Thursday, 26 October 2017

The Home of Your Dreams: How Realistic is This Aim?

from here
Have you got a dream home in mind? Is it a vision that you just can’t shake? When that’s the case, it can become even harder to compromise when searching for a home. But you need to be realistic about what kind of home you can get your hands on. Being too unrealistic will only lead to disappointments, and those are not what you want to be dealing with. So, how realistic are your dream home aims? It’s time to find out, so read on now.

How Soon Will You Be Able to Save for the Deposit?

Covering the cost of your deposit will be one of the very first things that you need to overcome. If you don’t have the money to make that happen on your dream home, then it might be a sign that you should be looking elsewhere. Sure, you could wait around for longer and buy your dream home later, but is that really sustainable or possible for you? If you’re currently renting, the answer is probably not.

from here

Will You Have Financial Security With the Mortgage You’ll Need?

It’s not just about being able to build a big enough deposit, though. What also matters is your ability to remain financial secure going forward once you’re tied down to your new mortgage. Is your income big enough and secure enough to keep meeting those repayments on your dream home every money for the next 25+ years? It’s something that you will have to give some serious consideration to if you haven’t done so already. One misstep could put you in a financially perilous position.

Have You Factored in All of the Additional Moving Costs?

The cost of buying a home doesn’t simply end with the money that you pay for your deposit and your mortgage commitment. If only that were the case. Unfortunately, you will have to cover the costs of a whole host of other things, such as surveys on the home and conveyancing. As well as that, you will have to pay for home removals. And you will need to pay your estate agent fees as well. So, make sure you factor in all of these things when doing your sums.

Do You Really Need All the Thing You Want From Your Home?

Finally, you should step away from those financial matters and think about whether you even need all of the things that you dream home offers. It’s always important to separate your wants from your needs when you’re buying a home, especially when it’s your first time making this kind of purchase. Dreaming big can lead you astray and cause you more problems than it solves. Don’t allow yourself to fall into that kind of trap.

Everyone has a dream home in mind, but you should avoid getting too fixated on it. Most people don’t get the home of their dreams; at least, not right away. So, play the long game and focus on getting on the property ladder first of all.



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