Imagine you're looking for a new home. You have a list of all the features you want, just like you would have a grocery shopping list. However, when you explore the homes currently on the market, none meets all your criteria.
What now? You have a few good options.
Take another objective look at your list. Does your new home need every single feature on it or in it? Are there one or two features you can do without? For example, can you settle for a smaller kitchen if the property has everything else you want?
Often, buying a home that's close to perfect is good enough because there's many factors at hand: competition, price, availability in your area and more. At this time in Minnesota and elsewhere, the housing market favors sellers because the supply of homes for sale is statistically low, according to the MLS and many news articles throughout the past several months. That means homes are also fetching higher prices, and sellers may not be as motivated to sell right away. Be willing to compromise because other competitive buyers may be willing to not only offer more money, but pay more than the actual listing price. While that doesn't happen frequently, it's not uncommon, either.
With that in mind, consider what features you might be able to add to a home later, by way of a renovation or other improvement. If a property doesn't have a finished basement, for example, you might be able to finish that later. Indeed, there are many features you can add later to an otherwise desirable property. Furthermore, you can then make your home even more customized to your taste.
Are you willing to travel a little farther or select a different location? Sometimes a certain type of home can't be found in a specific neighborhood as many homes built in a select area are similar in style, age and appearance. Broaden your search area, but within reason. Sometimes the home you're looking for is just up the highway in the next town.
However, a nearly perfect home could pop up on the market at any time. People sell homes for all sorts of reasons — career moves, divorce, upgrading, downsizing — so it's best to be prepared. In that situation, make sure you arrange to get immediate alerts for newly listed homes that meet your criteria. Working with a realtor on this is key because they have access to homes not yet listed on the market and recently expired listings. You'll want to jump on each new opportunity before other buyers learn about it.
The good news is, in most cases you should be able to find and buy a great home, with most — if not all — of the features you want.
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