If you want to get your dream home, read on to learn how to find the right property for your needs. Learn the best tips and grab this checklist to review!
A property search can be an enormous responsibility that takes up a whole load of time and energy. Unfortunately, sometimes your efforts yield very few acceptable results.
Everyone wants to have that special feeling as soon as they walk through the doors of a potential new home. After all, your whole life is going to be centered around this one single place. However, it can be difficult to figure out how to find the right property.
Luckily, with a little bit of thought and planning you can make your home search much easier. (Psstt… here’s also how to find the perfect piece of land for your dream home!)
I’m lucky that one of my best friends is in the real estate business. I talk to him all the time about how to find the right property and what to prioritze while looking for your dream home! Read on to uncover some of my real estate expert friend’s best tips!
You need to set your budget first and foremost when searching for a property. You need to get clear on which kind of house you are able to buy.
If you’re not buying a property entirely with cash, you will need to take out a mortgage and borrow the money you need to purchase it. Having a suitable down payment for your mortgage is one thing.
But, knowing that you can still afford to repay your mortgage if interest rates rise is another. That’s why it’s worth conducting a mortgage stress test so you can check that you won’t fall behind on your repayments.
The location that you choose is an essential feature of your property search.
A big city that has its own public transport network is likely to have several modern apartments for quite a high price. In contrast, a remote and rural setting might have a detached farm house type property that’s of a similar if not smaller price.
You might also have work commitments which will dictate which area you can relocate to. But it’s still good to search around in a few different places to identify where you can get the most for your money.
It’s always a good idea to walk around and get a feel for a new location before you decide to search for a property to buy. After all, affordability doesn’t always mean you’ll be situated in a safe, well looked after community.
There’s a huge difference between a property that’s finished to the highest specifications versus a home that’s completely gutted out – so it’s a blank canvas for you to create whatever you’re searching for inside a new home.
If you don’t want to go through the hassle of revamping a property then you should look for a recently remodeled space.
There are many properties that are ready to move into, with the highest grade clean finish.
Obviously there are properties that fall between these two, requiring just a little TLC to bring up to your own standards. These can be a great option to get the best of both worlds. Unfortunately these often get snapped up quickly.
I hope you find this checklist for home shopping helpful when looking for house and land packages!
Remember: You must recognize that looking for your dream home requires lots of planning and analysis. So be sure to carefully use the tips above as your check list – so you don’t forget to keep in mind key elements before you put down cash on a home.