Chances are you’ve fantasised about finding your forever home. That one house that is just beyond perfection and has all the things you want in a lifelong abode. There are few things more exciting than the idea of owning that one dream home and something that is practically a rite of passage for most Australians you ask.
Despite the ubiquitous and covetous nature of owning the perfect home, there aren’t many of us who are actually able to secure such a house when first entering the property market. More often than not, we need to start at the bottom, accepting only what we can afford off the bat, and usually spending years preparing to upgrade. Yet despite how exciting it can be to fantasise over, the reality is a little more sobering. According to a new study done by ING Australia, the process involved with upgrading to your dream home actually causes the same amount of stress as planning for a wedding, starting a new job, and even becoming a parent.
So now you know. Finding and securing that long desired domestic bliss is as stressful as sleepless nights and dirty nappies. Obviously the pay-off is more than worth it in the end and I don’t expect that a large handful of anxiety, restlessness and concern is going to deter you from doing what you need to do to make your dream home a reality. However, even though we might not be able to change the facts of life, we can always take steps to make things easier.
So, here are some things you can do to ensure that you minimise the stress involved with upgrading to your dream home and making that transition as smooth as possible.
Stick to your budget and get pre-approval for a loan
When it comes to purchasing a property, one of the biggest stressors involved is unmanaged finances. If you’re planning on making a significant upgrade then you’ll likely be paying off a bigger mortgage than you’re used to, so this is going to require some serious planning to ensure you don’t get bogged down and find yourself unable to make your repayments. And although it might seem obvious, you really don’t want to stretch yourself financially – meaning you don’t want to find yourself in a home that you can’t afford because that’s no way to live.
One trend that is becoming more popular to help reduce the size of monthly mortgage repayments is to bring in a helping hand. Find yourself a housemate for a little while to help relieve some of that financial burden. ING’s study found that a surprising 31% of individuals who upgraded to a larger mortgage brought in a housemate to help them with repayments. So, as unconventional as it might be to start a new journey in your forever home with a virtual stranger, it will undoubtedly make your life easier and you might even end up with a forever friend while you’re at it.
Outline your dream home essentials, but don’t confuse ‘need’ with ‘want’
You’ve probably already gone over this in your head over and over again, but now it’s time to put it in writing. Create a dream home wish list and write down everything you want in your new home, then you need to go through and highlight the absolute essentials. This will give you a good idea of the things you’ll refuse to live without, and those you would prefer not to, but very easily could.
The main reason for this is to give you a clear idea of exactly what to look for when it’s time to start house hunting, and to simplify the vetting of each house you inspect.
Have faith in the process
Due to the very nature of finding and securing your dream home, there’s no rushing things. It’s a long and often drawn out process and very unlikely to find any shortcuts that don’t backfire. So when it comes down to it, the key word you’ll want to etch into the back of your mind is “research”. There’s no such thing as being over prepared when it comes to house hunting, and ensuring that you know all the ins and outs of the necessary details is always going to work to your advantage.
Look into the neighbourhood you’re house hunting in and make sure that it’s right for you on all fronts. If you’re happy with everything, then it’s time to start networking with real estate agents in that area. By diversifying your options and reaching out to every agent you can find, you’re far more likely to be given a heads up when suitable homes become available. By keeping the lines of communication open between yourself and the people facilitating the property sales in a given area will dramatically increase your chances of securing a home and not drawing out the process more than necessary.
When you find “the one” have it inspected for peace of mind
People often go a bit crazy when they’ve found the home of their dreams. All logic and rational thinking goes out the window and the fantasies begin once again. It’s completely understandable. This is an exciting time, and one when people will probably not focus on the possibility that this is just the next step in the house hunting process. Although at this stage it might seem like you’ve reached your final destination and your just about willing to throw your wallet at the agent because there is nothing you wouldn’t give to live in this house for the rest of your life… this is the time to take a deep breath.
Before you set up a small fort around the property to keep other potential buyers from getting in, set up an inspection time with Building Masters and we’ll come by and check the place out. We’ll provide you with a comprehensive report of any defects we find and then you can make your final decision. The best part about having us perform a detailed Pre-Purchase Building and Pest Inspection, is that if we do indeed find any defects, you’ll be the best possible position to negotiate on a fairer price! And what’s more, you can even opt for our experienced inspectors to negotiate for you. You could end up getting your dream home for an unbelievable price, so as much fun as it is to fantasise, never forget to have an inspection before going all in.
Finding the home of your dreams will be one of the most exhilarating times of your life, and with any luck, I’ve now taken you through the main points of focus to alleviate much of the stress involved. Whatever happens though, just try to enjoy the process because that’s all part of the fun!