Is it time to start looking for your dream home? It’s a great time to buy your new home. Interest rates are low, and home prices will be higher the longer you wait.
But before you start to look, you should decide what you want you dream home to have. You need to decide things like:
How many bedrooms?
How many baths?
What style home?
also little things like:
If you commute to work, is there bus or train service, or will you drive?
Oops! I almost forgot something – what is your budget? But before you decide on a budget amount, you should speak with a mortgage professional to find out exactly how much you can afford. It may not be the number you have in mind but you need to know.
By now I’m sure you have things you want in your dream house. Maybe you want an open floor plan with a drop dead kitchen, granite counter tops, all new appliances, cathedral ceilings, a whirlpool bath and more. Do you need a two car garage? Or a garage period? Do you need the fantastic man cave or can that be a future project?
By now you should realize that what’s in your dream house may not realistically be what you will find, or be able to afford right away. So in addition to your dream home wish list, you should also make a list of real necessities. And you should be prepared to make some concessions. If you are purchasing a resale, odds are good you won’t find everything on your wish list. Maybe you can make alterations to the home after you purchase and add some or all of those features.
And buying new construction may not be the answer. From personal experience, the perfect new construction homes we bought were not really perfect. Each time we said “We should’ve done this a little differently”.
So make your two lists and try to get as many of the dream home wish list items as you can, but don’t pass on a home that doesn’t have everything. If you do that you may never purchase a home.
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