Handling stressful processes like buying a new home becomes easier with friends and dear ones. Buying your dream home is easy said than done. New homes come with infinite opportunities, challenges, and disappointments. If you are going to buy your first dream home, here are few tips on how to make a wise choice.
#1 Making Compromises
Remember the song, “You will not always get what you ask for”? This Rolling Stones song describes the need for priorities. A comprehensive list of priorities will tell you what is most important for you. Unless you are a millionaire or someone who is absolutely lucky, you may have to remove some items from the priorities list. Are you bothered about square footage? Or, do you want the right location? Or, are you looking for a backyard? Or, do you want a luxurious home? You must evaluate your needs and preferences in this list.
For instance, some people love vaulted ceilings. And, they look for vaulted ceilings in all their homes. They hold out for vaulted ceilings and neglect the other priorities. Is this a wise move? Sometimes, home buyers should compromise on vaulted ceilings for the other priorities.
#2 Think Ahead
When you want to buy a dream home, you should think ahead. Decide how long and often you will live in this property. If you are newly married or single, a smaller property will be sufficient. You can sell this property after some time. As you bag bigger opportunities in life, move to bigger and better properties. If you are planning to start a family, you need ample space. Never buy a property you would outgrow quickly. Though life is absolutely unpredictable, you should plan for a decade! Consider events that are likely to happen in the next few years.
#3 Most Loved Spaces
Before you buy a home, you must be aware of the “most loved and wanted” spaces. Where do you love spending your time? Do you feel happy in an aspiring kitchen? Or, do you love to doze in your bedroom? Some men spend lots of time in the entertainment room with movies and popcorn. The property you buy must not compromise on your most-wanted spaces.
Even as you spot your dream home, you should not torture yourself financially. Always decide on a budget and stick to it. Budget is an important factor. It differs from one person to another. Budget is definitely not a magical figure. Here are few keys to budgeting:
- The mortgage payment must be less than 30% your monthly income.
- You must look for cities that are both affordable and developing
- Never search for properties that are 1 to 3 price ranges above your budget.
#5 Renovations vs Moving In!
Moving on, you should decide if you are ready to move in immediately. Some people buy second homes. And, these buyers don’t need to shift immediately. If you are buying your first dream home, you may have to consider this point. Decide if you have time for renovations. There is a big difference between homes you wish to redo and ones where you can move-in immediately. Most buyers are aware of the category they should focus on. If you want a property that is completely done, look for homes that satisfy this requirement. Indeed, you will have fewer options to choose from. Next, you can inspect properties point-to-point. This decision plays an important role in pricing. If you need to renovate the property, you must not hunt for properties that hit your maximum limit. When you choose properties that are at the top of your price limit, you will have no money to renovate!