If you are hunting for a home to buy, you might chance upon a unique home and fall in love with it. It might be an unusually shaped home, a converted boat, a previous church, or even a bunker retrofitted for everyday living. Before buying such a home, however, you should know what you are getting yourself into because a unique home purchase is different from a conventional home purchase. Here are the major points to note when buying a unique home:
You May Experience Difficulties with Reselling
One of the things you should know about your potential unique home is that however exciting it may be to you, not everyone will share your opinion. If that was the case, then it wouldn't be a unique home anymore. Since there won't be many people excited by the house, you may have difficulties reselling it if you ever decide to get rid of it.
Of course, this shouldn't be a problem if you plan on owning the house for as long as possible. Using a real estate consultant experienced with unique property transactions may also help you dispose of such a home faster. In fact, you might make a killing if you get a buyer who is excited enough by your house to make a premium offer for it.
Getting Mortgage May Be Complicated
It is not just the majority of the public who may not share your excitement about your unique home. Even mortgage lenders may share in their opinion. Lenders are traditionally shy of engaging with unique home buyers because they know such homes are difficult to appraise or resell, and they don't want to risk their investment. This means your search for a mortgage loan should start early, you should have a strong asset-to-debt ratio (an overall strong financial situation), and you should get a pre-approval for your mortgage before looking at houses.
It May Attract High Home Insurance Rates
Another thing you should know is that your unique home may attract higher insurance premiums than conventional homes. This makes sense since such homes are typically constructed with unique materials that may be more prone to damage than standard construction materials. This doesn't apply to all unique homes, so you should do your research and identify a unique home that is relatively safe as far as home insurers are concerned. For example, you should ensure that any home you are buying, whether it is unique or conventional, is code-compliant.
Hopefully, you won't have any difficulties buying your unique home if that is what you want. Don't forget to listen to your realtor's advice throughout the whole process.