Real Estate Essentials – 5 Tips for Finding the Right Home of Your Dreams

Real Estate Essentials - 5 Tips for Finding the Right Home of Your Dreams

Every person ultimately wants a home that suites their lifestyle choices and we often refer to this as our dream home. Well, finding that may not be an easy, quick or realistic process. Sometimes it can be like finding a needle in a haystack if our goals are too lofty. Setting realistic objectives, taking your time and working through the process in stages are all factors that you need to consider. Patience, planning and preparation are key.

Here is a brief list of 5 tips to help get you started on your way to finding the right home of your dreams.

What is Your Style?

Before start searching, you need to know narrow down the style of home that you want. Will it be a modern contemporary, a classic or a craftsman home? You must consider which type will suit your needs. If you have a family, then one of your must-haves might be a backyard which can provide you more freedom and privacy. Especially, when you have younger children that can play in the yard. A townhome may also be suitable, but a condo might not be. So you really need to make a decision on what to target beforehand.

Do Your Homework

The actual home is not the only thing you need to consider in your decision, the neighborhood also matters. A home is not a thing that you can change easily. Most people buy a home for the long term. Normally people donโ€™t just switch it up if they arenโ€™t happy with their purchase after a couple months, so you need to be certain with options such as if you want to live downtown or uptown. If you are not sure, then you need to do your homework. Take a visit to a neighborhood to see for yourself before looking at the homes. It will help you get the feel of the place and can decide whether it will suit you or not.

What is Your Budget

Sure, everybody would like to live in their dream home but does your budget realistically allow that? People often look at homes above their price range when they are out viewing properties. That might be fun at the start, but you will need to get serious at some point otherwise you are just wasting your time. So, you need to crunch the numbers and come up with a realistic purchase range of affordability. Then narrow your focus to properties in that range and slightly above to allow for negotiation.

Financing Your Dreams

No matter what your perfect home looks like in your dreams, you have to be able to afford it in real life. Many financial experts use the 28/36 rule that states that a household should not spend more than 28% of their gross monthly income on total housing expenses and should spend no more than 36% on total debt servicing. It is very simple and easy to follow formula to understand and a crucial aspect of arranging a mortgage to finance your dream purchase.

Location, Location, Location

Yes, in real estate it all comes down to location no matter what your perfect home looks like. Regardless, researching the ultimate location for your new home is something that you will no doubt start with online. However, if you are planning a big lifestyle change such as a move to Toronto, Canada then contacting  a local company such as Chestnut Park Realtors can make your home search a lot easier. Likewise, an International move to Australia, Spain or Italy would be best served with the assistance of a local market expert.


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