Can’t buy me love

A large part of our culture enjoys buying stuff. New stuff, used stuff, any ole stuff it just doesn’t matter; if it’s something for sale that we want or need we buy it because many of us derive great satisfaction from this every day occurrence. There is a type of pleasure we get each time, and though I’m no doctor, I’m sure there must be some scientific study that proves a hormone is released in our brain with each purchase causing us to feel oh-so good. It must start when we’re really young. Those of you with kids will be able to relate to taking your child shopping for a specific toy they have had their eye on for a while. When the toy is sold out or not available they begin pulling other items off the shelf saying “Mommy or Daddy can we buy this?”  It doesn’t take long for us to realize they are grasping at straws looking to buy just about anything for the sake of getting some new stuff (when clearly it is something they normally have no interest in owning).

As someone who is in the “money” business it is not uncommon to see the same scenario play out when clients are looking to purchase a home. During the process logic takes a back seat to emotion and practical need is replaced by want.  This ailment is also known as the BBD (bigger better deal). Rather than buying something that is within their affordable price range a homebuyer sets their sights on something higher and works to get it at all costs. Long after the thrill of the buy is done reality sets in and there is regret and disappointment. To avoid having this happen on your next home purchase set a detailed budget. Before you begin looking at properties determine how much you can afford and be sure to consider extra expenses over and above the mortgage payment such as taxes, utilities, maintenance and repairs.  Just because you are able to obtain an approval does not mean that you are truly able to afford the purchase. One has to consider if the increased financial strain will be worth the stress caused on you and your family? You should never feel pressured to buy a property and there is nothing wrong with taking a day or two to ‘sleep on it’ before making a final decision. Perhaps we need to recognize that The Beatles correctly captured what should be our focus all along with their release of “Can’t Buy Me Love” nearly fifty years ago on March 20, 1964. Composed by Paul McCartney, he said about the song “The idea behind it was that all these material possessions are all very well but they won’t buy me what I really want.”

Source: Brandon Scott is a Sherwood Park / Edmonton Mortgage Broker and the author of a weekly column entitled Real Estate Solutions in the Sherwood Park News. This article was originally published on September 20, 2013

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