Whether it is a penthouse, a mansion, a duplex, or a simple 2 BHK apartment, everyone’s idea of a dream home is unique and different. And although living in that perfect dream home is something that everyone dreams of, the entire process of finding it and finally buying it can be a little daunting and demanding for an individual. However, this property search and purchase process becomes smoother and quicker if you have a property buying guide that leads you to your dream home. That said; here is a quick guide that will lead you to your dream home. So, let’s have a read.
Visualize Your Dream Home
While many people talk about buying a dream home, few are able to visualize what they truly want in their dream home. Before starting any search, have a clear idea of what you really want and what can be compromised.
- Start with visualizing the location and the neighborhood of your dream home. Decide where you want it to be, is it an urban location, busy streets, suburb, countryside, or any other location. Also, look for the amenities you want like schools, university, corporate hub, playgrounds, complexes, malls, etc.
- Next, decide on what type of house defines your dream home. Is it a villa, bungalow, flat, apartment, builder floor, or any other?
- Look at your family size and decide the number of rooms, bathrooms, balconies, types of rooms, etc., that are required.
- Next, visualize the facilities you want with your dream home. They could be anything from the parking lot, swimming pool, gym, and garage to the type of flooring and the direction of the house.
- Also make a list of the additional wishes you have from your dream home like pet room, big kitchen, yard, terrace garden, etc.
Your Dream House Needs Budgeting
Once you have visualized your dream home, the next step to get closer to having it in reality is by setting a budget for it. Without budgeting, your dream home can be a far-fetched dream. And budgeting starts from jotting down the expenditures first; not just the present monthly expenses but the future increase in expenses as well. This helps you know how much you can afford to pay as an installment every month without affecting the expenses. Further, it also helps you narrow down your search.
Build Up Credit & Arrange Finances
After the budgeting is done, it is time to do some financing. Check for the amount you have saved till date for your dream home and get a credit check. Usually, buying a home, whether it is a villa or individual houses for sale in Delhi or a flat in any other metro city, requires financing and loan. To get the required sum sanctioned for your dream home, build up your credit score. The higher your credit score, the bigger the sum that you will get for your home. Apply for a home loan and get it approved beforehand. A pre-approved home loan always eases the search and lets you get better deals quickly.
Unite A Dream Team To Work For Your Dream Home
The next thing that can get you closer to your dream home is a dream team. Your dream team would comprise of real estate agent, loan officer, financial advisor, and property valuation experts. This dream team should be led by your visualized dream house and motivated by your will to find one within your fixed budget. It is always better to look for a real estate agent who has been in the business for at least 8 years and knows your targeted market inside out. He/she would help you out in shortlisting the properties and getting a good deal. Similarly, a property valuator will help you estimate the value of your dream home; a financial advisor would help with the finances while the loan officer would help you in your loan matters.
Start With An Online Search & Then Move To Physical Visits
The next thing is to start with your dream home search. There are a number of real estate portals where one can easily find large listings of all types of homes in your targeted areas. Take your real estate agent on a tour of your dream home by explaining him/her all that you have visualized before and let them also bring some properties. Shortlist the properties that might resemble your dream home and get ready for some physical visits and inspections. Go to open houses, talk to the neighbors, and get to know the area and its price trends as well.
Narrow Down Dream Home Choices & Estimate It Well
After viewing the shortlisted houses, narrow down this list even more. Cut down all the houses that you feel are out of your budget or do not have all the amenities or facilities that make for your dream house. Draw charts to make comparisons between the properties and finalize on the one that can be called your dream home. Take everything like the carpet area, location, etc., into account while getting the offer value calculated so that the other party agrees on your terms. Once that is done, make an irresistible offer that the other party cannot refuse. Keep a margin for negotiations.
Great! Now Seal The Deal
As soon as your offer is accepted, seal the deal. Check all the documents and also get the final paperwork checked by a property lawyer. Get some of the fixings or other decoration done in the place to make sure that it is no less than the house of your dreams.
Anurag Gupta writes for RealEstateIndia.Com and keeps a keen eye on the real estate trends in India. He has written various informative posts on the realty landscape across major cities in the country. and has extensive knowledge of all property sectors, and related issues like building, construction management, financing, etc. He has a nose for the news associated with Realty Sector and shares actionable advice for prospective buyers and investors enabling them make smart, informed decisions rated to property buying and selling.