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4 Questions You Should Ask Before Buying or Building a Home

4 Questions You Should Ask Before Buying or Building a Home

Buying and or building a home can be the best or worst decision you ever make in your life and while it can be an exciting journey, it’s not always as easy as it may appear on HGTV. In fact, if you have never been a home owner, purchasing a home could be a daunting task–especially, if you’re not prepared for what lies ahead. Before stepping into home-ownership it’s important to educate yourself about the process of home buying to ensure you have thorough knowledge of the market before making a decision that can impact you and your family’s lives forever.

“Should I build or buy a home?” is one of the most popular questions many new home buyers ask as they begin their  journey. While it may seem like you should be able to answer that question pretty simply, it is actually very complex and a question that requires several other follow up questions. In order to ensure that you are successful in your journey to home ownership here are just a few questions you can ask in your initial process to ensure you are making the best decision possible.

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Do You Know What You Want?

Do you really know what you want in a new home or will you only know what you want when you see it?  If you are not sure what you want then perhaps buying an already established home is for you. If you are one of those many people who has created their dream home in their minds already then floor planning and 3d rendering will save your life. One of the best investments you can make when planning to build your home is to have a 3 dimensional model of your home created in order to keep you from simple regrets such as building a room that’s too big or small.

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Can You Do the Work on Your Own?

Many people are eliminating the middle man for a plethora of services and opting to do the work on their own. Taking your home building into your own hands (especially if you have the license to do so) could save you and your family money on labor and repair costs if done correctly and who doesn’t want to save money right? One suggestion that many “Do-it-Yourself” experts make is to leave very technical jobs to the professionals. A few of these jobs include: roofing, installing HVAC systems, plumbing etc. Attempting to do these tasks on your own–especially if you are not qualified, could cost you more money in the future if you’re not careful.

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Will You Need City Services?

Do you prefer living with a well and/or a septic tank or would you prefer to live in a place that is regulated by the city? If you are confident that you would rather be regulated by the city, then buying an existing home will work far more in your favor than building one.

What Other Options Are Available?

There are several different options available to those who are interested in building or buying a home but it all boils down to knowing exactly what you want and how soon you are wishing to accomplish it. Even if you begin your home search and set on finding the perfect property that already exists, you could easily end up deciding to build in order to get the home of your dream. On the flip side, you may intend to build and later decide an existing home is better. Whichever option you decide, it’s always best to work with an experienced professional such as a real estate agent or a general contractor to ensure the process goes as smooth as possible.

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Stephanie Caudle

Content Creator

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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