Ever heard of emotional value when buying a home? Well, let me explain! Every property has a logical value, based on recent sales, home improvements, location, property type and more. This is usually quantifiable by a realtor.
Your Core Values When Buying a Home
Emotional value however, is determined by the buyer, and it comes down to how badly they want a specific property. For example, if the home is in the exact location they are looking for, which also happens to have a limited number of homes for sale, it will have a high emotional value. Here are some other reasons that would give it a high emotional value:
- The buyer grew up in the area (sentimental)
- The buyer has relatives that live nearby
- The buyer lost out on a property in the same area previously and has regrets about it
- The home is located in your child's school district
- A buyer can envision themselves living there
- It provides a lifestyle the buyer has always wanted
- The area has limited homes available for sale (scarcity)
Emotional value can be tricky to quantify as it will depend on each person's core values and desires. It also results in buyers paying more for a property, above and beyond the logical value if emotions are strong enough! While a realtor can tell you the value of a home based on logic, only you can determine the emotional value that it holds for you.
Have you ever been in this situation? I'd love to hear your experience!
#torontorealestate #torontorealtor #emotionalvalue #buyingwithemotion #emotionalbuying #torontobuyorsell #torontohousingmarket #torontofirsttimehomebuyer #firsttimehomebuyer #emotionalhomebuying #forsaletoronto
Rescue Dog Mom & Volunteer 🐕
Award Winning Toronto REALTOR®
I Love First Time Home Buyers 💕
Comments