Buying your dream home

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Turn dreams into reality: Before you start the search for a new home it is important to speak to a financial or mortgage expert and write a list of the things you 'need' versus the things you 'want' in your new home.

Turn dreams into reality: Before you start the search for a new home it is important to speak to a financial or mortgage expert and write a list of the things you 'need' versus the things you 'want' in your new home.

Whether it’s a rural estate with acres of rolling hills, a beach house with ocean vistas or a penthouse high-rise apartment in the city, each person has their own idea of a dream home.

However, one thing that often applies to many of us is that our dream home can feel out of reach.

We either simply cannot afford to buy the home we want, can’t find the exact piece of real estate we are after or perhaps we are too scared to take the plunge.

But don’t give up, there are many ways to help make your dream home become a reality.

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Speaking to a financial adviser is a great place to start. They can let you know if the type of home you desire is achievable and within your budget. You may be surprised with what you can afford or what suggestions they can offer you.

Their advice may also put your mind at ease and make taking the plunge a little less daunting.

It will also pay to work with a mortgage broker or home loan specialist to get you the best suited and most competitive home loan available.

Once you have an idea of your budget it is time to look at land or homes that are on the market.

If you can’t find the house you want for sale, it may be an idea to consider building your own home.

When you are deciding on the home you want you need to think about the things that are most important to you.

It is a good idea to take a piece of paper and draw a line down the middle. Write your NEEDS on the left hand side and your WANTS on the right hand side.

This will help you greatly when it comes to sticking to your budget as you may have to make compromises between the two.

If you want a home with a large elegant master bath with granite countertops and high end cabinets and fixtures, you may have to settle for less square footage or some other compromise to stay on budget.

For some people the most important aspect of their “dream” is the location – perhaps you are willing to sacrifice the size of your home to have it in the perfect location. If your property allows for it, you may be able to extend the home later down the track.

However, if the size of the home is what matters to you most you may be able to buy a large home, yet compromise somewhat on the location.

Often if you buy further inland rather than vying for a seaside location, the price can be dramatically lower. A city location will also be more costly, so look at suburbs on the outskirts.

Buying a home is the largest single purchase you will make in life and it certainly makes it less painful parting with your mortgage repayments when you are paying for a home that you love and that perfectly suits your family’s needs.

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