How to select your dream home in budget – 5 ways

Everyone wants to own a dream home one day complete with all the luxuries and frills. However the only major obstacle in the way is the budget. Because one is restrained by the limited amount of money that one has. This is why one has to make compromises on certain fronts. Here this article talks about the steps to choose the dream home – what sacrifices to make and how to ensure that one still gets what one has dreamt of.

Smaller Home for the Start

While everyone wants a home with a garden and patio, open terrace and a mini Jacuzzi, one really cannot afford all this – especially when one is out to buy his or her first home. These aspirations become a problem therefore and one has to make a few compromises. Hence one should start with buying a small home with the basic amenities if not all the luxuries. Taking into account the salary increases in the future and savings, one can then plan to buy a larger house.

dream home
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Keep All the Options Open

When one is out to make a grand investment like the house it is important to keep all the options open. This is because when one is buying a house one never knows what sort of options might come in. One has to keep in mind the size of the family and what kind of options one is looking for according to that. For a small family even small Granny Flats in Melbourne might suffice. And it will fit the budget perfectly without putting a strain on the family finances.

Old and New Construction of the House

And old constructed house will be cheaper. A disadvantage might be that the plumbing may be worn out or the design inside might not be as new age as one wants. A new construction house will be generally smaller and then will also be much more expensive. A lot of people often buy an old house and then renovate it in stages over a period of time. This can work out to be a cheaper option in the long run.

Purchase and then Fix

This means that one can buy the house cheap and then add all the frills and comforts to it slowly and gradually. This has two very great advantages. One is that the upfront cost of the house is very low. Secondly since one is investing in the house in a phased manner, the budget is not stretched and the cost gets spread out over a period of time.

Distinguishing between the Luxuries and the Necessities

Often one gets carried away thinking of the various items that one desires in the house. This is a mistake since the luxuries cost a lot and can definitely wait if one is on a tight budget. The necessities like a heating and cooling system for the house, a water purification system, good plumbing etc. should be taken care of first.

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