The dream home is the ultimate goal for homebuyers, and the achievement isn’t an easy feat for all buyers. For some buyers, the dream home is a multi-story mansion with a full staff, but for more down to Earth buyers, a dream home is a 4 bedroom Colonial with walk-in closets and a swimming pool. Despite the specifications of the buyer’s dream home, here are 7 tips to help buyers find a dream home more proactively.
- Work With a Real Estate Agent
Working with a real estate agent helps prospective buyers connect to services that aren’t available otherwise. Agents have access to the full Multiple Listing Search and connect with the listing agents when more information is needed. Buyers get more access to the properties and have someone working diligently to find the dream home. Agents also find out more intimate details about the property, such as if any natural disasters have damaged the property within the last ten years and how the owner restored it.
Agents help buyers negotiate with the seller when buyers want to submit an offer. The negotiations require someone who knows how to work with a seller and gets a buyer a fair and reasonable price for the property. Prospective buyers who want to weigh the pros and cons of working with an agent contact Lake Murray Real Estate.
- Locate the Best City
Locating the best city helps the buyer find a better place for achieving goals, such as finding a better school district or a community where a company expands and finds better success. Researching cities also helps the buyer define how much of a return is available for the investment. Buying a dream home helps buyers get everything on they want in a home, and the right city increases the buyer’s enjoyment levels.
The city defines what entertainment options, services, and attractions are in close proximity to the property. A buyer’s preferences determine if the city is the right choice. For example, some buyers want access to attractions, but a property that is within a couple of miles from the property might place the new owner in a high traffic area. Tourism is another factor that decreases the new owner’s enjoyment of the new property. Buyers who don’t want to live in a busy area that as inconveniences, such as traffic congestion need to evaluate the area fully before choosing an area for their dream home.
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- Review the MLS Search Results
Reviewing the MLS search results allows the prospective buyer to determine if the dream home is on the market currently. Agents search the Multiple Listing Service according to the owner’s search criteria. For example, the system allows for searches based on the price, total square feet, or even the total number of bedrooms. The search results come with full images of the properties. Select companies offer several color images of the properties to help buyers make fast decisions about properties of interest.
- Visit the Properties
Visit the properties enables buyers to take an in-person look at the homes and decide what option is best. Buyers walk throughout the property and review all the great features available. Asking questions about the property helps the buyer find out if certain features are outdated and not as beneficial as imagined. For example, some buyers might want a bidet in their bathroom, but when reviewing their monthly budget, the buyer might realize that the installation increases their water costs. Reviewing common issues with the installations could prove costly for the new owner.
- Review the Pros and Cons of New Construction
Reviewing the pros and cons of a new construction determines the projected costs and what is expected when building a new home. First, the new owner finds a lot for the property in their subdivision or separate property. The advantage of living in a subdivision is that the owner has access to private services and amenities that are available to homeowners only. The disadvantage of a subdivision is that a homeowner’s association controls what floor plans are acceptable.
When reviewing a new construction, the prospective buyer has a chance to get the exact dream home. However, the total price of the dream home is a factor that might place it out of reach for some buyers. For a new construction, the buyer finances the lot first, and the home selected for the land could increase the total cost to an unaffordable price.
- Evaluate the Pros and Cons of Renovation
Evaluating the pros and cons of a renovation determines if the buyer needs an existing property instead of building a completely new property. The advantages of the choice start with a lower selling price for obtaining the property and the possibility of transforming it into the dream home. The drawback is that the project duration delays the move-in date for the new homeowner and if one issue arises more delays are possible.
The owner needs a more thorough inspection of the property with a contractor who specializes in renovations. Contractors know what to look for in a property and determine what issues delay projects. The prospective owner also gets more details about the total cost of the renovation project. For some buyers, the project keeps the costs within budget and lower the risk of new issues. A full inspection identifies problems that increase expenses and require more time.
- Arrive at a Realistic Budget
Arriving at a realistic budget helps the prospective buyer to avoid the pitfalls of buying a more costly property. A dream home for some buyers requires a higher than average price tag. Lenders are supposed to evaluate the buyer’s debts and income for finding the highest loan value available. However, some lenders continue to use predatory lending practices that lead to foreclosure. The highest loan amount isn’t the best option for all buyers.
Finding a dream home gives homeowners one of the ultimate achievements. Reviewing local real estate helps the buyer find great features and elegant architecture. A realistic approach to buying a dream home lowers risks and gives buyers a lifetime of living in an amazing property.