You always have had a vision of your dream home, but in a market where inventory is low, it may seem like the perfect place goes under contract within 24 hours of it being listed. Fear not, because some of the best homes are hidden gems that need someone with vision to see their potential. Here are five signs that a home you overlooked actually could be the right place for you.
The curb appeal doesn’t match your style.
The exterior details of a home are your first impression. If the home is a style that doesn’t match your vision, it can be hard to see past that to the great things inside. Don’t let this deter you. Instead, consider how you will live in the space first and know that you can update the exterior to match your style over time. Elise Polli, an award-winning Realtor® and owner of a realty located in Vermont, has this to say about this especially common occurrence with raised ranch-style homes: “I think there is a stigma with the raised ranches of the 1970s. However, they often feature two levels of finished living space and lots of windows and natural sunlight. Even if the exterior aesthetics of a raised ranch don’t excite you, the easy flow of the floor plan should. And due to their design, they often lend themselves well to room additions off the back deck of the home.”
It’s a bit of a fixer-upper.
So often the fixer-upper looks like a project that seems too big to tackle. But like any project, if you break it down into smaller goals, it soon becomes manageable. In a hot market like this, it may be a good idea to consider a fixer-upper. Elise explains, “It will be priced to sell and will allow you to build instant equity with updates. Lean into the shag carpet or dated oak kitchen cabinets and know that you will update them as time and budget allow.” Elise also explains how there are great renovation loans out there and how they can really benefit you in the buying process: “I suggest that you chat with a few loan officers to see what they recommend to buyers who intend to renovate. Many lenders offer loan programs with the fixer-upper in mind.”
Rocket Mortgage® has a team of live experts available seven days a week to help take the guesswork out of understanding your options when it comes to your mortgage loan. They can help you understand the loan options that make most sense for you and factors like contingencies that are especially important in fixer-upper purchases. Their expert advisers are available by phone, text, and live chat for a no-obligations conversation to find out what you qualify for and which loan types make the most sense for you.
It needs cosmetic upgrades.
When you have a clear vision in mind, it can be hard to see past a less-than-perfect paint job or carpets that have seen better days. Try shifting your mindset when it comes to these smaller fixes. Rather than seeing the need for new paint or flooring as a problem, try to look at it as an opportunity to tailor the inside of your new home to your exact taste. It can be exciting and fun to pull a room together to make it yours.
It’s just a little too small.
If you are planning on growing your family in the coming years, but the inventory for 3- and 4-bedroom dream homes in your area is constrained, consider looking at a starter home. It can help you build equity and prepare you for purchasing again in a few years. Alternatively, reconsider homes that may not have the exact layout you’re looking for, but lend themselves to additions that can be added over time. If you know from the outset that you’re willing to take on an addition in a few years, you might find yourself falling in love with a place that can grow with your family.
It’s not in your dream neighborhood.
As the adage says, location is everything. But if the neighborhood you are searching in is turning over fast, you may want to consider a place a little farther out of the way. Broadening your horizons by just a few miles could vastly increase your options in terms of size, style, or price. You never know—you might find that place that checks all the boxes just a short distance away.
In a hot market, buyers need to be ready to spot the potential in every home. Then, when you find that perfect place, have your financing ready so you can make your move right away. You might need to move fast to get the house that you want, but in the end, you can take your time building it into the home of your dreams.
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we’ll help you take the next step.
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