72% have regrets about their home purchases as a result of the competitive housing market of the past couple of years, according to one survey from Clever Real Estate. With the number-one reason for buyer’s remorse involving spending too much money, the second most common regret was rushing the home-buying process. For those who are looking to invest in their dream home in 2023, however, there’s much more to consider than the current state of the housing market. From gaining a new perspective on the matter to the role that 3D rendering can play, here are just a few significant elements worth thinking about.

A long term investment

Investing in a dream home can be a major purchase, and it’s imperative to think about the long term effects that it can have when it comes to your goals and needs. Looking at the matter from a different perspective is just one way to do this — rather than going off of what you want now in a dream home, thinking about your future needs, wants, and goals can help. “You’ll want to consider if a house and its features will align with where you’ll be in a few years and in 10 or more,” notes one Beyond Wealth article. From family planning to the size of the property, the features of a potential purchase — such as extra bedrooms or an in-ground swimming pool, etc., are all things to heavily consider.

In addition to the features of the property, aspects such as the location of the property are an additional factor that can play into the decision making process. For instance, those who are planning to raise a family may wish to research the school district that the home is located in, while proximity to work and other necessities (stores, hospital, etc.) are also worth keeping in mind. The surrounding landscape — city vs. rural, and the surrounding neighborhood are further aspects to think about. With this in mind, one MyMove post suggests doing research before starting your search, as well as taking a drive and spending some time in the property’s location. Planning ahead is just one way to get a solid idea as to what you need and want in a dream home property. Through the use of 3D rendering, visualizing a home that doesn’t exist yet can be a major help when deciding what features you’d like to see in a potential dream home, while also allowing you to get an idea as to what you’re looking for before house hunting.

The financial factors

When looking to invest in a forever home, it’s necessary to weigh the potential financial ramifications, especially if your dream home involves a beach-front location, high-end features, or otherwise involves a high upfront cost — or pricey mortgage. While extensive planning and house hunting will ensure you’re considering all options on the table, winding up with a money pit investment can be a major fear for many homebuyers — especially when looking for a forever home. For many, a dream home equates to upgrading to a larger home — which often comes along with a larger monthly mortgage payment due to a higher home loan. Before purchasing a larger home, one Investopedia post suggests living with its expenses for six months to a year in order to truly understand your finances.

Compromising on your investment by purchasing a property with your basic needs/wants and choosing to renovate later on may be one alternative idea to take into account, especially when endeavoring to obtain your dream home on a more restrictive budget. While it isn’t for everyone, renovating a home can allow for great customization (perfect for those who want a variety of specific features in their dream home), and may or may not be cost effective depending on how much work needs done. Regarding the costs involved, Dan DiClerico, a home expert at HomeAdvisor notes “Figuring out the actual cost of what this renovation is going to cost me, that’s one of the hardest parts of the whole process.” Published in 2019, the Forbes article points out that a good rule of thumb for homeowners is to expect to spend at least two to five percent of your home price on maintenance and repair costs annually.

For those who choose to make dream home renovations later on, a 3D rendering can become a powerful tool that will allow you to kick-start your planning. With kitchen renovations and bathroom remodels being among the most expensive (with a kitchen remodel costing anywhere between $10,000-$50,000, and  bathroom between $9,000-$20,000), a 3D rendering will allow you to effectively map out and consider what will work best before carrying out any renovations. From laying out designs in great detail to clearly defining your vision, such software can play an integral role in renovating a property and transforming it into your dream home — all the while saving you both time and money.

Investing within an HOA community

Homeowner associations (HOAs) tend to get a bad rap for their rules and regulations, though for many, there are a variety of benefits involved — thus making it a factor worth considering when looking for a dream home. One Bankrate article notes that HOA fees can vary widely depending on property location, citing the example that an owner of an oceanfront condo in Florida with plenty of amenities might pay $1,000 a month, while someone in a “modest gated community 10 miles inland” may pay just $150 a month. While HOA fees can vary, what’s included can make the property well worth the investment, and can make it even more of a dream home situation. Lawn/landscaping services, community amenities (such as fitness resources or a swimming pool), and community events/gatherings are all valuable benefits that can appeal to many. For instance, those looking for their dream home in a large city like Miami or NYC may find an HOA with community amenities to be of major value, especially if it’s difficult (or too pricey) to find a home with features like a pool or fitness center.

When searching for homes within an HOA community, asking a variety of questions can help in determining whether the property is right for you. Finding out about the rules/regulations that are in place, how often the HOA provides maintenance services, and information regarding the fees involved can all help in getting a better understanding of the HOA in a location. Inquiring whether a management company is involved can further help in gaining insight into a community and how it runs, especially if you intend on one day becoming part of the board. Providing HOA management in Charlotte, one company says that a tailored approach to the location in question can allow for a distinguishing factor in regard to community association management. With a team of community management experts in addition to landscaping experts, tech and IT vendors, and maintenance and service specialists (to name just a few), such capabilities can help communities run as smoothly as possible. HOA management companies can also help with providing services such as putting websites and payment portals into place, which can make a significant difference to homeowners.

Investing in a dream home can be a major milestone for many, though it’s not without its stressors. While the financial aspects, features, and your long-term needs and goals all factor in, planning well in advance can aid greatly in making the right purchase.