Buying The Perfect Imperfect Home
Buying a home today comes with its unique challenges of lower inventory, rising prices and mortgage rates that have increased substantially over the past year. However, there are some ways you can get creative in finding your next residence. It starts with changing your perspective to finding the perfect, imperfect home. Here is a closer look at the concept.
Change what you can, your criteria
Sometimes what you have on your wishlist is unrealistic without compromise. You may want that three bedroom, two bathroom all renovated with a pool on the water in a certain neighborhood but that may be out of reach these days. Be open to some changes such as location and condition if you need certain harder things to change such as bed/bath count.
List out priorities
It can be helpful to sit down and write out your list of priorities. Most specifically, make a list of everything but break out into two lists, wants and needs. These are very different and important to differentiate as it can help with what you can’t live without when finding an ideal home.
Get to know the market intimately in your desired area and see if what you really want is achievable there. What buys you champagne in one area only gets you beer in another. These days lowball offers are still not too realistic.
If you found a great house that hits many of the boxes but has an old, outdated primary bathroom, it shouldn’t be crossed off your list these days. There is rarely ever a perfect house for anyone so you should train yourself to see the home’s potential. Keep a tally of what to expect for any remodel jobs so you can weave them into your plan after you purchase.
Time is money
Ultimately you don’t want searching for your new home to become an official long-term part time job. There is never going to be a perfect home and the market is always going to fluctuate. Even if a home isn’t perfect today, it may be a smart financial decision in the long run. Start building equity now as opposed to waiting while you pay rent or risk higher rates in the future.