Finding Your Dream Home Takes More Than Dreaming

Finding a dream home is one of those things on everyone’s to-do list. But ticking it off on your checklist is easier said than done.

You can say that looking for the perfect house is like looking for the right partner. You want to trust your gut feeling and believe that, when you find it, you’ll know for sure that it’s the right one. But most of the time, it’s not the case.

Before you let your emotions get the best of you, we’d like to throw some light into the process of finding your perfect, ideal home. Are you ready?

 

It Takes More than Intuition

Before you decide to go on a house-hunting spree or waste sleepless nights window shopping on every real estate website online, it is best to stop, sit down, and ponder on the crucial factors in finding your dream home.

 

1 – Budget

“I want a huge walk-in closet for all my clothes.”

“I want a spacious kitchen area with a marble countertop!”

“I want a pool and a jacuzzi with a nice outdoor view.”

 

Does this sound like you?

Before your wish list gets longer, let’s get back to reality, shall we? What can you afford?

Suppose you have the available funds to make an outright payment, good for you! You only need to determine the maximum amount you are willing to spend on your dream home. But if you still don’t have a specific budget to work with, you should start looking at your overall monthly income or salary and determine how much you can allocate for your mortgage payments.

And, buying a house isn’t just a one-off thing. There are TOO MANY things to pay for! It will help if you think about how much money you currently have to cover the down payment, closing cost, and at least three months of monthly mortgage payment in case of unforeseen emergencies that will affect your monthly budget. Once you have sorted these things out, you’ll have a clearer idea of a number you can work with, saving you unnecessary house hunting for properties that are not within your price range.

 

2 – Financing

Another essential factor in buying a home or property is applying for a mortgage loan. After determining your budget, it’s highly recommended that you get yourself pre-approved before you start scouting houses.

To ensure that your loan application goes smoothly, check your credit score first. Never ever assume that you have a good credit history just from memory! You can be caught off guard when a lender declines your application. So go the safe route and pull your credit report beforehand.

If things aren’t looking too good, you may want to pay any outstanding debts first. You have to at least put on some perfume before going on that date! You don’t have to be at zero balance necessarily, but the less you owe at the time of your mortgage loan application means a better chance at getting approved.

 

3 – Type of House

Do you want to live in a single-family house, or does a townhouse fit your needs better? Or is your idea of a perfect abode a condominium unit complete with hotel-like amenities? Or is an aquarium for humans more of your type?

Single-family detached homes are a popular choice, especially for growing families looking for sufficient space, freedom, and privacy. However, privacy also means no available service personnel to help you once you encounter problems with your home’s upkeep. So that’s one point you have to ponder on.

If you’re on a limited budget, a townhouse can be another option, especially at high market rates.

For those who prefer to live in a condominium, be prepared for all the condo dues and fees you have to pay monthly. If you’re a family with kids, consider that you might not have your backyard or green space to serve as your outdoor leisure area. So, make sure there’s enough space for your kids (or you!) to run around. Otherwise, check for nearby parks.

 

4 – Location and Lifestyle

An ideal location fits not just you and your family’s personality but also your way of living. After all, it’s safe to say that your dream home is also your forever home. So, if you’re in it for the long haul, make sure that the location of your house complements your lifestyle and your daily needs.

For instance, if you’re in that city life, you’d have to double-check if living on the mountainside is a good decision for you and your family. If you want more breathing space and a slower-paced lifestyle but still need to have civilization within reach, a suburban location not more than 50 miles from the city may be your best bet. Just make sure that you’re in reasonable proximity to where you work, hospitals, schools, religious establishments, or other facilities that apply. Do expect the unexpected if the area you’re choosing to live in is prone to natural calamities such as hurricanes and floods.

 

5 – Individual Preferences

One mistake homebuyers usually make is letting others influence their idea of a dream home. Just because it works well for others does not mean it would apply to you. The vital component of your dream home is that it is YOURS, and so you have to examine your individuality.

Just because your friend has a walk-in closet does not mean you need one too. You might be able to fit your clothes in a kitchen cupboard (not that you should do that)!t.

What are your hobbies or interests? Do you like cooking complex meals? Do you bake? Make sure you have enough kitchen and counter space. Do you read? Others build themselves a reading room! Like inviting your friends for dinner? Find a home with a decent dining area or even a fun-ctional patio outside!

What about your working conditions? Lots of people have adopted the home office lifestyle. If you’re one of these people, make sure your dream home would have an extra room you could use!

If you’re choosing a home for your family, you also need to assess your family’s dynamics. How does your family enjoy their time with each other? Do you like to watch movies at home? Play some baseball? Do some crafts? Make sure you have some space to do all of those! How about their time for themselves? You might get that reading room for your morning coffee, but what about your son’s gaming, your little girl’s doll collection, or your wife’s gardening?

Remember, you don’t HAVE to get all of these things, but they’re something to think about.

 

6 – The Age of the Property: Old Vs. New

The saying “age doesn’t matter” does not apply to buying a property. When you’re talking about your dream home, the property’s age should matte

Both old and new homes have their advantages and disadvantages.

Obviously, older houses can be bought at a lower rate than new ones. But while they’re more affordable, they may require more repairs or renovations. If you know your way behind a hammer (or if you know a couple of people who do), then renovating an old house may work well for you. Not convinced? Just look at a couple of videos on YouTube. Of course, if not you’re willing to risk it, go for a brand new one. Nothing wrong with getting a sure shot for more money!

 

7 – A Place That Grows with You

With all that said, when planning for your dream home, you should not only look at your current needs and wants. As times change, so do our likes, dislikes, and preferences. What may be the perfect home for you now may not be ideal for you five to ten years later!

Whether you’re single or have a family already, make sure that the home you choose can accommodate your future plans.

 

Key Takeaways

Owning your dream home is one of the most fulfilling moments you can have in your life. But for you to achieve that, you have to make sure that your head is not above the clouds. A dream backed with proper planning will ensure that you find not just what you dream but what you truly deserve. Do what you can to turn it from a pipe dream into a reality!

Are you looking to buy your dream home in the Panama City area?

Shorefront Investments is a real estate investment company that buys houses in Panama City, FL, and Surrounding Areas. We specialize in finding off-market deals that you normally only hear about, usually at 30-70% off retail value.

Interested in joining our Preferred Buyers list (it’s free!) so you can be notified of each new discount home or investment property available? Excellent!

Immediately after you sign up, you’ll immediately get full access to our current properties for sale in Panama City, FL, and Surrounding Areas.