How to Buy a Bigger Home for Less Money
In a crowded seller’s market, it is hard to get a home you love at the price you want. It is even harder to find a house that has more space. If you are willing to think outside the box, however, there are some great strategies you can use to find a home with more room. Use some of these tips to find a home that will meet your needs for a bigger space.
Look at older listings
It is tempting to wait for and look at only the newest listings. However, there are probably hundreds of people that are doing the same thing as you. There will always be a lot of competition for homes like that. Instead, try the opposite tactic. Look at listings above your price range that have been on the market for longer than 30 days. The unwritten rule of real estate is that any home will sell at the right price. Homes on the market for that long are most likely just priced too high. When a home has been on the market too long, sellers are more likely to be open to negotiation of the price of their property.
Look at outdated homes
Staging is the name of the game when it comes to homes now. Not all people can afford to stage, or see it as way too much work. If you are willing to look at houses would take a little action to update and have the ability and desire to do so, an old home could be for you. Not only is the competition for them a lot lower, but a seller may be willing to give you concessions, such as a carpet or wallpaper allowance. You can also use the fixes you will have to make as a negotiation to lower the price on the house.
Renovation is something that many reality shows use to help homebuyers get the home of their dreams. Unfortunately, they make it look easy as well. If you are willing to do some renovation and can do a lot of the work yourself, or can find a reliable general contractor, a restoration might be worth it in the end. In fact, the government offers a loan called an FHA 203(K) renovation loan that will allow you to renovate and bundle the cost into your original mortgage.
New builds give you an opportunity to negotiate with the builder BEFORE you start the process. If a builder is having trouble finding buyers in their development, you can use that leverage to ask for more space or a different layout that comes with more space. You won’t get it unless you ask, and remember you are the customer, so a builder may give you concessions to sell a home to you.
You might have your eyes solidly affixed to a particular neighborhood or city. When you are stuck on that, you might be pricing yourself out of a home. Be flexible and expand your search area, and you might find just the right home for you that is bigger and better for you.
Getting the right home for you is always work. When you first start your search, it is easy to get fixated on what the house should look like and what area it should be. When you think outside the box and try different strategies, you might find a bigger and better home than you could have imagined.