Nashville Homes News | Developing a Checklist for Your Dream Nashville, TN Home

Submitted by jlbolls on Thu, 03/04/2010 - 14:31

It’s going to be the home of your dreams. You’ve thought about it, and thought about it, and dreamed about it since you just can’t even remember when.

Well, whether your dream home has a white picket fence surrounding a perfectly manicured yard, or a rustic split log fence to hold back your horses, or just a garden tub with whirlpool to enjoy those lazy evenings after a hard day at work, they are your dreams and you should work to fulfill them. The question is--- can you afford them?

Today, more and more dreams are affordable and can be achieved. The key is in deciding not only what dreams are realistic and what dreams, are, well, just dreams. Foreclosures and short sales comprise up to 37% of the sales in some areas of the State, and a foreclosure may make big dreams possible. The key is in planning to determine what elements of a home are negotiable, and which you absolutely want in a home. Then, when you start searching the real estate listings online, you know exactly what to seek out—and you can get a sense of which of your dreams are attainable, and which are simply not realistic at a range you can afford.

Key 1: Know what you can afford to pay. Work with your bank, or any of the online calculators, to determine what your total available household income for a mortgage payment is. This will also give you an indication of how much you might be able to afford in a home.

Key 2: Once you know what you have available for a down payment, and what you might be able to afford for a monthly payment, decrease the down payment by half and the monthly payment by 20%. What you can afford and what you really want to pay are two different numbers entirely, and remember this if nothing else: You will have a life after you purchase a home. You will have expenses that are unplanned after you successfully purchase the home of your dreams.

Key 3: Sit down, and make three checklists. List One consists of items you must have in your new home. List Two consists of items you really want in your new home. List Three consists of items that, given the proper conditions, costs, and opportunity, you’d be sure are included in your new home. Want granite countertops? Beautifully polished wood floors? Top of the line bathroom and kitchen appliances? Here’s where the list comes in. And here is where the three lists will help you determine what you can afford, what you really need, and what you can try to achieve.

Using the three list method will help you achieve the “highest and best” home you can purchase for the available money you have to spend. Spend wisely, and spend well!