If you’ve finally decided to buy property, you shouldn’t settle for a house you can’t call home. On average, it takes a minimum of approximately five years to see real returns on real estate investments.
Given that you will likely stay in the home for quite some time, you really cannot afford to settle for a house you don’t love.
Below are a few ways you can use your love for a home to guide you towards making the right investment decision:
It’s not all about the financial returns…
While a property purchase should be viewed as an investment and all
factors that could influence the home’s potential for long-term
appreciation in value should be considered, you also need to live in it.
Ensuring that it fits in with your lifestyle is equally important as
its investment potential. You need to consider the experience of living
in the home and how it may impact your daily life.
Let your lifestyle guide you home
When deciding if a home is the right fit for you, consider how you
intend to use and live in the space. Once you know, you’ll have a good
idea if the home is the right fit and if it suits your needs for the
period you intend to stay in it. Ask yourself questions such as, what do
you like doing on weekends or during the evenings or where do you like
to eat? The answers to these questions will help you evaluate whether a
home or area is the right fit. It’s about learning to read the house and
knowing what you’re looking for.
Don’t settle for a house that can’t grow with you
When buying a house, proper planning prevents future regrets. When you
consider the above elements, think long-term. It’s impossible to see the
future, but it’s important to consider your aspirations and how things
might change over time. Keep in mind that plans change, and your
lifestyle requirements could too. A small home might suit your current
life stage, but if your plans include growing your family or having your
parents move in within the next five to ten years, maybe a home with an
extra bedroom or the space to expand is a better option in the long
run.
Functionality + Cost + Enjoyment = Love
Consider three main elements when looking at each property you view:
functionality, cost, and enjoyment. If a home meets all the
requirements, such as the number of bedrooms and proximity to your place
of work or schools, then it meets the functionality criteria. Cost is
not only the purchase price of the property but also all the other costs
involved in the property sale as well as all the day-to-day costs of
owning the home. A home meets the enjoyment criteria if it offers what
you’d like to get out of living in the home. If a home meets all these
criteria, then you know you’ve fallen in love with the right home.
Final advice
Each person will have different aspects that appeal specifically to them when searching for a house. If you’re nervous that you may not find the home of your dreams, reach out to a professional real estate agent, whose skills include matching the perfect home with the right buyer. If you love the house you buy, you’re purchasing more than just bricks and mortar – you’re buying a home.