How to Plan to Buy Your Dream Home
Below we offer some tips on how you can strategize on buying your own dream home.
31/05/2020
Buying a home is everyone’s dream, for some, it is a sign of being financially secure and responsible. Being a homeowner is a big commitment, it entails financial preparedness so that it becomes a good investment in the long run. It will be the most rewarding feeling after you have successfully completed a mortgage. But, this will be achieved if you plan and prepare for it. It will be wise to start saving for this long term investment. Here are some tips on how you can strategize on buying your own dream home:
Where do you want: Property Location
When buying a house, location is one of the key factors to be considered. Think about the ease of access to places that you are going to frequently, such as school, work, shops, recreation, family, and friends’ places. Also, check how the roads are connected to main roads or highways and the daily traffic flow situation. For instance, if you live in Massachusetts, various types of locations in properties are available. Having knowledge about this for a certain location will help you avoid the difficulty of traveling or commuting daily. You can also consider the neighborhood in a certain location, if you prefer just living near the main entrance of the whole neighborhood, or if you would prefer living near developed areas where it will not take time and distance to go to these establishments. It is always better to let your seller know your preferences so he can give you options.
What do you need: Lot size
The next thing to look at after defining your preferred location is the size of the property. Check the size if it will conform to the type of house you want to have or you want to be built and if you still want extra space for a garage and a lawn or a backyard. There are several sizes, some may have regular lot areas, while some may be irregular, depending on the privacy and the terrain of the property.
If you plan to build an extension or maybe another home in the future, you may probably need a bigger lot for this. If you have kids or plan to have kids, you might also consider a space for them to play outside your home. Knowing the size of the lot that you want along with the size of the house you plan to build can give you an idea of the budget that you will be needing to prepare for. This will help you assess if you will be taking out a loan or seek financial assistance on housing cooperative to help you with your property expenses and estate taxes in the future.
What is your dream: Your home
After you have seen the location that you want and the lot size you think you will need, next is to have a picture of your dream home. Imagine the kind of home that you plan to buy, this is also perfect for you to decide on whether you acquire a home or have it built based on your design. Of course, the things you need to define are the number of bedrooms, depending on the number of people who will be living, the number of bathrooms, the size of the living room, the kitchen and other personal rooms like a study hall, a laundry room and other spaces you want to have inside and outside your home. If you are able to have at least a plan and set criteria on these things, it will not be difficult for you to decide what type of house you want to live in. Then, you can initially have an estimate of how much will an existing house is versus the cost you will incur if you have built it based on your plans.
Who can help you: Mortgage Agent and Realtor
A mortgage agent or a loan officer will be the best person you can work and consult with because they can help you during your planning stage in buying your own home. As a buyer, you will be needing financial resources like mortgage loans and your mortgage consultant is your go-to person when it comes to this since they know what are the best loan rates and offers. They also know all the requirements for application and how to deal with issues. They can refer you to insurance agents for your property protection and title companies as well. To be able to prepare yourself financially, you need to be honest with your agent, so your investment will not be a burden for you in the future. This will make you happier and worry-free as you wait to own your house.
Once you have an idea of the possible financial help you can get, you can now talk with your realtor about your plan to purchase. With the information you will be giving, your realtor can guide and assist you in finding the best prices. It is best to let the realtor know your budget, your desired payment terms, and your time frames. Your realtor can go around with you and check properties. Be sure to keep in mind your priorities because as you take the tours, you might be enticed to get a house that has better features than what you are dreaming of. So always keep in mind your personal preferences and your financial capabilities. With your realtor’s help, you will be able to look for good properties that are within your price range, this will make your planning easier before you make your final decision.
Planning to get your own home may take some time, but as soon as you think of making this as one of your life’s goals, you better start working for it as young as you are. This may likely be the most expensive investment you will have in your lifetime. So make the smartest decisions when planning, consider expenses for maintaining it, making it your most family-friendly home, where everyone can live happily and comfortably. A good choice of partnership with your mortgage consultant and realtor can help you make this plan happen.