Buying your dream home can, ironically, be a bit of a nightmare. This is especially true if your plan is to purchase a fixer upper, rather than a turnkey property that’s good to go already.
You can reduce your stress levels and avoid making mistakes if you refine your approach to picking a home in the first place, so here are some factors that should be at the top of your agenda before you get started.
Is it in the right area?
In most cases, location is the key factor that determines whether a house is suitable or not. So before you go falling in love with a run-down rural property that’s not close to any amenities or convenient for work or school, set strict parameters on the places that fit your requirements as a family.
Lots of things go into defining a good location to live, and not all of them are subjective. Write down all the things you want from a neighborhood to assist in your search.
How much work needs to be done?
Before you commit to a major renovation or remodeling project on a house you don’t yet own, you have to get a sense of what fundamental issues are present and need to be addressed as a priority, before you start picking paint colors and accent tables for the living room.
Have a professional surveyor come to check out the property, assessing it for general structural soundness, as well as underlying issues like damp, dry rot, subsidence and so on. That way you’ll have a sense of the scale of the task you face.
Can you afford it (and the renovations)?
Before buying any home, check here to see whether the cost of the monthly mortgage repayments will be within your budget.
You need to have a clear idea of affordability before going through with a house purchase, not only in terms of the mortgage costs, but also the renovations that are required. Get quotes from contractors before signing on the dotted line so you don’t get blindsided by this aspect of the project when it’s too late to pull out.
Understanding what you can afford is also a good way of avoiding getting hyped up about a house you see, only to realize that it’s just out of reach. This can be a painful experience, and will make it harder to feel excited about other properties that are in your price range.
Does it give you room to grow?
Your dream home isn’t one that’s only right for you right now, but one that’s capable of accommodating you and your changing needs over the decades.
If you’ve already got a family, you might know exactly how much space you need from a property. If this is still on the horizon, it should form part of your plans now, or else you might have to move sooner rather than later.
Of course if there’s scope to extend the footprint of the property and add value in the future, a smaller size might not matter in the short term. Just be cognizant of what this will do to your budget.
What skills do you bring to the table?
If you want to make a home your own, you’ll either need to hire professionals to do the work, or get your hands dirty and handle some or all of it yourself.
Again, you need to know what you’re faced with, and what skills and experience you have in DIY, to decide this. As with all elements of choosing a home, think carefully before acting.
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