5 Steps to Owning Your Dream Home

Saturday, March 7, 2020

Owning a home is a big step in every person's life. It's arguably the biggest financial decision you can make, and there's hardly going to be something that tops it. This is why it's so important that you make the right decisions along the way so that you can get your dream home. To make sure you check all the boxes on your future home, you have to know the steps that will take you there.
Form a solid budget and stick to it
There’s nothing that can derail buying a home quite like budget problems. It’s one of the simplest aspects of investing in a home in theory, but it becomes near-impossible in practice. What makes forming a budget so difficult?

For starters, it’s hard to figure out what you really want in your home. Your ideal dream home should have lots of space and all the amenities you need in life, but where do you draw the line? For most people, this line constantly shifts as they’re building and designing their home. This can prove to be problematic for their budget.

You can make the mistake of going over your budget if you disregard delays, complications with work, and other unexpected factors. You might run into problems with construction or any number of issues. This is why you need to have a buffer amount in your budget plan. Having ten per cent of extra funds will help you overcome these common issues without ever overshooting your budget.

Work on your credit score
Whether you want to build, renovate, or outright buy your dream home, you need good credit. It plays an important part in your ability to finance a home investment. Home loans are tricky, as they often end up costing a lot more than you might have expected, through interest. Even the most favourable of loans will accrue interest that outweighs the original cost and down payment.

This is why it’s so crucial that you have a good credit score going into a home investment. The more favourable your interest rate, the more money you save. It ends up being a very good financial decision in the long-term.
Choose the right location
When you envision your dream home, most of your focus will be on the exterior and interior of the house itself. Rarely will you think about the location, outside of its proximity to your place of business. This is a very common mistake that people make when planning out their home investment.

You want to pick an ideal location for your ideal home, as it’s going to be a lot more important than you might think. It’s the one attribute of the property that can’t be altered. Do you like the neighbourhood the house will be in? Is there a good view when you look out the window or are you staring down a construction site? These are all valid points to bring up when discussing a purchase with your real estate agent.

Plan it out well in advance
We all want our perfect dream home, but what does it really look like? Before you even start drawing up designs or talking to an architect, you need to have a concrete plan in mind. Figure out exactly what you want inside and outside your home and you’ll be able to better communicate your needs to the builders and engineers.

If you want a home with a particular look, but you aren’t sure what this entails, you don’t have to start from scratch. There’s always the option of looking for attractive display homes in your desired area. This way, your plan becomes quite a bit simpler and you don’t have to worry about how you’re going to introduce new elements. Instead, you simply enjoy a home that has already been built as close to your specifications as possible.
Decide on space
How much space will your home require? If you’re planning to live as a solo bachelor, a small place would be more than enough to cover all your basic needs, and then some. If you want to start or expand your family, think big.

When it comes to homes, bigger is always considered better. However, this is quite the misconception. You don’t want a home that’s too big for you to handle, as it will prove to be problematic down the road. Think long and hard when deciding on how much space you want in your dream home; it’s going to pay off in the long-run.

Creating your dream home is a very complex endeavour. You need thorough planning and very thoughtful financing. Before you even start looking at actual homes, you should take a look at the steps above. This will help you get a grasp of the challenges that you will face and how you can overcome them to get your dream home.

Sarah Jessica Smith is a young blogger from Sydney. She is in love with life and all the things that can make her daily routine easier. She loves to write about home improvement, lifestyle, and all the small things that make life such a great adventure.

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