Some helpful tips on Buying Your Dream Home
Everyone has dreams, if your dream is to buy your dream home then look no further. If you have been working and saving like crazy to buy your dream home, and now you’re ready to take the next step. You’re going to love this; we are going to look at 6 tips to help make your dream a reality.
The dream might be from when you were little, so writing down what you want in your dream home is a must. You have an image of your dream home in your mind but now you need someone to help you find it. Write down all the features you are looking for in ‘your dream home’. This just ensures you don’t get swept away in the moment and you make a bad decision. You could regret your purchase in the future, if you don’t take the time now to do this.
Planning and making your budget
So, you think you’re ready to look for your dream home? Have you sat down and planned out a budget? Including your income and all your expenses, insurance, maintenance, amenities, mortgage payments, monthly subscriptions and any other payments you need to make each week/monthly. This is to make sure you can afford your dream house with your lifestyle.
Have you saved 2 months of outgoings in case someone was out of work? We as humans like to plan for the best but when you have required your dream house, you need to plan for all situations. If you don’t have 2 months saved up, you could wait until you have. Look into the current state of property conditions, is the market at a high? Buying when there is a dip in the market might save your home, negative equality is not to be taken lightly.
Yes, you don’t need insurances but it really should be a must, anything can happen. An earthquake, fire, tornado and you are left without any help. Not long ago a tornado hit national park on the north island, it was out of nowhere and left the residents with a mess to clean up. One house I know that was destroyed did not have insurance at all, when planning for your dream house don’t leave things to chance, and don’t forget Christchurch.
There are 6 tips to help ensure you wisely buy your dream home.
Before taking the lunge into looking for you dream home, make a price range you are comfortable with. When you’re in the real estate office, this will help you not to go outside your price bracket. We know this can be an exciting time and have limits makes sure you are happy with your purchase.
This also allows you to look into loans and what your interest rate will be, you can apply for a bank loan.
Look around for the best loan for your situation. Look at the interest rates, fees, terms for making early repayments. Some loans penalize you for wanting to pay off your loan early, shopping around is in your best interest. Sort out if your eligible to use your kiwi saver as a deposit.
Go into your local real estate agencies and sit down with an agent. A real estate agent can provide you all the information and details you need about the market so that you can choose carefully. Going to different agents just ensures you get all the information, they will have different listings also if you go to different companies. Agents specialized experts in this field, tell them what you are looking for in your dream home and they can look for suitable matches for you to look at.
They are a great tool to help you but don’t rule out your ‘dream home’ might be a private sale, so look at Trademe property. Trademe property is one of the most popular places to list homes for sale, it’s easy to use which is a plus. There are other medium not as popular as Trademe property like, your local buy and sell Facebook pages and keep an eye open when driving around. So, finding your dream home might be closer than you think.
If you decide to get your house built, make sure you take the time to oversee the work. A new build can be exciting and visiting to see the progress is a good idea. You might even be able to save money, instead of buying that brand-new kitchen you can get a lovely second-hand kitchen off Trademe. When my husband and I renovated we took photos to make a coffee table book, this is also a great idea for when building new. If you live rural, Trademe is a great way to get your scrap book on its way.
When looking for your block of land, make sure you see what is in the area. You might not have kids but that doesn’t mean you won’t in the future. When you have kids, having a good school nearby is a must. Even if you look at a good primary school and plan to move when they reach high school.
Look at where your nearest hospital is located, how far is work, is there a smell or noise that you don’t like. This is also for just buying your dream home, visit it at different times of the day to see if there is something that no one told you about.
The only thing you might not find out until you’ve moved in, is if you have a nosey neighbour. These are the hardest to live with, it could be just they call noise control when your mowing your lawn through to calling the council when you undertake any building or renovation work (from a garden shed to a replacement window). Other than that, visiting your potential new home at different times, should help weed out any surprises.
Remember, you can always negotiate. Keep an eye on the market and if other properties prices are being lowered. Until your offer is accepted, keep an eye out on what’s new. As soon as you have your dream home stop looking. This can be a little dampening when another house comes up that was perfect!
Have you saved your 2 monthly expenses? Now start putting money away for unexpected costs, like your washing machine breaks down or your car. Keep the money in a ‘savings account’, this is your safety net. Do not touch it unless, you can not go to work due to injury or your car needs work done.