How to Find an Updated First Home
I was meeting with a client and as we were looking for homes, I realized an interesting pickle we found ourselves in: They wanted to live in a popular neighborhood downtown because of the large oak trees, spacious lots, wide streets with on-street parking, and sidewalks to take them to all of their favorite hotspots. However, they also wanted an updated home with all of the “in style” details, and these didn’t exist in their budget.
So they had a decision to make:
1) Get a home that is not as fixed up in a location they wanted
2) Move to a different part of town to get a new home.
Welp, this was a problem and they had a decision to make. Here is what we did, and a few other ideas that you could do to try and find the home you want:
Identify The Homes You Like
If there is a certain neighborhood or area that you love, take a drive and jot down the addresses/neighborhood names for the ones that interest you.
Then have your ART of Real Estate agent pull information on it. By looking at the size of the home and the average price per square foot we will be able to see if that could possibly be in your budget.
Then, if we're lucky enough to find one that matches all that criteria we will call/ knock on their door to see if they would be open to selling and showing it to you.
Take Your Time:
One of the best things to do is to take your time. Really do all of the back office stuff to prepare you to buy a home.
Keep you finances updated
Unload any home you may have to sell to buy (if app)
Get your down payment in order.
Now get your ART of Real Estate agent to set you up on a detailed search for the exact home you are looking for and watch it like a hawk. And as soon as one hits the market you’re looking for, you pounce on it.
Build It Out:
Buying a lot and building is a great option. It’s a different type of loan and process, but definitely possible. Plus, you get the updated home you want in the area you want. This could be a win-win, but is usually one of the more expensive methods because most highly sought after areas don’t have a lot of vacant lots for sale.
Rule of thumb says the land should be 20% of the overall value of the entire project. So if you want to build a $100k house, the land should be no more than $20k.
This is in our wheelhouse and we are more than capable to guide you through this process.