You’ve got the loan, now you need the home
Congratulations! You’ve been pre-approved for a home loan. That’s a weight off your shoulders. You now know that when you find your perfect home, you’ve got the money to buy it. Such a fantastic feeling. But the feeling can sour if you can’t find your perfect home. So, how long is too long to look for a home?
The dream of owning a home can be a very powerful one, something intrinsically linked with your emotions. When you dream of a home, what do you imagine? A big back yard for kids and a dog, a garage to work on your car, a large kitchen and entertaining area? It is perfectly okay to dream of an awesome home. But you may need to adjust your expectations to get into the housing market.
A friend of mine and his wife have been focussed on getting a house for a long time. He grew up in a nice 3 bedroom and study house on one and a quarter acres of land. She grew up with 4 bedrooms and a backyard. So this has been the standard for them.
However, their lives don’t quite fit the 3 bedroom and a backyard model. No kids, so they don’t’ actually need all those bedrooms. They’re not gardeners and they don’t have any pets, so they don’t really have a need for huge backyard. They would like a small backyard as they enjoy sitting out the back on warm summer evenings after work, though. The standard they grew up with was their parents’ perfect story, but not necessarily theirs.
So if you’re thinking of buying a home, take a moment to sit down and consider this:
Size isn’t everything
- If you compromise on size you’ll open up more buying options.
- If you have a large block of land, how much time and money are you going to spend maintaining it?
What can you live without?
- Do you need a huge entertaining area if you don’t entertain very often?
- If you don’t like to cook, why have the best kitchen with the best appliances?
- It might be great to have a pool, but how often would you use it? Can you be bothered maintaining it?
- We’re lead to believe that we need a minimum of 4 bedrooms and a study. But if you only have 2 kids, do you need the extra rooms? One less bedroom gives you so many more options.
Would you be happy doing some work on the house?
- If you’re a bit of a DIYer, buying a property that needs a bit of TLC may save you some cash.
- Everyone loves to leave their mark on a property, so don’t get hung up on what a property looks like now. Chances are you’ll do some renovations to make it your own anyway.
So have a look at your situation realistically, and see what kind of home could suit you for now. You can always upgrade or renovate in the future. Don’t give up on your ultimate dream, just be strategic about how you get there.
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Glenyce Barton | Finance and Budget Mentor | Article ©2017 iFind Finance