Advertising
Advertising

The Ultimate Guide To Buying Your Dream Home

The Ultimate Guide To Buying Your Dream Home

All of us have an idea of what our dream home will be like. We might’ve made vision boards filled with magazine cut-outs of Gothic mansions, penthouses or swanky Upper East Side apartments. Some of us are even actively working towards it.

Buying a beautiful house is probably the most important and expensive purchase you’ll ever make, so it is imperative to consider a few things before actually doing it such as figuring out the mortgage, researching the home loans available and of course effectively managing your finances before and after.

1. Decide How Your Dream House Will Be Like

how-your-dream-house-will-be-like

    This is the time to unleash the dreamer in you. Imagine how your dream house will be like. Don’t think about the house you’d buy if you had all the money in the world but the house you really need. Work out the number of rooms depending on the number of people who will live in it, whether it’s going to be an apartment or bungalow, and the like. Check out pictures and home listings online. Also, consider the location and neighbourhood.

    Advertising

    2. Decide Your Budget

    Budget

      Once you have a good idea about your needs, think about the budget and planning. How much money are you willing to shell out? If you’re looking at listings online, compare prices. Once you fix a budget, try to stay within it as you’ll have extra expenses – furniture, decoration, and maintenance costs – to consider.

      3. Double Check Size, Location, Price

      property-for-sale-5-1413776

        Now that you know exactly what you’re after, it’s time to review the facts. Check if the size of your new home is adequate not only for now but also for the future, especially if you’re planning to have children. Check if the location doesn’t make daily commuting to the office difficult and if the neighbourhood isn’t shady.

        Advertising

        And finally, the price. See if you can get it a bit cheaper. As per stats, 44% buyers found their dream home via the internet and 33% hired a realtor. We suggest you hire a realtor and go for a pre-inspection. Make sure you’re getting a good deal.

        4. Fix A Deadline

        Deadline

          Now fix a date in the future, write it down, and tape it to the fridge or wherever you’re likely to see it often. This is your goal. By this day, not only will you have purchased your dream move, but you’ll also be busy packaging items to move in. Make sure the date is realistic and that you can work towards it every day.

          5. Research Home Loan Options

          Advertising

          loan-application-1240982

            Perhaps the most important step of all, this is where you figure out the finances. Spend time researching the home loan options available, and choose one that seems the most flexible, saves interest costs and offers a grace period or EMI repayments. Calculate the EMI you have to pay back each month and see if you need a pay rise in your salary or another job. Do not take a risk here.

            6. Work Out The Mortgage

              Remember that prices of houses rise and fall. Do you have plans of selling this place in the future and moving somewhere else? Do you want to rent a part of it and make passive income? Given that 42.9% of all families have a home-secured debt (2013), it is important to not fall into the trap.

              There are plenty of affordable mortgage rates available – choose whether you need one with a fixed interest, adjustable rates or an interest-only loan. Consult a professional in case you are unsure before getting a mortgage pre-approval.

              Advertising

              7. Get A Home Warranty

              home-warranty

                Nothing in this world is permanent. Earthquakes and natural disasters can happen anytime. All houses require regular repairing. Think about the future white-washing costs, plumbing leaks, rust and sediment deposition and get a home warranty that will ensure that even if something goes wrong, you don’t have to burn a hole in your pocket to replace it.

                To recap, before embarking on the purchase of a new home, list your requirements for your new house, make a plan, decide a budget and fix a deadline. Then research on your home loan, mortgage and warranty options and choose the one that is the best match. Go for a prior inspection and if it’s your first time, don’t hesitate to ask for professional advice and soon enough your dream home will be all yours!

                Featured photo credit: http://www.stockvault.net/photo/132348/beautiful-house via stockvault.net

                More by this author

                Vikas Agrawal

                Vikas is the co-founder of Infobrandz, an Infographic design agency that offers creative visual content solutions to medium to large companies.

                What Are Analytical Skills (And How to Strengthen Them For Success) How to Create an Infographic Resume That Will Impress Your Future Employer How I Get Things Done with Only Half of the Time Others Need Writing a Great Value Statement Can Bring In Tons of Money for Your Business All-Natural Tips for Fighting Insomnia and Sleeping Better

                Trending in Lifestyle

                1 6 Health Benefits Of Probiotics (Backed By Science) 2 How to Fix Your Sleep Schedule And Feel More Well-Rested 3 7 Natural Sleep Remedies (Backed by Science) 4 The Importance of Sleep Cycles (and Tips to Improve Yours) 5 8 Weight Loss Tracker and Exercise Apps for Your Fitness Goals

                Read Next

                Advertising
                Advertising
                Advertising

                Last Updated on March 24, 2021

                8 Smart Home Gadgets You Need in Your House

                8 Smart Home Gadgets You Need in Your House

                We’ve all done it. We’ve gone out and bought useless gadgets that we don’t really need, just because they seemed really cool at the time. Then, we are stuck with a bunch of junk, and end up tossing it or trying to sell it on Ebay.

                On the other hand, there are some pretty awesome tech inventions that are actually useful. For instance, many of the latest home gadgets do some of your work for you, from adjusting the home thermostat to locking your front door. And, if used as designed, these tools should really help to make your life a lot easier—and that’s not just a claim from some infomercial trying to sell you yet another useless gadget.

                Advertising

                Take a look at some of the most popular “smart gadgets” on the market:

                1. Smart Door Locks

                A smart lock lets you lock and unlock your doors by using your smartphone, a special key fob, or biometrics. These locks are keyless, and much more difficult for intruders to break into, making your home a lot safer. You can even use a special app to let people into your home if you are not there to greet them.

                Advertising

                2. Smart Kitchen Tools

                Wouldn’t you just love to have a pot of coffee waiting for you when you get home from work? What about a “smart pan” that tells you exactly when you need to flip that omelet? From meat thermometers to kitchen scales, you’ll find a variety of “smart” gadgets designed to make culinary geeks salivate.

                3. Mini Home Speaker Play:1

                If you love big sound, but hate how much space big speakers take up, and if you want a stereo system that is no bigger than your fist, check out the Play:1 mini speaker. All you have to do is plug it in, connect, and then you can stream without worrying about any interruptions or interface. You can even add onto it, and have different music playing in different rooms.

                Advertising

                4. Wi-Fi Security Cameras

                These are the latest in home security, and they connect to the Wi-Fi in your home. You can use your mobile devices to monitor what is going on in your home at all times, no matter where you are. Options include motion sensors, two-way audio, and different recording options.

                5. Nest Thermostat

                This is a thermostat that lives with you. It can sense seasonal changes, temperature changes, etc., and it will adjust itself automatically. You will never have to fiddle with a thermostat dial or keypad again, because this one basically does all of the work for you. It can also help you to save as much as 12% on heating bills, and 15% on cooling bills.

                Advertising

                6. Smart Lighting

                Control your home lighting from your remote device. This is great if you are out and want to make sure that there are some lights on. It is designed to be energy efficient, so it will pay for itself over time because you won’t have to spend so much on your monthly energy bills.

                7. Google Chromecast Ultra

                Whether you love movies, television shows, music, etc., you can stream it all using Google Chromecast Ultra. Stream all of the entertainment you love in up to 4K UHD and HDR, for just $69 monthly.

                8. Canary

                This home security system will automatically contact emergency services when they are needed. This system offers both video and audio surveillance, so there will be evidence if there are any break-ins on your property. You can also use it to check up on what’s happening at home when you are not there, including to make sure the kids are doing their homework.

                Featured photo credit: Karolina via kaboompics.com

                Read Next