TV shows that document outlandish homes and real estate make the buying and selling process seem romantic and adventurous, but what’s the reality? Real estate experts agree that some features of a home can hurt the owner’s chance of selling and the buyer’s chance of owning. Here are four quirky things that can change the real estate transaction for the worse.
The House Is a Green House
No, this is not a home that is painted green or has a place for growing plants in the winter. It’s an ecofriendly house — one with:
-numerous solar panels
-building materials from recycled sources
These things are all well and good until a real estate agent tries to fix a selling price. He may have no other properties in the area to compare the green home to. In addition, a lender may question the price on a green home for the very same reason, and when a lender doubts, mortgages can be more difficult to obtain.
The House Is a Log Home
How beautiful these homes are, but again, lenders can doubt resale value. (Log homes, kit or custom, tend to be expensive.) How is a price determined when there are no other log houses around?
The House Has an Unusual Floor Plan
Very traditional layouts (colonial, for example) sell more easily. Buyers and lenders shy away from things such as:
-a master bedroom with a master bath on another floor
-a kitchen with no eating area or dining room directly adjacent
I have personal experience with the no-garage scenario. For much-needed space with our big family, we converted our garage to a family room. Yes, it has an attractive wood-burning stove, but real estate agents have told us (after the fact) that no garage in our neighborhood makes our home less attractive. (Fortunately, we do have a double-width driveway, which provides ample off-street parking.)
The House Is on a Big Lot
Unless the home is located in a truly rural (farm) area, a large amount of land can be a liability. Again, appraisers and lenders look at the properties located around the house. If the other lots are substantially smaller, the house with the big lot looks out of place. Also, the perception is that a farm may start up in a neighborhood that is more suburban.
Online mortgage experts HSH Associates say that resale price and potential time on the real estate market worry lenders. What can be done to increase the chances of selling a quirky home? Lenders and agents that know the area well are the best bet for fixing the right price, selling the home, and granting mortgages. Local people have a commitment to the neighborhood, town, and its residents.