether to move forward with the buying process. Whereas, in the debate stage, the buyer is thinking about the pros and cons of a few prospective properties for sale. It is the final phase before the crucial decision of buying real estate is made.
At this stage, the buyer has found two or more properties that can be seriously considered worth purchasing. Every property in consideration is weighed against each other as well as the buyer’s needs and budget. It allows them to see past the initial value and think about long-term implications. As such, individuals put in a lot of time and thought before stepping into the final investment stage.
5th Stage – Decision
After much search, deliberation and debate, a buyer finally reaches the last stage in the process of buying real estate. It can take several months for an individual to reach this phase; as it should. Unless something drastic happens, the decision to buy property is made at this stage. The buyer now has a property in front of them that satisfies all their needs and desires. All that is left is to start negotiations and even then it might take days or weeks to agree to a deal. But after all this, given negotiations go well, you have yourself a property you can call your own.
So, whether you are thinking about buying an apartment or land, almost every buyer goes through these five stages of buying property. Each investment stage builds upon the success of the previous one to help buyers make the best decision. Buying real estate is an enduring process with a lasting impact on the finances and lives of people. As such, take as much time as you need to prepare for the journey ahead.
Are you in one of the stages of buying property in Bangladesh? Let us know in the comments section below.