What’s the best way to buy a house? Most people (99%) look over a period of time, narrow it down and then make an offer on the best one available at the time. The challenge with that strategy is you can only buy what’s on the market so you may end up settling for what you can find. (or keep looking…forever!) A better way is to check out the market, identify a few properties with potential and then write down what you’d change on each one (anything from nothing to everything). Maybe one house is well below range but the kitchen is small and you’d have to open it up completely. Another is close to perfect, but there’s only one bath. A third is a wonderful choice for size/layout and location, and the price is way below budget; but it’s completely dated and needs $60,000 – $75,00 to bring it up to speed. (then…it would be amazing!)
Once you configure your choices, look at the scenarios from all the angles, including financially. You’ll consider which would be the best choice now as well as 5 years from now. The fun part of this is you’re not settling for what’s out there and you’re only limited by your imagination. The kitchen in your head can go in any house. The ability to find the best overall house in the best overall location and then make it yours with a renovation budget is incredibly empowering.
So, if you’re looking for a home that checks your boxes – think out of the box! Don’t limit yourself with the current inventory. Look for properties with potential, bring your imagination to the process and create a home you’ll truly love! Renovation loans might be the key to your new home!