Sit back and reflect on those special family game nights you participated in as a child. Chances are, you played a game of Monopoly at least once or twice. Did you know that the game of Monopoly actually teaches you six real life lessons about purchasing a home. Michele Harmon Team is here to unveil them for you! If you are considering making a home purchase in the near future, playing Monopoly may help prepare you for the process!
It’s family game night and the family has decided to play Monopoly! You better grab a snack, a drink, and your most comfortable pajamas because you are going to be playing for quite awhile.
Lesson: Buying Real Estate is a process! You will need to get pre-approved for a loan, interview potential Agents, search for homes, submit an offer, maybe submit another offer, have a home inspection, have an appraisal, and sit through the final loan processing prior to receiving the keys to your new home. Buying a home can take some time. Remember to be patient during the process and focus on all of the amazing reasons that led you to the conclusion that buying a home was right for you. Staying in close communication with your Agent throughout the process will help tremendously.
- Neighborhood Matters
At the start of the game, everyone has one corner in mind: Boardwalk and Park Place. These properties have the highest returns on investments and the players who snap them first tend to do well in the game.
Lesson: The location of your home is a major consideration in real Real Estate transactions as well. When considering a neighborhood, keep the home values and your lifestyle in mind. Michele Harmon Team can help you learn as much as possible about the neighborhoods that pique your interest.
- Keep an Open Mind
In Monopoly, Baltic and Mediterranean Avenue have a bad reputation because they are the cheapest properties on the board. However, they also present opportunities. By adding a few houses and hotels, their returns could be bigger than the one on Connecticut Avenue!
Lesson: Keep an open mind when shopping for a home. An up-and-coming neighborhood may have appeal you did not see before, providing more value for your budget.
- Be Prepared
You are in the lead! You have a handful of desirable properties and a steady stream of income from your houses and hotels. THEN, you pick up a chance card that reads, “Make general repairs on your property – for each house pay $25, for each hotel pay $100.”
Lesson: You never know what cards you are going to be dealt in life. Unlike Monopoly, the real world has home insurance to help you prepare for unexpected repairs and disasters. Do your research on the best home insurance plan for you. There are a variety of insurance plans that are customizable to any budget. Some homebuyers opt for warranties to cover potential appliance issues after moving.
- How to Win a Bidding War
Trading properties keeps Monopoly exciting and there are no strict rules as to how a seller determines to accept an offer! Sibling rivalry, candy bribes, or a player’s sense of business can play into their decision.
Lesson: Sellers do not always accept the highest offer. Writing a letter about yourself and how you fell in love with their home can sometimes sway their decision in your favor!
- The Importance of Strategy
Monopoly is a strategic game. However, few players are inclined to study ways to win. What if you had a coach sitting next to you, advising you on how much to bid for a property, where to look next, and whether or not mortgaging a utility to buy Boardwalk is a smart idea? YOU WOULD BE UNSTOPPABLE!
Lesson: Buying a home is an infrequent occurrence. For some, it may only happen once in a lifetime. Wouldn’t it be helpful to have someone on your side who was up-to-speed on laws for your state, knew which neighborhoods would best fit your lifestyle, possessed exceptional negotiating skills, and had experience with navigating a bidding war? That is the value Michele Harmon Team provides.
We would love to help you. Give us a call at 713-818-1330. We are ready when you are!
Information provided by RE/MAX.