The search for your dream home is almost as elusive as the search for your dream partner. However, once you do meet ‘the one’, you will have the perfect place to build a lifetime of memories. A little bit of planning and research can help to increase your chances of owning the home that you have always wanted.
Know Your Budget
Your home will probably be the biggest purchase of your life. Therefore, getting your finances sorted before starting your property search will help you to gain a better perspective of what you can and cannot afford, as well as how much you can hope to borrow.
How much you have saved up for a lump sum down payment will make a big difference in your repayment commitments. Mortgage pre-approval can make things easier because you will then have a foundation to base your property search on.
Otherwise, you will need to consider how much you can set aside each month for mortgage repayments. Most mortgage lender sites will have a free mortgage calculator that can help you determine these figures. You should also consider if you could have more expenses (an additional child) or more income (a salary raise) in the future.
Remember that after you have bought the house, you may still need to reserve some money for renovation or repairs. Unless you are moving all the items from your current house or the house is fully-furnished, you will also need to set aside a budget for furniture and appliances.
Know Your Needs
What do you really need from your dream home? By making a list of non-negotiable features for your dream home, you will be able to eliminate unworthy property candidates quickly and save on time and effort.
Some people may need separate bedrooms for each member of the family, while others prefer to have a huge, warehouse-style, open living space. Perhaps you have plans that will require a nursery or a home office in the future, so you will need to keep your eye out for an extra room.
People who love spending time outdoors or those who have pets may need to have a fully-fenced yard. Those who have multiple cars in the household will need a large garage instead of relying on street parking. If you have teenagers in tow, perhaps you need space to add a detached housing unit.
Safety and accessibility features are another factor that can make an average home a dream home. Access ramps and anti-slip guide rails are features that can make a home more friendly to elderly or disabled people; Baby gates and slow-closing doors similarly make a home more friendly to families with young children.
Choose a Location
The surroundings of your dream home play a large part in your future lifestyle. As much as you love a property, it can be less than ideal if it is in an inconvenient suburb or on a noisy street corner.
If you do not already have a preferred area to live in, think about the amenities that you would like to have nearby and the modes of transport that you would like to use. Likewise, consider if the property taxes and maintenance fees for the location are within your budget.
Families would probably prefer to stay in known safe neighborhoods with good schools and child-friendly recreation such as playgrounds and parks. Younger singles may prefer to stay in the heart of the city amidst the cafés, diverse districts, and nightlife.
Explore your chosen neighborhood on foot and experience how it feels for yourself. It could also pay to speak to local government planners or local residents about any upcoming development that may not only be noisy but could change the atmosphere of the entire area.
Find an Agent
Choosing a quality real estate website is the easiest way to see the properties currently on offer. You will be able to filter your search with a variety of elements including neighborhood, house price, number of bedrooms and bathrooms, property type, square footage, and even whether it is close to good schools.
Sometimes, the best homes are listed as private exclusives or sold before they are put online. Hence, it is worth getting in touch with a local real estate agent so that they can contact you directly with information about the most suitable properties once they hit the market.
While it is possible to broker a home purchase on your own, enlisting the assistance of a real estate agent is the best way to gain timely access to attractive properties. They can also ensure that you get in the door before other buyers and give you an idea of how much to bid.
Buying a new home is a nerve-racking and exciting process. But when you find the right property, you will be rewarded with the lifestyle that you want and a blank slate to start making wonderful memories. By doing your due diligence, you can maximize the chances of finding your dream home.