Monopoly’s Approach to HomebuyingDecember 18, 2015
There is one lesson that comes with playing Monopoly that we are all familiar with. That is, why did we even start this never-ending game in the first place? It seems like it lasts for days and everyone ends up making their own rules just to see the game end.Â If only that same theory could be applied to real estate. Well, you might be surprised to find that the two really aren’t that different… In fact, the similarities between buying Park Place and buying real estate on 30A are strikingly similar.Â
Monopoly teaches us a few things, the first of which is patience. You don’t just pull out the board game and expect to be done within the hour. Buying real estate is no different. Loans, agents, offers, appraisals… The list of things to do goes on. Rather than getting frustrated, focus on winning the game (and all the wonderful reasons you decided to buy a home).Â
Lesson number two: neighborhoods matter. It’s hard to win with Baltic and Mediterranean because location, property value and potential matters. These same factors should be considered when shopping forÂ your future home or condo. However, just because it is hard to win with these cheaper properties, does not mean it is impossible. There is potential there (especially with a few hotels). Keeping an open mind and striking early when there is opportunity could give you more bang for your buck.Â
Now all we want to do is play a game of Monopoly, or help you buy a home. For more tips, tricks and overall game strategy, contact one of our experienced real estate agents in Destin!