The purchase of a home may be the biggest goal you will ever set
No matter what stage of life you find yourself, your first home purchase or your next home purchase is very likely on your mind. Fully 68% of the population lives in a home they own. Very few live in a home that they inherited or paid for with cash they had just laying around. The vast majority of home owners had to carefully plan for every aspect of the purchase from finding a down payment to making the mortgage.
Setting goals and planning for a major project
- Get all players on the same page. You don’t want to get 500 miles down the road just to find out your spouse had a completely different destination in mind. New home? Custom? Remodel? Tear down? How many bedrooms? Neighborhood? Etc.
- Research to determine if the dream you arrive at is realistic. What does a custom home in Dallas cost in the neighborhood you care about? Call a mortgage broker and find out what the payments will be and what the down payment and other costs to move in will be.
- Once you know all the major costs and resources necessary, set a realistic time table to achieve the goal. Get all players to agree to the all aspects of the plan.
- Break the plan into components and have various team members work on the things they are best qualified to further research or execute. Have regular meetings designed to report on progress so nobody feels left out or surprised at any point.
When we purchased our last home, my wife looked for the house, I worked on the finances. She checkout out furniture, drapes, and appliances. I looked into movers.
When we remodeled our kitchen and added a sun room, I did most of the research on the options available, while my wife provided the details of what she wanted the final product to look like. We both sat in on all meetings with potential contractors.
What would you add to my suggested approach? What successes have you had using a different approach?