Pinned down by the weight of your real estate
- Admitting that maybe they made a mistake
- The seller is free of their real estate and all its burdens
- Just like that scene from the Wizard of Oz…
- It’s much worse than spending your money on an automobile
Pinned down by the weight of your real estate. People have the hardest time getting real with their real estate. Once a person buys a home they have usually paid too much. That’s the goal of the seller and the seller’s agent who is commission motivated.
The buyer wants to purchase a piece of property that they like for the least amount of money. But no matter what they pay for it they immediately start justifying the price they paid and what a great deal it was. Even if they have to put a lot more money into the property to make it livable to their standards, the buyer has the hardest time admitting that maybe they made a mistake.
Nowhere is buyer’s remorse more hidden, or the buyer refusing to admit it than in buying real estate. Once a transaction happens, what actually occurred? The seller is free of their real estate and all its burdens, the seller has gained mobility back into their life while the opposite has happened to the buyer.
Just like that scene from the Wizard of Oz where the house falls on the witch, the buyer is now pinned under the weight and obligation of real estate. Any mobility the buyer may have had before is now gone. Everyone who can see that you purchased real estate is now attempting to get their hooks into you financially. It’s the re-modelers, the tax man, the landscapers, the insurance and utility companies and many more who have found another person to keep raising rates on. It seems you also now have a constant parade of maintenance people coming through your house.
It’s much worse than spending your money on an automobile. At least with an automobile you still have mobility, a way to get to that new job you were offered across the country. However, you may never be able to get out of your home what you had to put into it just to become a happy homeowner. The happiest homeowners in the future will be landlords. Rent everything.
QUESTION: What should readers take away from this message today?
ANSWER: That when making a decision to purchase real estate weigh it against your freedoms and mobility.
QUESTION: Why is this information timely?
ANSWER: This information is timely because so many people get caught in the trap of buying real estate because that’s what their friends are doing, or what their parents did. Take a look around and see how your friends changed once they were burdened with property.
QUESTION: How can readers best apply this information to their lives right now?
ANSWER: Try putting off the urge to purchase real estate and rent everything for the next 5 years.
COMMENTARY: This is no time to be pinned under the weight and obligation of anything, let alone real estate. If you can’t change the direction of your life on a dime you are far too limited to navigate these uncertain times. Don’t buy anything that you can’t afford to give up, walk away from, and write off as a “lesson.” The stress of being pinned down by your real estate with take much more from you than any pleasure it will ever give. Mobility is king!