PRIORITIZATION OF LOCATION OVER DREAM HOUSE

Some people are so fixed on finding their dream house, that they lost focus on the real purpose of actually having a house. They keep delaying their purchase until finding their dream house, or until they have enough savings or income to afford their dream house. But this seldom happens, as one’s dream also improved consistent with their improvement in lifestyle.

There are 2 main issues faced by customers when they talked about dream house. It is as laid out below:

Ideal Dream House VS Practical Affordable House

Trying to decide between purchasing your dream house versus an affordable house is always problematic as it is a traditional dilemma question of whether to follow your heart or your brain. Firstly, you must set your budget and know what you can afford. You may want to set your budget lower than what you can afford because you need to consider when you move into a new house, you may need to spend on new furniture and fittings, as well as some basic renovation such as kitchen and grills.

Furthermore, if you have a family, you should consider your family needs as well, whether do they need to live in extravagant house or convenient location. You should also remember to save for your everything else, after all, there’s more to life than that house. Lastly, you should always have contingency funds. Always attempt to imagine a worst-case scenario and whether you can and how you are going to live through it. If you can’t, you should revise and change your plans.

Prioritization Of Best Location VS Dream House

Affordability and financials aside, there’s also the all-important factor – The Location. Let’s assume that you have painstakingly reduced the total number of options to two. The first one is strategically located close to schools for your children and is within close proximity to your office, with shopping complexes and public transport only a few hundred meters away; On the other hand, you have your dream house located further away from town.

In this instance, the logical choice will always be choosing location first. This is because you can never underestimate the intrinsic value of convenience. Imagine you can save much travelling time daily on the road. Or what about when your children needs to go to school, and have many after school activities. Much of the time will be wasted on the road, where it can be put to better use such as study, homework or even resting. Besides the inconvenience, it is also well known that if your property is situated in a prime location, the appreciation rate of the value is much better than dream house in less ideal location.

Conclusions

All in all, buying a dream house is recommended as it can bring about great joy to the members of a household. However, it should only be done after you have thought through all the external factors as well as the internal factors, before finally signing on that dotted line. For first time property buyers, do not make the common mistakes and always aim for your idealistic property. You should consider being more practical and placing priority on location, for long term benefit in the future.