Making Your Dream House Into Reality with These Helpful Tips
We all have different goals and dreams in life
15:40 17 November 2019
Some are realistic while some, well, let's not get into that today! Whether realistic or not, everyone's dream is valid. Some dream to marry before they finish college while others are just content with life as it is. Speaking of marrying, the dream of every couple is to have a place they can call home, not a rental space. Small or big, they'll still hold the deed to that piece of property. But come to think of it, homeownership is no easy thing. Before you get there, you need to put in a lot of hard labor, save up, and have a sustainable strategy for accomplishing such a project.
But one thing is for sure, owning a home may not be as hard a nightmare as often portrayed. Today, there are so many financial institutions that would be willing to stand with you through this treacherous road if only you show the determination. It would be fulfilling to live in a home that provides you with comfort and security, and a little luxury, right? But even if it's just a dream, for now, turning it into reality will require some strategy, action, patience, and discipline.
Without further ado, let’s take a look at how making your dream house a reality with these helpful tips.
1. Save! Save! Save!
Before you start thinking about owning a house, you first need to have a job or a source of income. This is what is known as having a realistic strategy. With a job, you'll have the opportunity to save. Regardless of how much you'll be earning, put aside a small amount into a secure account and perhaps label it as "my dream house funds". Of course, there are so many expenses you have to take care of, but if you'd manage to save just $100 each month, it equates to $1,200 a year. If your math is right, in ten years, you'll have $12,000. Now, if, for instance, you're buying a house for $200,000, they may ask you for a down payment of $20,000, that's 10% of the home purchase. Down payments have a significant impact on the cost of your new home. The first step is to save little by little, and this shows that you're taking action into seeing your dream of owning a home come to reality. And guess what, if you haven't already done so, the best time to start saving is now!
2. Consider Your Options
If you are considering owning a home in the near future, there are a few options you may want to consider. It really doesn't have to be a new house, but a new house would be better, right? But you'll be surprised at how much you can do with a seemingly dilapidated building that sits on a prime piece of land.
Today, you can own a house, even on a tight budget, all it takes is knowing how to go about it. For instance, you can opt to renovate a run-down house that had a bad roof and after some time resells it on the current market value or transform it into your dream house. According to Kyle from www.rapidrestoreny.com/roof-replacement/, sun exposure, water damage, and storm damage are only a few of the many factors that put a toll on a roof’s integrity and lifespan. This makes it important to work with a qualified roofing contractor on such a project, whether the renovation involves minor repairs or you need to replace the entire roof.
All the same, you can get your dream house as a fixer-upper, purchase an already existing property, or build your own from scratch depending on your budget and available funding. In most of these options, you can get a mortgage or even a hard-money loan depending on what your credit looks like.
3. It All Starts With A Plan
Having the vision to own a house and planning to push your dreams further into reality are two completely different scenarios. You need to know how far you can go to see this dream of owning a house come to reality. Most people have great visions and aspirations, but are not willing to put it down on paper. But you’ll never go wrong with planning. Here are some things plan should include:
- A budget – as earlier mentioned, house ownership is no easy thing. It comes at a cost. Whether you are buying or constructing, you need to have your finances in order. Earlier on, we emphasized the importance of saving and how much it can help to propel your dream of owning a house. But you need to have a budget to help you allocate funds for various projects. If you opt to construct your own, for instance, you'll need to buy land, hire contractors, buy building materials, and deal with the municipal council. These are elements that have to be factored in when making a budget. This will help you to determine the overall cost of owning that dream house.
- Design your house – if your aspirations lean towards building instead of buying, then it would be prudent if you were to design your own house. While there are so many house designers out there, you can present your sketch plans and let them build their ideas from there. For those who'd wish to buy, you'll need to go through a catalog of house designs to pick a design that suits you. You can also use home design tools, and there’s plenty out there. Always ensure that you are satisfied with the designs before commencing on the construction project. It's easier to change a design while on paper than it is when everything is up and running.
- Find the perfect location – the lot you decide on building your house plays a vital role because this is the place you'll live for most, if not the rest of your life. This is a decision that needs not be made hastily. Various factors such as the distance between the lot and restaurants, your work, the hospital, police station, and other public amenities should be considered before picking the location you want to have your dream house on.
4. Have a Backup Plan
It's very important at this point to have a backup plan. Even when everything else is planned right, the unexpected can happen. Changes in the weather pattern, political instability, sickness, and tragedy are part and parcel of everyday life. You, therefore, need a plan that will help to cushion you in the eventuality that things don't turn out as you'd expected. For instance, when planning your budget, you could set some money aside for such situations. Remember, come what may, the key is to remain collected and calm no matter how hard it gets.
The efforts you put in today in planning for your house will eventually pay off. Most people start with an enviable plan just to give up somewhere along the way. They say that a journey of a thousand miles starts with baby steps. Make yours one that will take you into your dream house. It may take months or years, but with determination, hard work, and a never quitting attitude, it will soon come to fruition.