Home is where the heart is, they say, but there are some very practical reasons why you should look hard for your dream home.
The first of these is that you’re making an investment. In time, and with the right renovations and adjustments, your home will grow in value, ideally becoming worth more than when you bought it.
The second, and some might say, more important reason is you’re investing in your family. A lovely garden to play football with your kids or even a swimming pool to raise the next Olympic champion. Remember that when you pay rent, you’re still paying a mortgage, only it’s your landlord (or landlady’s) not your own. If you buy your dream home, you’re investing in savings in the future, which you can use later use for your children’s education, to start a business or other major life or financial.
Finally, depending on interest rates, you may even be able to buy more house for your money. Below is a look at some essential things to consider when buying your dream home.
Not the most fun thing to think about, but you have to contemplate how much you can realistically afford. You have more to think about than to just pay mortgages. Utilities and local taxes are two to keep in mind. Remember: your costs will stay consistent over time, even if your circumstances change. Leave breathing room in your budget, rather than stretch to the top end of it, so you can cope with any changes in your costs comfortably, or at least won’t feel as much pressure.
All the features you’ve ever wanted
Whereas in the past, buying a home might have been about meeting your needs, buying your dream home is about fulfilling wishes. Create a wish list, and don’t be shy about it. Perhaps you want a view of a beach or of mountains. Maybe you want to live in the countryside and soak up the piece of quiet. Maybe you prefer being in the city, close to the action or even just to amenities that make life easier or more convenient, such as the gym, your favorite coffee bar or mall.
The very last thing you want in your dream home is to feel cramped. Does your home have enough bedrooms? Do you want spare rooms for guests? Or maybe you want a couple of spare rooms: one for guests and another you can use as a games room, where you can play play 21 or indulge in your other favorite video games.
When considering space, you need to think about storage and about the future, too. Are you planning to have children? Note that if you buy a home with lots of space, your costs are also likely to increase.
Your neighborhood and local area
Your home will be part of a larger community, so spend a little time in the neighborhood and see that it suits your needs before you buy it. Does it give you the peace and quiet you’re seeking? Does it place you close to the bustling energy of the city? Think about what you want from your neighborhood and do some research before you sign on the dotted line. Bear in mind your preferences aren’t going to be the same as the rest of your family, so you might want an area where everyone will be satisfied, regardless of age and interests. For example, your children are likely to play with friends, while you’re likely to want to be close to the shops.
Not all square footage is created the same. Some houses dedicate more space to the living area, whereas others will devote more to the bedrooms. Naturally, you can redesign the layout when you move in, but this is complex, not to mention expensive, and will involve the help of some contractors.
Focus on finding a layout as close to your ideal one as possible. Picture yourself walking through the home. Think of any activities you might want to perform during the future. Does anyone in the home need their own private space? You may prefer a traditional layout.
Impact on life today and in the future
When you’re buying your dream home, think about how it will impact you financially both now and in the future. Consider your needs, wants, priorities and goals now, in five years and in 10 years. Planning so far into the future is no easy task, but it’s necessary. You need to consider how you are now and who you could become. Kids are arguably the biggest thing to consider here – will they grow up wanting to play local sports? If so, you need to consider the area carefully.
Ten years down the line, will your house be termed as the empty nest? Or will there still be children in the home? Will you have more space than you can manage reasonably, or want to manage, even though right now things are working well enough for you?
Buying your dream home is an adventure but takes careful consideration of several different aspects to make the right choice. No matter how exciting the endeavor may be, never rush into buying your home. Take all the time you need. Being patient enough to wait for exactly what you want will make your purchase more satisfying in the long run.