Finding home may be a tedious task but finding a perfect home for yourself is a vital process and is a primary concern not only for you but also your family members as well. While you need to be flexible, don’t try to convince yourself that you can learn to live without a feature that’s important to you. If hosting large family dinners is a part of your weekly routine, will you be happy if your home only has a small eat-in kitchen? Think about the features that matter most and hone in on those in your search.
When looking for a home, search for one that you could see yourself living in for several years — at least five to seven years is ideal. Buying — and moving — to a new home takes a lot of time and effort, and can add up significantly in closing and moving costs, etc. Staying in place longer will help you avoid those added expenses. Plus, the extra time spent in your home could be just enough to help you ride out a downturn in the real estate market.
A wish list of features for your future home can quickly spiral out of control, especially since every family member will weigh in with their opinions. Still, you can prioritize the amenities and features that are most crucial. Space will probably be at the top of the list – bedrooms and bathrooms especially. Your family may also need more than one bathroom if you all head out the door at the same time every morning. And if you work from home, you might need space for an office.
While no one should overspend on a home, you should recognize that going above your price range when you’re financing your purchase with a specific year fixed-rate loan will actually add to your monthly payment.
Whether you’re a house-buying novice taking your first tentative step on to the property ladder or an old hand seeking the perfect home for your retirement, the same principles apply. The golden rule is that you need to achieve the right balance between affordability, availability and suitability.