Shut your eyes and imagine where you will be living in five years. Is the property the same one that you live in now? Usually, your current house isn’t what you’d class as your dream house.
There’s nothing wrong with that because part of the process is starting on the bottom rung of the property ladder and working your way to the top. The problems begin when you get stuck in a rut and stay in a starter home for years longer than planned.
Besides believing that you can own the home of your dreams, you need to take constructive steps forward. Here are four tips that you should always keep in mind.
Pay Off Your Mortgage
Buying a property while you own one isn’t impossible. If anything, it’s the norm since the real estate market is convoluted and takes time to bear fruit. It’s smarter to get the ball rolling on your dream home before you’ve sold your current house so that you don’t have to wait longer.
However, you must realize that a bigger home is going to be more expensive. Therefore, to pay off two loans simultaneously, one of which is greater is a struggle. Savvy New Canadians also says you shouldn’t forget to add in the closing fees and taxes that average around 5%.
Find Out Your Home’s Potential
What your house is worth now and it’s potential value are two different things. The market dictates the latter, and your neighbors might have already done you a favor by upgrading their homes. If this is the case, the average listing price for a property in your neighborhood should be high.
By comparing the difference, you can increase how much you’ll receive when you sell and bump up your downpayment on another house. The great thing is that there’s no need to spend a fortune to increase your home’s value.
It’s a dream home, which means you can’t opt for a property because you’re scared or tired of searching for a new home. You’ve got to be picky, and that includes thinking outside of the box, too. Have you ever thought of building a house from scratch rather than buying it outright? Hotondo home builders and Co. have a reputation that you can exploit if it makes financial sense.
If building a property sounds outlandish, the key is to work with a realtor who understands your requirements. There’s nothing more tiresome than viewing unsuitable homes as it gives the impression you’ll never find what you’re searching for.
Don’t Keep Up With The Joneses
You’ve found the ideal house – congratulations! All you need to do now is recognize that you don’t have to compete with anybody, especially your neighbors. Trying to follow the status quo is real, yet it takes away from your home’s originality. It’s not going to resemble the one in your dreams if you bastardize it by giving in to peer pressure.
After everything you went through to obtain it, doesn’t it deserve more respect?!
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