Oct 29, 2018
Dreams Can Come True With a Careful Strategy
That home you always longed for might be closer to your grasp than you thought. Here’s how to make it a reality.
From our youngest days, one thing most of us have a good idea on is our concept of a dream house. It’s one of the first things we draw crude pictures of with crayons or pencils, and whether it’s a small cottage with flowers in the garden and a picket fence or a huge mansion, those mental images never leave us.
You might think that childhood dreams are just the stuff of fantasy, but this is the 21st century, and you could be amazed at what is possible if you only explore the options.
Be flexible as to location
One of the most dramatic changes the technological era has brought about is that more of us can afford to be flexible as to where we live. The daily commute is rapidly becoming a thing of the past, and as remote working becomes the norm as opposed to the exception, this is opening up a world of possibilities. If you only need to go into the office three or four times a month, then living three hours from London is suddenly no issue at all.
Country Living ran an article that examines the most affordable areas in terms of pounds per square foot, and it is quite an eye-opener. Wales and Scotland represent the biggest bangs per buck, but if you are even a semi-regular city commuter, the Midlands offers some compelling options.
Critically assess your buying power
If you’ve got a seven-figure sum to put down on the property of your dreams, then congratulations. But few of us are in that position. The point is, though, that despite recent increases, interest rates are still incredibly low, and if your household income is in the higher bracket, million pound mortgages are more common than many people think.
The key here is to speak to a mortgage advisor and go through your details. At this level, the offerings become more bespoke, so it is worth finding out just how much you can borrow, and getting an idea of the sort of tailored deal that lenders will put on the table. You might just be in for a surprise.
Consider a fixer upper
There are fixer uppers and fixer uppers. Unless you are a specialist in property renovation, you are unlikely to go for a country retreat that is half derelict, and if you do, it will only be a money pit. However, many of the more luxurious country homes that come on the market have been in the same ownership for years, and are in need of modernisation in terms of heating systems, windows, decoration and so on.
It's a great way of taking possession of a fantastic property and gradually getting to know it. Then, you can start to make those improvements over time that will really put your own stamp on it and turn it into the home that you dreamed about, and even drew pictures of, as a child.