It all starts with dreaming about your next home, looking on different websites seeing these large extravagant homes. Dreaming what it would be like to own such a magnificent home, knowing in the back of your mind you probably can't afford it. However, it is still nice to dream and have aspirations.
This is a guide for going from dreaming to reality and buying a magnificent home within your budget.
House dreaming, house hunting, buying a home, housing budget
It all starts with an idea that turns into a dream. As I sat on my couch with the kids running wild in the background, hearing the joy, and laughter, followed by crashing and crying. I start thinking we need a bigger home. This is where my dream started, like many others I hoped on several websites searching for my extravagant dream home. Without knowing what we could afford or an idea of what our budget would be. It is nice to dream and start thinking of our future.
If you are like me and have started dreaming about your next home, this is a guide to help get you there. Having a realistic process and prepping for the future is important. Here are some tips I have personally learned about house hunting for myself and my clients.
1. Dreaming vs Reality
When you start dreaming and searching for a home you see all of the unique features every home has. You start seeing things you love and want in a home. You start looking at your own home and saying I do not like this or I would change this about my own home. Then starts our next home needs this and I want this in our next home. Then one day you stumble upon a home and you say this is the one. But wait! It's over a million dollars and you feel your heart break knowing you can not afford this home. I am here to tell you yes you may not be able to afford that home, however, there are more out there within a price range you can afford. Knowing how much you can afford is one of the most important steps you need to take in the beginning. This will help narrow the pool of homes you can realistically afford and it will set you up for less heartbreak. Finding your dream home with your realistic budget is possible. Meeting with a Realtor and a lender will help you understand the current market and what great lending options are available.
2. Housing Hunting In Any Market
Keeping an open mind is key in any market, which some can struggle with. What I have seen many times is buyers and even sellers entering the housing market not understanding it. If it is a seller's market or buyers' market, pricing their homes too high or submitting offers that are unrealistic for the current market to continue having offers rejected. Understanding the market is one of the most important items that need to be discussed. We have seen one of the most dramatic shifts in the last several years. Going from an extreme seller's market to a sudden halt and slow down entering a buyers market. It happened so quickly that a lot of sellers and buyers had unrealistic plans and it only stalled the process. Having a good Realtor on your side can help you understand and guide you through any market. Even as a Realtor myself I had to adjust my entire process for my buyers and sellers in the fast shift we just saw.
When you start dreaming, you finally take the next step meeting with a lender and Realtor to start the process of finding your next home. You need to understand the current market because once you find a home or two you love writing a strong offer is key. When a market shifts the same offer will not work. Every home is different and every offer will also be different. Submitting unrealistic offers and the same offer to every house will not work. Adding an absurd amount of contingencies will turn sellers away in any market. Your Realtor can guide you, however, when it comes down to the offer is ultimately your choice.
Understanding the market before entering it is a must, listening to your Realtor and their recommendations can help you when submitting offers and making the process easier. Keeping an open mind is key in any market.
3. Those Dream Features
When you were dreaming and searching for those magnificent homes you saw several features you loved. Features you never knew were possible or a design that connected with you. When I was dreaming searching for houses I would see little details and features I loved. I would screenshot each one and show my husband later saying I want this in our next home. Keeping an open mind I knew that I probably would not find these little features in most or any home that I found. However, I knew if I found a house that nearly checked every box in my needs and wants list I could add a feature or design. There are several times showing homes buyers would sit there and not see the home with them living in it. How they would make it their own. I get it can at times be hard. It was for me with several homes and my husband would say keep an open mind we can always change something or add in what you want. I take his kind advice and let my clients know they can always change or add something.
You can take any home and make it your own, let's be honest Mrs. Joanna Gains has proven this time and time again. She is an idol of mine and had given me motivation and taught me many things about homes. I try and talk with clients saying when you are looking at homes look at it as how can you make this your own, how much work are you willing to do to make this what you want. Are you willing to tackle a large project or want a more move-in ready with minimal changes to the home?
Try to not walk into a home and look only at the negatives of homes. Once you start only looking at how you can not live in a home will make it harder to find one you love. Keep an open mind and know you can make it yours. Imagine yourself living in it. Now don't completely ignore the things you don't like. More think of it as if are you able to see this every day and not hate it. If you can not live with a specific feature every day are you willing to change it? If not then yes do not settle. If you are willing to change it think of those dream house features and designs and make it your own.
Take screenshots of things you love and see how is it possible for you to add these into a home and make it your own. If doing these things yourself scares you or if you are busy and do not have a lot of time. Consider hiring someone to do it for you. I have a list of wonderful, amazing, hard-working, honest contractors. Please reach out if you would like their information.
4. Still Not Finding a Home You Love?
If you still can not find a home you love consider building one. Several builders do custom and spec homes. One thing I find is many think building a home is out of any budget unless they are a millionaire. This is one thing I find is not true. Serval builders offer newly built homes in all sorts of price ranges. You and your Realtor can sit down with one and look over every option you have.
Would a spec home or custom home be the best option? Spec homes you get to pick out all of the finishing colors and if you want to add a feature you may be able to however it will be an extra cost unless you have room in the budget to add things. In a custom home, you pick out every feature, design, material, finish, and single detail. It is a lot more to take on however it may be a good option to get exactly what you want. This is why we decided to build our own custom home. We looked and looked at homes and could not find what we wanted with bedroom space, design, and even features. Do not look at the building as only an option for those who are extremely wealthy. It is something that is an option for a lot more buyers than most realize.
Tops takeaways from this are to keep an open mind, understand the market, know what you can afford, not think in only one direction, not think you are limited, find things you love, and know you can add these things later on. Do not think it's impossible to build a home, there are many options available. Always do what is best for you and keep dreaming. Dreaming can be turned into reality only if you take the right steps in the direction you want to go towards.
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