6 Lessons on Home Buying from Monopoly

Monopoly is a brainstorming game and it teaches us many aspects that one would use in their process of home buying. Some of the lessons are mentioned below:

1. Patience

In Monopoly you just have to grab a snack for yourself and make yourself comfortable as you will have to be there for a while same like patience is the key if you are into a real estate business. There are various stages that include – pre-approval of a loan, searching for reliable agents. You even have to look for homes that suit the budget, submit the offer after the home inspection and the final processing of the loan before you get the keys. It takes time and effort to go through these following process in the meantime you need to focus on the positive sides of buying a home and your dreams to accomplish it. Communicate with your agent while going through all the process as it will help you to take proper decisions.

2. Neighborhood matters

In Monopoly you get to see that Boardwalk and Park's place are the starting point of the game. The costly properties have the best returns on investments and the players who capture it first has an extra advantage. In real estate, you choose a proper location where you get a good value for your home. Work with your agent to get a good neighborhood which matches with your lifestyle.

3. Keeping an open mind

In Monopoly you see that some places like Baltic are the cheapest properties to buy and if you add some houses or hotels you get a very big bargain. Likewise keep an open mind while searching for a home. Sometimes an area with less appeal can grant you more value that will fit in your budget.

4. Being prepared

Monopoly teaches you to be prepared for a general repair of your property. You may be having a handful of hotels and houses that give you a flexible income but sometimes you have to pay for the wear and tear of those properties which might happen suddenly. In the real world, we have suitable insurance plans available to prepare ourselves for the unexpected. You have to keep some amount of yours to cover the damages in cases of emergency. There are home insurances as well as warranties on covering potential appliance issues after moving to a new property.

5. Winning a bidding war

Monopoly has a fantastic feature of bidding properties that keep it quite exciting. There are no specific rules to bid or accept an offer. Bribes involving and even business sense can favor a player’s decision. In real estate business sellers need not necessary accept the highest offer even a special appreciation gesture or word can favor the decision to their name.

6. Strategy

Monopoly is a game based on strategy but very few players learn the tricks of playing and winning it. If you get an experienced coach who sits near you and plan your strategic approach and advise you to bid for this property, where to mortgage your property at how much rate then it becomes easier for you to win the game.

Same way buying a home is a lifetime risk. If you take advice and help from experienced professional agent; who understands your need, gives respect to your dreams, searches the best properties that suit your lifestyle and bids for you on your behalf then naturally all will fit into place perfectly.