Who doesn’t want to live in the home of their dreams? We all have an idea about what our dream home should look like. Some of us might have also decided on the kind of interiors every nook and corner of the house will be having. In fact, I have images saved on Pinterest or even some of them bookmarked in home magazines.
Buying a house that perfectly fits your ideas and wishes is probably the most significant and costly purchase you will ever make. This makes it necessary for every person to take into consideration a lot of important factors.
Some of them are evaluating the mortgage value of the house, researching home loan options, etc. There are several predictions pertaining to different aspects of mortgage rates. Fannie Mae’s chief economist Doug Duncan predicts that the 30-year fixed mortgage rate will be 2.8% through 2021 and arrive at a rate of 2.9% in 2022. You need to smartly and constructively engage in money management.
Below I have enlisted some of the best ways that will help you secure the home of your dreams:
Deciding on the idea of your dream house
This is probably the best opportunity to awaken the dreamer in you. Set your imagination towards how your dream house would look like. Don’t dwell upon the thought of the house you would have purchased had you been affluent. Instead, think about the house you would be needing.
Calculate the number of rooms depending on the number of family members. Consider whether you wish to live in an apartment or a bungalow. Take into account the location and the vicinity before you start checking houses online.
Planning on a budget
Once decided upon your house ideas, formulate a budget based on your needs and the amount you would be willing to invest. If you are searching online, compare the home prices.
Once you have decided on your budget, try to confine your expenses within it. This is mainly because you will also have additional purchases such as furniture, decoration, etc. to consider.
Cross check size, location, and cost
After you have decided what exactly you want, double-check some important facts. Check if the size of your house is adequate, not just for the present but also for the future based on your family planning needs.
Check if the house is not situated too far from your office because that might pose conveyance issues. Check whether the neighborhood is a safe area for you and your family.
Lastly, try to make the purchase deal at a cheaper rate. You can also hire a realtor for a round of pre-inspection to ensure yourself a good deal.
Finalize a deadline
Let this deadline serve as the date by which you would have purchased the house and would also be packaging stuff to make your shift. Make sure the deadlines are reasonable and achievable so that you invest efforts in this direction every day.
Consider home loan options
This is perhaps the most crucial step of all, where you lay down the groundwork of your finances. Invest an adequate amount of time in going through home loan options that best fit your needs, help you save interest expenses, offer a grace period, and other important factors.
Calculate the EMI you would have to repay every month and see if your income can suffice that. This shouldn’t be an area where you take risks.
Work out the mortgage value
Keep in mind that real-estate prices experience both rise and fall. Consider whether you would be planning to sell this house in the future someday or would be willing to rent a part of it for some additional income.
There are several reasonable mortgage rates available based on your needs. You might also take assistance from a professional if you are unsure in this aspect.
Secure yourself a home warranty
Uncertainty is all around. Natural disasters can happen unexpectedly. Get a home warranty that ensures you that in the unfortunate events of some disaster in the future, you don’t have to put yourselves through financial hardships to cover its costs.
Over to you…
Before undertaking this beautiful yet overwhelming journey, make sure you always keep these points in mind. Do thorough planning and I am sure you will soon find yourself residing in your dream home!