If you want to make sure that your new house is going to be your dream home, then you have come to the right place. These tips will help you to ensure that you find the right property, without exceeding your budget.
Know What Home You Want
The first thing you need to do is understand what type of home you are looking for. Would you prefer to live on a ranch? Or a big house in the city? Maybe you are wanting a fixer-upper or a house that you feel as though you can retire in. Either way, knowing what home you want is crucial if you want to make the best decisions. If you want to learn more about the properties out there then look up what is a townhome, and what is an apartment, so you can gain a higher level of understanding about your options.
Check out the Local Market
It’s helpful to list all of the features you want in a home, so you can find out which ones are essential and which ones aren’t. Take the time to list three or four neighbourhoods where you’d like to live and plan out how long it’s going to take you to get to work and to take the kids to school. A lot of real estate sites give you the chance to draw your search area on the map, and this is a great way to make sure that you are staying close to all the major transport lines.
Get your Finances in Order
As a general rule, lenders say you can usually afford a home that is two or three times your income. Create a budget and know how much you are comfortable with spending on housing, every month. Make sure that you don’t wait until you have found your dream home to explore your finances. Gather any records you may need and meet with a lender as well. If you can do this, then you can usually get prequalification for the property. This gives you the chance to find out how much you realistically need to borrow.
Set a Timeline
Do you have any blemishes on your credit card that are going to take some time to clear up? If you own a property, have you sold it yet? If so, then you will have to factor in all of this, for when the time comes for you to sell. If you rent, it’s worth finding out when the lease is up too. If you can do this, then you will be able to make your life easier.
Grow into your New Home
Your plans in the future may dictate in some ways, the home you are going to buy. If you want a starter home that is going to give you the chance to move up in a couple of years, then this is great. On the flip side, it may be that you want to stay in the same house for a number of years. Either way, it helps to plan for your new home, to grow with you.