Starter Home to Dream Home: How to Make the Transition
You’ve always had a blueprint of it laid out in your mind — your dream home. And for as long as you can remember, you’ve dreamt about that beautiful kitchen with the granite countertops, the spa-like bathroom, the spacious back yard complete with a patio and treehouse for your kids or grandkids. But you know that a home like that comes at a hefty price-tag you may not have been ready for — until now!
If you’re ready to start the transition of moving up from your starter home to the home of your dreams (or at least a step up from where you’re at), here are a few tips you should keep in mind.
Get consistent with your savings. As a homeowner you know that buying, owning and maintaining a home is expensive. And the bigger your home dreams, the more you’ll have to spend. So, kick-start your plans to move up in the world by creating an aggressive savings plan and sticking to it. You can start by cutting out little luxuries and pouring that money into your savings account instead.
Consider upgrading your current home. The more you put into your home now, the more you’ll be able to sell it for later — which means more cash in your pocket for your next home venture! Not to mention you can enjoy the updates for now while you work towards your dream home. So put in new carpet, paint the walls, upgrade your kitchen appliances — you’ll be happy you made the most of your investment.
Define your wants and needs. What’s most important to you in your next home? What’s your ideal location? How many rooms or square footage do you want? Are there any features you just can’t live without? Before you go on your search, make a list of exactly what you’re looking for and what you just won’t compromise on. This way you know you’ll be making the right choice when it comes time to buy.
Decide whether to buy or to build. If you’ve got a very specific vision in mind for your dream home, building could be the better option. But, if you’re ideal home is an old Victorian or something more modest in an already established area, your best bet could be to buy. Not sure which’ll be right for you? We’ve got some advice that can help.
Don’t rush it. Nothing worth achieving ever comes quickly. The same goes for home ownership! There’s no shame in taking time to save up and really decide what you want in your next home. In fact, why wouldn’t you? Go into your next home buying experience prepared, informed and confident that you’re moving on up to your dream home and not just settling for the next best thing.
When you’re finally ready to get building or put in an offer on your dream home, check out our homeowners coverages and connect with your agent to learn about all the ways we can protect your hard-earned dreams — because we know a home is more than just a roof over your head.
Related Topics: Owning A Home