Factors to Consider When Buying Your Dream Home

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Factors to Consider When Buying Your Dream Home
Factors to Consider When Buying Your Dream Home. Image source: Pixabay

At the mention of home, what comes to mind is often the thought of a warm safe place. A realtor sells you a house but the memories you make there, turn it into a home. For this reason, buying your dream house is a significant event.

The best-case scenario is finding a house that fulfills your wishlist. Realistically though, expect the possibility of outdated appliances or the odd creaky cupboard: perfection is elusive. If you are a DIY person or you prefer unique replacements, a visit to cabinet hinge manufacturers for custom orders and new appliances for your other needs will easily fix such issues.

So, as you make that leap into homeownership, here are some things to consider:

Budget

How much money you have to spend dictates what kind of house you can buy. Larger square footage, for instance, will come at a higher price.

Other budgetary factors include:

Cost of Buying

Evaluate your resources before you look into finding a realtor. Part of this will involve consulting with your bank if you intend to take up a mortgage. Find out what facilities you are eligible for and what kind of payments you would be required to make. For peace of mind, do not take on more debt than you can comfortably service.

In 2008, the American economy was declared to be in recession. As a result, many people lost their homes to foreclosures. The lesson from this is to have contingency measures where possible. What are your options should your earning power be affected? Factor this into your budgetary process.

Finally, when your finances are in order, find a realtor and let them know your needs. View as many houses as you need to, to get the best value for your money. Move into escrow only when your heart is fully content.

Cost of Maintenance

If you own a car, at the time of purchase, fuel consumption was probably something you asked about. Surprise! You need to find this out for your house too. Real estate does not require fuel but depending on the condition you buy it in, repairs might be necessary. Carefully inspect the house or even hire a professional assessor to do it. Due diligence could save you a lot of money in the long run.

Evidently, there are many indirect costs that spring up when buying a home. Property taxes, legal fees, and even the cost of moving in are all things you need to find out and plan ahead for. It will make the experience of your new home more blissful.

Phases of life

What phase your life is in dictates what your priorities are when choosing a house. If for instance, you are single, your needs are probably entirely different from a couple expecting twins. Starting a family makes things like schools and child-friendly parks a non-negotiable priority.

However, life is not stagnant. We are constantly moving forward and experiencing transitions. In light of this, it would be wise to consider what your future plans are in the next five to ten years. Doing this helps choose a home that will still work for you instead of having to sell it off so soon because your needs have changed.

Location

It is hailed as one of the great determinants of property value. Any substantial budget could possibly fetch you a house somewhere. The question is, are you comfortable living there?

Location is more than just about prestige. The neighborhood you choose to live in should preferably be in tandem with the rest of your life. Amenities such as healthcare and grocery stores need to be within convenient proximity. Your quality of life will be strained if you have to drive three hours to work every day. Therefore, an ideal home should provide you a balance between convenience and your other needs.

In an ideal world, we would all be safe but unfortunately, that is not the case. Some neighborhoods are safer than others. With this in mind, visit prospective locations to get a feel of them beforehand. Where possible have a chat with people that already live there for better insight.

Recreational Spaces

‘Concrete jungle’ is a phrase we hear a lot lately. It refers to cities or communities where buildings are all the eye can see for miles. Granted, there is always an insatiable need for sufficient and affordable housing. But the truth is, we need more green spaces as they’ve been proven to add significant value to human life.

What recreational spaces you desire deserve to be on your checklist as a homebuyer. In the event that you are a green thumb, it would be imperative that your home has a garden. Similarly, if you are big on entertaining or just love outdoor spaces, you need a backyard. If those kinds of properties are out of reach for you, opt for neighborhoods with parks.

Stress can be caused or exacerbated by a lack of recreation. A common assumption is that a gym and fitness are all your body needs but that is a half-truth. Communing with nature is crucial too.

Special Needs

Accessibility features have not fully made inroads into architecture. The average house probably has a staircase and fittings installed with able-bodied people in mind. Arguably, the defense for this is there are more able-bodied people than those that require specially installed facilities.

If you or a member of your household has special needs, it will greatly steer what kind of house you buy. Making changes may be inevitable but you could choose the home that will be easiest to customize. A wheelchair user, for instance, can consider a single-story home so as to enable access to the entire house. However, before purchase, find out if the house can tolerate the changes you intend to make without affecting structural integrity.

Conclusion

The journey towards homeownership is complex but do not let the pitfalls dissuade you. The sense of security and belonging it brings is incomparable to any other purchase you will ever make. Beyond the challenges of choosing your dream home, a new chapter of many happy memories awaits.

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