Buying Your Dream Home

It’s easy to say that everyone aspires to endure the “happily ever after” in their fairytale story called life. Though it may sound simple, finding the perfect dream home is similar to finding a spouse. In our minds, we have a particular taste. We know if we prefer blonde or brunette hair, light or dark eyes, tall or short height and so on, but finding the perfect person may still take a while because there’s so much more than just appearance. The same applies in this case as well. Buying an extravagant house is certainly the most valuable purchase you will ever make, so it’s important to be mindful of several tips to help you find that dream home and ensure that it’s the right one. 

Design Your House

There is nothing wrong with creating a wish list of all the features that you do and don’t wish to have. In fact, I highly urge you to devise one. If you do not have any sense of direction or desire, that will make the process very overwhelming when it should be an exciting stepping stone. Do you want to live in a rural area or by the shore? Single or multi-family unit? How many bedrooms? Pool or no pool? The list continues of all of the questions you should be asking yourself. How are you supposed to point out your dream home if you don’t know what exactly you’re looking for?

Understand Your Finances

Rather than assuming how much you can or cannot afford, getting a pre-approval will help to indicate that number for you. It specifies how much money a lender is willing to loan you.  Additionally, obtaining your credit report will clearly show where your finances stand. Furthermore, you will have the opportunity to fix any red areas and see if you are missing any payments. By doing this, your score would be boosted and that’s a very important factor. Obtain pay stubs this way your income is visible right in front of your eyes. It will assist when gathering the funds for closing costs which can be blindsiding if you are not aware of your finances as a whole. 

Double Check Size and Location

When it comes to home buying, many aspects can be changed over time. If you wish to add another bedroom, sure no problem! Just obtain the proper permit and hire a contractor. Is the kitchen and bathroom outdated? Re-do them to your liking! Is the lot size and location undesirable? Well unfortunately, those are two features that cannot exactly be changed. It is key to look into those before submitting an offer. Though they are huge details, they can easily be forgotten about or overlooked. Even if you were to destroy the house itself and start over, the lot size would remain the same no matter what changes are made. The same applies to location. You cannot simply move the house if you do not like the busy street out front. If you find out that a town has a negative reputation but are head over heels about the property, it is impossible to relocate the house to a more desirable neighborhood. With that being said, ask your realtor about those characteristics from the start. Don’t hesitate to speak up if they are deal-breakers either. Why? Because what’s not impossible is finding a similar home that meets all of your standards better. 

Fix A Deadline

With all that we do, deadlines are essential as they establish an end goal while keeping everything on track. They make you stop and think about what it’ll take to get to that point. Prioritization prevails as we are pushed to accomplish certain tasks by a certain date. As for home buying, have a realistic timeline laid out as it is a multistep process. For example, if you want your children to start the year in a new school, plan to start the looking process a few months in advance. This is also important if you’re renting because you are required to give notice before moving out. Keep in mind standard closing is roughly 45 days. 

Research Home Loan Options

The type of loan you select affects an array of factors. With that being said, it is highly advised that you “shop around” and complete your do-diligence. You will make sure that you chose the correct loan by taking the time to speak to different lenders and understand what each entails. For example, the type of loan affects how much you have available as a down payment. Whether you are able to put down 10 or 20% makes a huge difference. Sometimes, that can either make or break a deal depending on what the seller is looking for. With that being said, it is highly recommended to research various home loan options, compare them with one another and comprehend how you will be affected. 

Get A Home Warranty

A home warranty provides an extra layer of protection for the buyer. In the case that the home you’re buying has older appliances or other mechanical components, it might be worth looking into. Repairs and replacements can be very costly. You probably don’t want to spend a few thousand dollars on a broken AC unit a few months into your new home right after you put a lot into your down payment and closing costs. For further information, feel free to check out to one of our preferred vendors Cristal Avitia with Home Warranty of America; Call/Text 516-279-0915 Call Center: 888-492-7359 (Select Option 1) cavitia@hwahomewarranty.com