Is there such as a thing as a dream home, where you find a place that ticks all of the boxes on your new home wishlist?  How do you know if you purchased the right house for yourself and your family?  We were interested in finding out what new homebuyers look for when they're househunting, and we came up with this short list of what's important for today's new home buyer.

Three Ways To Know You Bought The Right House

1.  Location, Location, Location

Without a doubt, location is number one on any new home buyer's wish list.  For families with children (or future children), finding a home in a good school district is incredibly important.  Also important?  Neighborhood.  For folks with kids, finding a home in a safe, suburban neighborhood with similar family demographics is ideal.  Singles like the idea of living more communally, as townhouses, condominiums and co-ops topped their wish lists--especially for women since--you guessed it--safety is tops on their list.  Also a consideration for home buyers of working age: their commute.  A 15 to 30 minute commute to work is the sweet spot.

2. Size Of The Home & The Property

Home buyers with 2+ kids look for homes with 4 bedrooms or more.  Their plan for extra space?  Convert it into a guest room, playroom or office (in many instances, all three).  Also a consideration for families is a finished basement, 2 1/2 bathrooms and enough yard for the kids and no doubt, the doggos.  Singles and kidless couples like the idea of a covered porch or patio, communal pool and clubhouse at their complex and extra amenities such as a gym and business office.  Seniors 55 and over want to spend their retirement in a well=appointed place of their own in well-maintained over 55 communities that include activities they enjoy, such as golf and tennis.

3.  Know What You Can Afford​

Once you've landed the home of your dreams it's time to tighten the purse strings and be strict with your finances.  New homeowners need to pay down their debt before they even qualify for a mortgage and once the debt is paid down, the plan is to keep it there.  They're advised to use credit cards sparingly, always paying the balance in full each month.  The last thing a new homeowner wants to suffer is a debt crisis, so they are wise to remember the rule of three:  Keep at least three months' of payments, including mortgage payment, utility payments and other monthly debts socked away in a high-interest savings account. This will help to cover debts during unforeseen emergencies.

---

If you can tick off the above three items on your dream home checklist, then chances are you have found the right home that covers all your wants and needs--at least for now!

Haven't taken the plunge into homeownership yet, but still wondering what can you afford?  Use this handy calculator to find out.

Javascript Mortgage Calculator by MortgageCalculator.org

Comment Box is loading comments...