Everyone dreams of owning their dream home. It is one of the most important long-term goals that we look forward to achieving as part of our financial freedom. After all, nothing beats having a property you can call your own.
Buying and owning a home is one of the most important and expensive purchases you'll ever make. Moreover, it takes a lot of sacrifices to secure a strong foundation for your finances, let alone buy your dream home. This is why owning your dream home calls for patience and, above all, proper planning.
There are many things you have to consider before going for that home you have on your vision board and have been actively working towards. In this article, we will look at some of the to-dos so that you can become a proud owner of your dream home.
1. Have a Clear Vision
The first step towards owning your dream home is knowing your goals for it. Why do you need to own a home? Kind of home would you like to live in? These are some of the important questions you need to ask yourself. And while you may have your vision board with magazine cut-outs of gothic mansions and swanky penthouses, it's good to have one clear vision of your dream home.
You can start by writing down what kind of home you see yourself living in. Focus more on the immediate reality, such as budget limitations, inventory in your local market, and how to meet financial requirements, and less on the technical characteristics. This will help you stay on track throughout your home purchase journey.
2. Review Your Financial Health
Before you proceed to scout for your dream home, it's imperative to take a severe and deep look at your finances. Owning a home may be prestigious and fulfilling, but it's not all roses, as there will be ongoing expenses even after moving in. The first thing to look at in your finances is your income sources. Do you have healthy streams of income? If not, you can try augmenting your monthly salary, if you're employed, by having other streams of income to cover some of the forthcoming expenses.
You'll also need to ensure that you have an emergency fund that can last at least six months, as there are bound to be unforeseen costs along the way. Other financial aspects to consider include a feasible insurance plan and an investment fund.
3. Be Flexible
After developing a clear vision of your dream home and auditing your finances, the next step is to execute the plan. However, while going for your dream home, you might be required to compromise on some aspects to cater for reconciliation between factors such as your dream home, your finances, preferences of co-buyers, if any, the reality of the real estate industry, and the current inventory of homes available in your preferred geographical location.
To balance things, you must ensure that you focus on the absolute must-haves such as location, and then maintain flexibility on things such as the number of bathrooms or balconies you want in the house.
4. Work With a Professional
No matter how anxious you may be to get your dream home, it's better to be patient than to pick a home you'll want to move out of in a few years. The key to owning the perfect dream home is getting a real estate agent who understands your needs and budget and doesn't settle for "good enough."
A professional real estate agent should be as committed to your dream as you are and not only help you to find your dream home but also guide you through the administrative process that comes with owning a house. This gives you the peace of mind that your investment in the dream home will be sound. Remember that the agent charges service fees, so ensure that you are clear about the scope of work and payment plan to manage expectations.
Your dream home may seem like a distant reality, but it isn't. It's mainly a matter of intense commitment to managing your finances, having a clear plan, and letting go of things that interfere with your dream so that you can attain the keys to your dream home harmoniously.