Nick, & Cindy Davis

6 Lessons Monopoly Can Teach You

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6 Lessons Monopoly Can Teach You About Buying A Home

6 Lessons Monopoly Can Teach You About Buying A Home

 

1. Patience
MONOPOLY: So your family has made a decision to play Monopoly? Refill your beverage, grab a snack and change into comfortable clothes. You’re gonna be there quite some time.

LESSON: Buying real estate can be a process. There’s pre-approval for a loan, interviewing agents, trying to find homes, submitting an offer, maybe submitting another offer, the home inspection, the appraisal, and final loan processing prior to getting the keys. As you can imagine, purchasing a home can take a little while. Rather then getting frustrated, concentrate on all of the great reasons you made the decision that purchasing a home was right for you. Staying in close communication with your agent throughout the process can certainly help, too.

2. Neighborhood matters
MONOPOLY: Everyone starts the game with one corner as the primary goal: Boardwalk and Park Place. The high-priced properties have the best returns on investments, as well as the players who snag them first have a tendency to do well in the game.

LESSON: Location is generally a major consideration in real life too. Home values, your lifestyle and so much more are factors in your neighborhood choice. Work with your agent to find out all you can concerning the neighborhoods that pique your interest.

3. Keep an open mind
MONOPOLY: Baltic and Mediterranean Avenue come with a bad reputation because they’re the lowest priced properties on the board, but they also present opportunity. Add a few houses and hotels and your return may very well be larger than the one on nearby Connecticut Avenue.

LESSON: Keep an open mind when searching for a home. An up-and-coming neighborhood sometimes have appeal you didn’t see before, and more value for your budget.

4. Prepare yourself
MONOPOLY: You’re a Monopoly mogul! You have a handful of desirable properties along with a steady stream of income from your houses and hotels. Then comes the Chance card: “Make general repairs on your property – for every house pay $25, for each and every hotel pay $100.”

LESSON: You will never know what card you’re going to draw. But unlike Monopoly, the real world has home insurance available to help you prepare yourself for unexpected repairs and disasters. A variety of plans, customizable to any budget, can be purchased. Some home-buyers also select warranties covering potential appliance issues after move-in.

5. The way to win a bidding war
MONOPOLY: Trading properties keeps Monopoly exciting. And there are no strict rules as to the way a seller determines to accept an offer. Sibling rivalry, bribes involving candy or even business sense can play into a player’s decision.

LESSON: Sellers don’t always accept the highest offer. Writing a letter about the reasons you fell in love with their home could possibly sway their decision in your favor.

6. The significance of strategy
MONOPOLY: Monopoly is a game of strategy, but few players have a tendency to study strategies to win. Imagine if you had a coach sitting alongside you, advising just how much to bid for a property, the best place to look next, and whether or not mortgaging a utility to buy Boardwalk is a wise idea? You’d be unstoppable!

LESSON: Purchasing a home is an infrequent occurrence; for some it happens just one time in a lifetime. Wouldn’t it be beneficial to have someone on your side that is up-to-speed on laws for your state, knows which neighborhoods would best match your lifestyle and assists you navigate a bidding war? That’s the additional value an experienced agent provides.

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.

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