9 Principles to Follow When Choosing Your Ideal Home
Below are the main factors to keep in mind when looking for the ideal home.
20/07/2022
Purchasing the ideal home can be a
tricky process. It is a big step that requires
consideration of many factors. Surely, you plan
to live there in the foreseeable future and do
not want to make a mistake. Yet, it shouldn’t be
overwhelming as by following fundamental
principles, everyone can find the property of
their dreams.
Here are the main factors
to consider when looking for the ideal home.
Start Early
The earlier you start, the better
because you never know when the perfect option
will appear on the market. Even if you are in
college now, you can already start planning on
the living conditions. There is research to be
done, and it will take a decent amount of time.
If you are worried about having no time
for additional work because of the college load,
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At the same time,
one might start working on their ideal home
plan. Remember that it might take longer than
you want, but the result will be worth it.
List Your Desires
The difference between
buying any property and a dream home is that you
should focus on what you want rather simply than
what you need. This is why it is an ideal home.
It should feature things you always wanted to
have.
Ask every family member who is
going to move with you to create such lists.
Also, let them prioritize their points. For
instance, your partner’s top priority might be a
secluded area with little noise. But they also
might enjoy sunset-sided windows in the bedroom.
Priorities will be helpful in a
situation when you need a compromise. Consider
such factors as:
- ● Location in terms of city
or district;
- ● Noise level;
- ●
Infrastructure;
- ● Number of bedrooms;
- ●
Backyard or pool;
- ● Architectural style;
- ● Specific features like a balcony, terrace, or vegetable garden.
Of course, it doesn’t mean that you will find a place that fits all your desires. But knowing exactly what you want will help to narrow down the search.
Evaluate Your Resources
Home has to be
affordable. Not in terms of cheap but in terms
of your ability to afford it.
This is
not the most exciting part, yet a necessary one.
Do not stretch your budget too much because
buying a property means not only paying a
monthly mortgage. It also includes:
- ● Local
taxes;
- ● Utility costs;
- ● Association
fees;
- ● Renovations;
- ● Possible
construction.
Ideally, your payment should not exceed 30-40% of your monthly income. Consider what you can cut down on; for example, opt for on-budget renovation or do some of the work yourself.
Follow the Principle of Progression
This is a principle of getting
the best of your investment in case you ever
want to sell the property. Or you just want to
have a good deal. It can be translated to “buy
the cheapest house on the block.” The better
houses around it enhance its worth.
On
the contrary, the principle of regression states
that one should not buy the most expensive house
on the block. As its value is decreased by the
cheaper options around.
Of course, you
need to remember that every deal comes with a
cost. So before you settle for a bargain, think
of why the price is so low. The house might have
curable and incurable defects.
Curable
ones are those you can solve with exterior or
interior design and some renovations within your
budget. For instance, maybe it looks ugly, but
with some painting and landscaping, it will be
amazing. Again, this won’t take too much money.
Incurable defects are major issues that
might take a lot of money to fix. Or they can be
unfixable at all, for example, living next to a
landfill. These include heavy construction works
like changing the roof or replacing the
plumbing.
Get to Know the Location
Before you sign the deal, walk or drive
around the neighborhood. Visit local parks and
restaurants. Analyze how it makes you feel and
whether it is what you are looking for. You can
also talk to residents and ask them about their
living conditions.
Take note of what the
neighborhood might look like in the future, for
instance:
- ● If there are any construction or
building projects on the way and how it will
affect the community;
- ● Transportation and new links like subway
stations;
- ● Crime rates;
- ● Schools and facilities around.
Plan for the Future
As you are going to live there for a long
time, think of what you might need in the
future. For example, now there are only two of
you, but you plan on having an addition to the
family. It means that you’ll need more space.
Or maybe you are planning to start
working remotely and need an office as well.
Surely, it is hard to predict everything but
start with what plan you have for yourself.
Think of Layout and Space
The layout can be changed, but such
renovations take a lot of time and money. Two
houses might have the same 1,500 square feet,
but the space inside would be completely
different.
For instance, some prefer an
open layout. Others opt for spacious bedrooms.
In any case, the home has to be functional and
comfortable. Be honest with yourself – if you do
not like the open kitchen and living room
situation now, you will not love it with time.
Imagine yourself living on this property
and doing everyday things.
The Age of a Property
Whether you look for an old house with a
unique atmosphere or a new building with all
innovations, there are pros and cons to both of
them.
Old houses have a charm to them
and might come with original features new
projects do not have. They also might be more
affordable in many cases. The risk here is that
the older the home is, the more problems it
might hide. It will require more attention and
possible renovations. Think of their magnitude
and how they correspond with your budget.
New houses offer a lot of opportunities in
terms of modern style, spacious wardrobes, and
in-built technology. But they might be pricier
as well.
There is no ultimate answer
here; one needs to make a decision based on
their resources and wishes.
The Lot Itself
Besides the house, you are also buying a piece of land. It can be easy to oversee its potential while focusing on the layout or views. Consider how you can use the area you get and whether there is enough space. Maybe you want a big backyard for children or to put a pool there. Or perhaps they do not want to deal with a large lot as it will require maintenance.
In Summary
Purchasing your ideal home is an exciting adventure. Yet, it is important to make this decision based on research and deep consideration of all the said factors. Of course, there might be compromises, but stay true to your wishes and close to a reasonable budget.