August 27, 2018
That’s the first question we get asked (more than any other) when people enquire with us about Leveson Place—the first townhouses to be built in the heart of North Melbourne for 20 years.
But what does focusing on the dollars and cents really do when you’re looking to buy a home like one at Leveson Place? To be honest, not a lot.
When we talk about the price of something, we immediately start to think of what we’re losing (money) not what we’re gaining (a home). In Behavioural Economics, Kahneman & Tversky would eventually win a Nobel Prize talking about this when they described ‘Loss Aversion’.
‘Loss Aversion’ suggests that we as humans feel losses more than we enjoy gains. So when someone asks us “how much”, they’re asking the wrong question because a home like Leveson Place is not about what you lose, but about the value you gain.
The value of a home like Leveson Place is about the project team, its design, the care and quality of the construction, its uniqueness, its materials (both what you can see and what you can’t), its location, the friends and the family who will be part of its enjoyment, its identity, and the way you’d feel calling it ‘my place’. It’s about value. Ignoring all of those aspects that are so important when it comes to buying your home.
So next time, maybe the first questions is not “How much is it?” but “What is its value?”