Is that property really right for you? When it comes to buying your dream home, you want everything to be just perfect—only you’re bound by a few limitations that affect your decision. These limitations actually make your decision easier. Understanding them is the best way to pick the perfect property for you.
Everyone has a budget they are bound by. The first thing you should determine is the monthly household debt (mortgage plus maintenance) you'll be able to afford. A considerable amount of your monthly income will be spent on paying your mortgage and since you’ll likely have additional miscellaneous expenses, no more than 30-40% of your income should go towards paying your household debt. Once you have assessed your affordability, you’ll have a range of properties you may afford. This will help us narrow down the search tremendously, allowing you to make a more efficient decision.
Each property has its pros and cons. What are those pros and cons? Well, that depends on you. Some of you might prefer a traditional home, while others may prefer something more modern. Your preferences set your limits, so before going on the hunt with your FARE agent, determine some of those “non-negotiables” for your perfect property while being realistic with what your means can afford. For instance, do you need the decked out, marble bathroom with a jacuzzi or
does having two modest bathrooms for your family of 5 make more sense?
So now you’ve found the perfect property given your price range and non-negotiables and you’re ready to sign contracts, right? Wrong. There is one other factor you need to consider: Location.
You can find your “dream home” but if its location doesn’t suit you, you may not be making the right investment. Analyze the advantages and disadvantages of your desired location. Accessibility to work, school, daily routines, etc. is one of the most important factors that may restrict you. If your dream home is located in a remote area, far from your daily routines, needs and activities then it may not be the perfect property for you at all.
Finding your “dream home” can be challenging, but finding the perfect
property for you will be easier if you’re not afraid to be realistic and compromise a bit. Remember, that the perfect property should not only look good, but should provide a sense of comfort, security and efficiency as well.
Please visit our Buyer's Resources
to calculate your Affordability and Contact a FARE Agent
to get started Today!