Do you believe in unicorns? How about the abominable snowman? Let’s first put to bed the concept of a “perfect home” because in actuality what does this really mean? There will always be something that doesn’t look quite right or perhaps the property doesn’t include a particular amenity. Ultimately, a perfect home is the final result from a tedious and time consuming process known as house hunting.
The inputs into this process are crucial to consider otherwise the entire house hunting experience can become more work than necessary. Provided below are a multitude of considerations that, when answered, will assist in determining which prospects are worth your time and ultimately which property is the “perfect home”.
Go for the long haulCycling from one property to another is a difficult and expensive act, so when searching for a new home consider the long haul. This sets your mindset to search for properties you would only
want to be in for a longer duration and minimizes the potential of settling. Settling leads to high turnover in properties and doesn’t make for a great experience.
Leave room to grow
Buying exactly what is needed at this moment makes sense in the near-term but one subtle change can create a difficult scenario. That perfect one bedroom, one bath might become a little cramped when you purchase a dog or add another person to the family. In order to avoid these situations, always consider leaving room to grow either by converting a former office into an extra bedroom or by having available space to expand the property.
Buy what you can afford
Remaining within a comfortable budget is arguably the number priority when searching for a new property. Utilizing the maximum allotted amount from a bank to purchase a property doesn’t necessarily mean it is affordable. Leave some margin within your budget to account for life’s little surprises otherwise simple concerns over purchasing new tires for a car become significant headaches.
Check your surroundings
Location is key consideration when purchasing a property. For instance, finding the “perfect home” in the most downtrodden neighborhood isn’t a recipe for success. Set your location priorities before searching for homes to tackle this aspect. Focus on excelling school districts, restaurants, and medical amenities.
Home vs. investment mentality
Remember that the first priority is to find a property worth coming home to, but don’t forget the backend of this process – resale of the home. At some point in the future, this home will need to be placed on the market and must stand against other potential properties therefore consider the potential resale value. Speak with a real estate agent regarding the current market and determine its stability over the long haul, say five to seven years.
Finally, house hunting boils down to a single mindset – remaining flexible. Going with the flow allows you to remain focused on purchasing a property but doesn’t impose any additional pressure to purchase immediately. Remember that the “perfect home” doesn’t exist but if work is put upfront into the process, you’ll be able to locate a home that suits your needs and has opportunity to grow.Remaining within a comfortable budget is arguably the number priority when searching for a new property. Utilizing the maximum allotted amount from a bank to purchase a property doesn’t necessarily mean it is affordable. Leave some margin within your budget to account for life’s little surprises otherwise