Owning a dream home is something that a lot of people aspire to. Whether you want a large swimming pool in the back, unique decor options or even a huge cinema room to watch movies, there are lots of features that could make up what you consider to be a dream home.
But what steps does it really take to own a dream home? In this article, we’re going to discuss a simple step-by-step process to help you figure out your future goals that will lead to the ownership of your dream home.
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Deciding what your dream home should be like
The first thing to focus on is deciding what your dream home should be like. It’s debatable whether these steps should come before or after getting your finances in order, but we believe that it can be encouraging to have a vision of what you want to achieve in life. As such, we suggest that you try and get a rough idea of what your dream house should be like.
The main way to learn what your dream house should be like is to look for inspiration. Websites such as Houzz are a fantastic form of inspiration that will teach you all you need to know about unique houses, decor options and features to add. One of the best ways to keep all of these ideas in mind is to create a Pinterest board. This allows you to save lots of different images, and you can keep them like a scrapbook to give you a large pool of ideas for when it finally comes to designing or looking for your dream home.
Getting your finances in order
Now that you have some motivation, it’s time to start looking at how you can get your finances in order. There are many things to keep in mind when it comes to your financial situation. For starters, you’ll want to secure yourself a well-paying job and you’ll want to start budgeting correctly. This will involve paying more attention to your incoming and outgoing money, and it helps if you use some kind of accounting software to keep track of your money. You essentially want to ensure that you’re not spending more than you’re making. That kind of lifestyle is known as living beyond your means and is something that we recommend against if you want to afford your dream home.
It’s also a good idea to keep job stability in mind. While you might be making a fairly large sum of money now, there’s no telling what could happen in the future. Therefore, securing a secondary source of income is important to help you make more money, but also to ensure that you’re able to repay your mortgage.
If you’re unsure just how much you need to make, then it’s worth looking at a variety of different calculators to help you out. For instance, if you plan to buy a relatively expensive dream home, then it’s worth using a jumbo mortgages calculator to work it out. This will help you learn more about the costs of owning a large home and will give you a rough idea of how large the deposit is going to be. Sorting out your finances can be time-consuming and it all depends on you living a frugal lifestyle and earning enough money.
Being realistic about your options
It’s also important that you be realistic about your options for a dream home. After all, the type of home you can afford will solely be based on your financial circumstances. If you don’t make a huge amount of money every month, then buying something like a large mansion is going to be impossible.
There are two clear options here; either look for ways to earn more money, or look for homes within your budget. There’s no way around financial limitations as lenders won’t be willing to give you a mortgage for a home that is outside your budget. However, you can save a bit of money by shopping around for different mortgage rates. This could help you save a bit of money or even make your deposit cheaper.
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To buy an existing home or build your own?
When you’ve built up a large deposit and are able to pay for your home, you’ll have another problem on your hands; actually finding the property.
Even after months of searching, there’s a good chance that you’re not going to find the ideal property based on your preferences and must-have features. You can probably contact a real estate agent and ask them to help you find a specific property, but there’s a good chance that they won’t be able to find the exact property that you’re looking for.
As such, it’s a good idea to write down a list of must-have features and nice-to-have features. This will help you prioritize different home features so that you can make smarter decisions on which property to purchase in the future.
However, there’s an alternative option that you might want to consider; building your own home. This allows you to change the outside of your home based on personal preferences, it allows you to tweak the decor to your exact liking and you can change room sizes and shapes. You could buy a relatively empty or unfurnished property and then renovate it drastically to achieve the ideal home that you’re looking for.
This can take a bit more effort since you’ll need to work with designers, contractors and potentially even architects. This will ensure that you’re able to find the ideal property for your needs. However, you should keep in mind that this can be a relatively expensive option, especially if you’re looking to add unique or interesting elements to your home that aren’t particularly common. But if you truly want to stand out with a unique property, building it yourself is probably the best option you have.
What if you can’t figure out what your dream home is?
There are many things to keep in mind when it comes to designing a dream home, even if it’s just thoughts in your head. As such, it can often get a little tiring and even confusing. But if you still find it difficult to grasp what a “dream” home could be, then there’s a good chance that it simply doesn’t exist for you.
Perhaps you enjoy many different styles of decor, or maybe you’re more focused on the functionality of your home than the overall design. However, you might also be unsure what a dream home could actually be like. You might be unaware of some of the conveniences that you can have in a dream home, and it might be difficult to imagine what you’d use all the space for.
For people like this, a dream home might not be your ideal place to live. You could prefer to travel around more often to experience different types of homes, or you might spend so little time at home that it doesn’t really matter for you. Whatever the case may be, you should never ignore the fact that you might not have an idea for a dream home.
If you’re just dissatisfied by what’s on the market, then it may be worth exploring new options or potentially even own multiple smaller properties with completely different styles. Seeing as a dream home can be extremely expensive, it’s not completely farfetched to own several cheaper properties as opposed to one expensive one.