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5 ways to match your dream home to your budget

5 ways to match your dream home to your budget

Danyl Goodall, 24th April 2016

So you’re ready to buy your first home and I just thinking about it makes your excited. You’re imagining a beautiful building with an open floor plan, sky high ceilings and granite countertops… the whole shabang.

Now I have no intention of telling you that you’re being, as your parents would put it, ‘unrealistic’ but I would advise taking a step back and assessing your options.
Remember this important fact when buying your first home… You’re buying your first home. It has to be nice, it doesn’t have to be perfect. In all actuality you’re most likely a couple of purchases away from attracting your dream house into your reality. The key is to find an equilibrium that enables you to have an home that comes as close as possible to your dream home but sits comfortably within your budget so that you have the resource to obtain your dream house in a comfortable yet speedy manner.

Starter Home

The first thing to get your head around is that your first home is most likely NOT going to be the house that you live in for the rest of your life. If you consider that your future holds abundance in the form of increases in salary, smart saving/investment plans and successful ventures, it’s easy to see how climbing the property ladder is a very likely occurrence. Your first home can be a very important player when it comes to finding the funds to purchase your dream home.

Old vs. New

Generally speaking people like to buy new homes.
New refers to “new constructions” i.e. homes that are yet to have anyone who has lived in it
Old or “Existing” homes are properties that have been lived in

You’ll be surprised at how much more you can get for your money with an existing home. On average purchasing a new home can cost you 20% more according to Forbes. They suggest that you should “buy an older home to save big” allowing you to get a bigger piece of the dream rather than a brand new one.

The Fixer

For your first home, buy a house that you can add value to, as opposed to paying the price for a house that someone has already done the work to. Not only do you get more for your money but it enables you to make a considerable mark up when it comes to reselling it.
Plus, all of the original architectural charm can be leveraged to make a really charismatic property that most certainly feels dreamy.

Must haves vs Should Haves

Understanding your requirements is a big must when it comes to buying your first home and the must haves have got to take precedence over the should haves when it comes to making that big decision. For example a must have for you could be “we have a new born baby so we MUST HAVE two bedrooms” versus “We SHOULD HAVE a three bedroom house so that we can have a home office that transforms into a guest bedroom when our friends stop over”
Price is going to be an issue when it comes to buying your first property so make sure that you cover the MUST HAVE bases before anything else.
Sometimes speaking to a professional can be an awesome way to ensure that you get everything you need for this all important decision

Balance the location with your dreams

The classic tug of war between “where you want to live and where you can afford to live”
Location plays a big part into the overall feel of the house and who doesn’t want to live in the “swankiest” part of town, the only problem with that is that it comes at a price - a higher one than less popular locations.
If you’re looking for a property in the West Midlands then get in touch with Walsall Estate Agents, Fraser Wood and we’ll help you find the perfect spot at the perfect price, while having a whole lot of fun in the process.

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