Don’t Buy With Your Heart (Unless Your Wife Already Has): A Lesson in Emotional Investing

I was up to my neck in property deals when it happened. One house being refurbished to support my brother’s dream of owning a fish and chip shop (that’s a story for another blog). Another house being bought and adapted for our family, with a downstairs bedroom and bathroom, because Susan’s father was showing early signs of dementia, and we knew we needed to be prepared.

I thought that was enough on my plate.

Until one evening over dinner, my wife looked at me, as casually as you like and said:

“Oh, by the way, I’ve put an offer in on a house.”

You can imagine my face.

The House Susan Bought (Kind Of)

She’d seen a house just a couple of doors down from her younger sister, the same area where her parents had started staying weekends, because her mum was struggling to cope alone. The house wasn’t flashy, but it was just right, a solid three-bedroom property with a tidy front garden, a lovely big garden out back, and not much needed doing to it.

The seller was, in Susan’s words, “a lovely old lady who wanted to downsize.” So Susan offered the full asking price, around £120,000  and, to be fair, secured the deal.

Emotionally? It made complete sense.

Practically? I had no spare funds.

The Power of Pre-2008 Property

This was just before the financial crash, in the days when bridging lenders had a far more relaxed attitude. So we bridged it, claiming we were going to do a full refurb and got it valued at £150,000, borrowing the full £120,000 against it.

In reality? We gave it a fresh coat of paint, cleaned it thoroughly, tidied the garden, and put it on the rental market.

Within a couple of weeks, it was rented.

Within another couple of weeks, we refinanced it at the same value.

Deal done. Phew.

Lessons from an Accidental Purchase

Looking back, it all worked out. But not because we planned it perfectly, it worked because we knew what we were doing once the decision was made.

There are three key lessons I carry from that deal:

1. Don’t Buy With Your Heart

This is the golden rule of investing  and we broke it. It wasn’t a calculated yield play or part of a broader strategy. It was a family-motivated decision made in the moment. And while it worked out, it could just as easily have gone the other way.

2. Be Ready to Move Fast

Even though the deal landed in my lap, we had the experience to respond quickly, organise finance, line up the refurb and get it rented with minimal fuss. In property, speed matters, but only if it’s backed by know-how.

3. It’s Not Always About the Property

Sometimes it’s about who the property serves. This one gave peace of mind to my wife and her family. It brought us closer to people we care about. And in the long term, it became another solid, low-stress addition to our portfolio.

A Final Word

Not every investment starts with spreadsheets. Some start at the dinner table.

And while I’d still advise most people not to buy with their heart, I’d also say: if you’ve got a good woman/man and s/he makes a decision with love and instinct… sometimes, just go with it.

You can always refinance later.