You’re dreaming of a big house on the waterfront, but does it really fit your lifestyle? Consider this carefully because it’s important to distinguish your dream home from the one that actually meets your needs. Before you begin your search, take the time to consider your needs thoroughly.
Every family has its own needs and priorities. How many rooms and bathrooms will you need? Is a dining room a necessity? And what about the garage? Will it turn into yet another storage space?
Consider your style. If you’re not enthusiastic about do-it-yourself projects, avoid homes that require major renovations. And even if a spacious yard seems attractive, are you willing to spend the time caring for it? If you prefer city life you’ll have access to theatres, services and restaurants, but it’ll be noisier and won’t have as many green spaces. In other words, determine your priorities!
Don’t make the mistake of buying a home that is out of your price range. To find the home that’s right for you, adapt your needs to your budget. Once you’ve become an owner, your real estate investment will start to increase in value and will eventually help you access a home that is closer to your ideal. In the beginning, it’s important to put savings aside for small purchases and unexpected expenses. Ensure you have enough money for maintenance costs such as insurance and repairs, as these can amount to 2% or 3% of the price of your home per year.
The environment is also an important factor. Is there a daycare or school nearby? Can your children take public transportation or will you need to drive them around? Consider the distance between home and work too.