Are You Emotionally Attached To Your Property?
Investors can get emotionally attached when considering to purchase or sell a particular property.
One and Only are going to discuss the number of factors that may contribute to developing an attachment in this blog post.
An investor could become attracted to the the physical appearance of the house, whether it is the size of the garden or size of the bedroom. Even the location of the property could draw the investor to consider owning the property.
Emotion can be high when an investor is experiencing drought in their portfolio and it can contribute to their mindset. There could be a period where you may not be getting any deals and potentially ‘not meeting your goals or targets’ (McFadden, 2018). It is important to not get emotionally invested even if your investment situation is not on track, as it could lead you into rushing to make a deal you may regret later down the line.
History with Property
Your attachment with a particular property may be more personal where it was a family home or even if there is a property in a location you previously lived in. This could lead onto having a impact on ‘your decisions when selecting a tenant and throughout the tenancy’ (Impression.co.nz, 2014) .
Reluctancy to sell/rent
According to PropertyRescue.co.uk a recent survey conducts that a property represents ‘a host of memories, such as starting a family’ which holds both an ‘emotional and sentimental’ value. 83% of those surveyed agreed that they are emotionally attached to their home. For a investor this could mean that you are sitting on a property that could generate yourself a profit if you were to sell/rent.
What should you do if you are emotionally attached to a property?
Regardless of if you own or are looking to purchase a property One and Only recommend that you should take all these factors mentioned into account. Take time to make the decision on the property that would be best for your portfolio and not letting emotion contribute to your decision.
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