We all have our imagination of a dream home. Some love to live amidst the woods surrounded by peaceful silence. Some want to live by the lake in a picturesque cottage. And some prefer living within the hustle-bustle of urban cities.
Whatever you are looking for, it is practically impossible to find a perfect house within a jiffy. If you think it would be like your usual trip to the mall (where you go and buy items, and come back), you are not alone.
Many home hunters set off with the same mindset. Few days down the road, and they find it downright agonizing because they couldn’t find their perfect abode. It helps to know that, on average, buyers search for ten weeks. They view at least nine homes before they make their final decision.
House Hunting Challenges
Real estate is the hottest industry of this era. There is a broad spectrum of choices, and the expenses tagged along with these selections have also increased drastically. So much so that 65% of the Millenials plan to ask their parents or family for financial assistance (mostly the first-time homebuyers).
We all agree that there is no room for compromise when looking for a place to live. It has to be just right. But when treading on this journey, buck yourself up for the challenges. These challenges include traveling miles to check out a house or hidden costs under the quoted price.
Beat the Odds and Rock the Hunt
It isn’t every day that you go house hunting. Given you are reading this blog, we assume you might be looking for ways to ease up the ordeal. Without further ado, let’s check out a few tips to find a dream home:
1. Know your finances
It is okay to note down everything you are looking for in a new house. However, it is a dumb idea to list estates that you know you cannot afford. It is crucial to get your finances in order. Evaluate your credit report and examine where you stand. If you have any debt, you must pay it off first.
Once done, you can now choose to pay in cash or mortgage payment. The latter should never exceed 25% of your take-home pay.Marilyn Becker of Gilsenan & Company in Ridgewood says, “if you start looking at houses that are above your ability to buy, you’ll compare everything to that expensive house that you can never attain. And it’s only going to make you feel depressed.”
Many experts suggest following the 28/36 rule of the mortgage. It states your monthly expenses should not go beyond 28%, while other monthly payments should not exceed 36%. When you follow this rule, you can rest assured that you can afford your home easily.
2. Plan for the Future
The process of buying a house is not like your normal shopping where you would discard things when they go out of fashion. You will live in a home for a long time, and you will make memories here.
The house you choose has to be awesome. It should be the one where you can happily stay for years. Initially, it will be tough. Being a new homeowner is not easy. However, with time, you will get the hang of it and ease into your new place.
Look for a place with a futuristic perspective. If you have kids or plan on having them soon, the house should have extra rooms. In case you think you will work from home, it must have a corner for the home office.
Planning for the future helps you build equity and pay the mortgage.
3. Find a Reliable Real Estate Agent
Navigating through the process of buying a home becomes more difficult than it ever was if you don’t have the services of an expert by your side. Whether you are looking for upscale apartments in Buffalo, NY, or a quiet country-side house in Leavenworth, WA, having a reliable real estate agent can make a huge difference in your experience.
They know all the intricacies of the process. They will sort everything out for you and resolve the complications. Your real estate agent will also make sure that the house is in decent condition.
For example, if you are looking into an apartment and from the surface, everything seems to be in good condition, you still can’t rely on your first-hand visual analysis unless a pro examines it. Your agent will find an inspector who can tell you everything, from the roof cracks to the problems with water heater down there.
Find a real estate agent who is at the top of the industry. According to Dave Ramsey, a personal finance expert, you should look for someone who has been in this field for at least five years. If they close 40 or more home transaction deals annually, they are the person you are looking for.
4. Look beyond the flaws
Hardly ever do buyers find everything they were looking for in their dream home. In more than half of cases, there is something about the house that bothers them. Perhaps the alleviation is not right, or the windows are not of desirable size.
Yet, the key here is to look beyond external blemishes. You can tweak things according to your taste. All you need is to be creative and design an ideal living arrangement for yourself.
If the house has all the space you need, its features can always be modified. The layout must serve your lifestyle, and it should come at a price that you can afford. If it checks these boxes, every other aspect is fixable. If you are not flexible at all, you may end up losing a perfect house.
A tip: When buying a house, be ready to compromise a little here and there.
Everyone has their standards. Even two people of the same family may not agree over the house that fits them. But does it mean you will let go of every home on the list? No!
You must find common grounds and agree upon a place eventually. Remember, your dream home is out there somewhere. Just some effort and few pills of patience on your part, and you will finally find it.
If you need clarification of any step in the home buying process, feel free to ask us.