6 lessons about buying a house you can take from Monopoly

1. Patience

MONOPOLY: Has your family decided to play Monopoly? Fill your mugs, get some snacks ready and change into comfortable clothes. You will be spending some time on this game!

LESSON: Buying a property is a long process. You need to find out whether it is possible to obtain a mortgage. You face talks with agents, making purchase offers, a house inspection, a credit assessment and signing a mortgage agreement before you receive the keys to your home. It really is a long haul, but focus on the positives and the reasons why you decided to buy a new place. Staying in regular contact with your estate agent will also help.

2. The neighbourhood matters

MONOPOLY: Everyone starts the game focusing on two places on the board: GO and BOARDWALK. The highest-priced properties give the highest return once bought, and their owners seem to do best in the game.

LESSON: Location is also a very important matter in the process of choosing a property. The features of the house, your lifestyle and other factors affect the choice of neighbourhood. Work with your agent to find out as much as possible about the location that has caught your eye.

3. Keep an open mind

MONOPOLY: BALTIC and MEDITERRANEAN AVENUE have a bad reputation because they are the cheapest properties on the board – but they are an opportunity for you. Add a few houses and hotels, and your return will be greater than from a single hotel on CONNECTICUT AVENUE.

LESSON: Keep an open mind when looking for a house. A neighbourhood you had not considered before may turn out to be promising and kinder to your wallet.

READ ALSO – WHAT IS A REVERSE MORTGAGE?

4. Always be prepared

MONOPOLY: You are a Monopoly tycoon! You hold desirable properties and a steady stream of income from your houses and hotels. Then comes the CHANCE card: “Make general repairs on all your property – for each house pay $25, for each hotel $100”.

LESSON: You never know what fate has in store. But outside Monopoly, in the real world, you can insure your property, which will help you soften the blow of unforeseen repairs and disasters. Every insurance policy can be tailored to the owners’ needs, including their budget. Some buyers protect themselves by taking out home warranties covering potential problems with appliances after the move.

5. How to win a bidding war

MONOPOLY: The possibility of trading is what makes Monopoly exciting. There are no strict rules here as to how deals are made. Sibling rivalry, sweets used as bribes, and even business sense can influence the players’ decisions.

LESSON: Sellers do not always accept the highest offer. Writing a letter or an email explaining why you have your heart set on their particular house can sometimes tip the scales in your favour.

READ ALSO – TERMINATING AN EXCLUSIVE AGENCY AGREEMENT

6. Strategy is important!

MONOPOLY: Monopoly is a strategy game, but few players delve into it to the point of learning ways to win. What if you had an expert beside you advising what bids you should make when buying a property, where to look next, or whether mortgaging BOARDWALK is a good idea? You would be unstoppable!

LESSON: Buying a house is not something you do often – for some it is the only such transaction in their lifetime. Wouldn’t it be easier and safer to have by your side an expert who keeps up to date with property law, knows which districts best suit your lifestyle and knows how to bid effectively for a house? All these qualities characterise an experienced estate agent!

As you can see, in the game as in life, difficult decisions are made and lessons are learned from mistakes. In a game, however, our oversights and errors do not hurt as much as in reality. That is why it is worth playing, so as to be able to avoid at least some of them.

If you are looking for an experienced agent who will help you make the right decision – contact REMAX Gold. Our experts will gladly offer you advice!