‘Analysis paralysis’ - I forget where I first heard this phrase but it stuck with me. With regard to property this is the condition where a person’s obsession with the details of a deal stops a purchase.
Unfortunately there are many factors to consider during a purchase and rarely does a purchase go ‘according to plan’. There are always twists and turns and rarely will your property be ideal.
You’ll never make a home run if you want to keep one foot on home plate.
If you are a detail-oriented person, like myself, it is possible to lose sight of the bigger picture.
Thoughts like this might go through your head:
- Stats for the neighborhood where the property is don’t show population growth last year – is there a reason for that?
- Will the dilapidated property next door really be renovated as the seller professes or will it continue to be a detractor to the neighborhood?
- Will the furnace need to be replaced within a year or two or will it run for ten as the agent assures you?
Unfortunately, the details which sometimes get you bogged down can come from experts like lawyers or accountants.
My Dad always tells me (somehow he knows all my weaknesses): “You can’t get a home run by keeping one foot on home plate.” In other words, if you are unwilling to take a few calculated risks and want all boxes to be ticked before proceeding then you will never see bigger successes.
In our information age it is very easy to get too much information and instead of discarding the minor details, we make them into big issues.
It is something I struggle with constantly.
Lesson learned: Don’t let analysis paralysis keep you out of the property market.
by Nathan Brown (Google+) - firstname.lastname@example.org - owner and managing director of Czech Point 101 - "You’re in good hands whether buying, selling or managing property in the Czech Republic."