Unique Homes: Marketing Your Home
Unique homes are normally custom homes that is out of the ordinary. You need a special home buyer if you are marketing your home that is unique. High end and multi million dollar homes are considered unique homes. Luxury homes on a farm is considered unique homes. Unique homes sales has dried up dramatically after the 2008 real estate and credit meltdown. Financing for unique homes are extremely difficult to obtain and the home buyer needs to have strong financials to qualify for portfolio loans that cater to unique homes.
Risks With Unique Homes
There are many types of uniques homes. Unique homes does not have to be higher end homes. A $200,000 market value home can be considered a unique home if it is out of the ordinary such as being on five lots, being oversized for the area, or a home that has been remodeled out of the ordinary. The risks associated with unique homes, whether buying or selling, is appraisals. If you have a one of a kind unique home with no comparable recent sales in the area, you can run into appraisal issues. An appraiser needs comparables similar to the subject home and can only make so much pricing adjustments.
Home Buyers Limited With Unique Homes
Another risk associated with unique homes is that you need that special buyer that will be interested in your unique home. Problems like this often happen when a seller has extensively remodeled their home to suit their needs. Examples of these situations include those homeowners who built a second story addition on an existing ranch home, or have did extensive room additions where they have the biggest house in the block. You do not want to have the most expensive biggest home in your area because appraisers will have a hard time finding comparables.
Custom Unique Homes
Other examples of unique homes include car enthusiasts building a ten car garage where most neighbors having a 2 or 3 car garage. You need to cater to home buyers who are looking for a ten car garage. Most families don’t need 10 car garages.
If you intend on buying a unique home, you need to realize that it will take longer to sell your home. If you own a unique home, you need to do some creative marketing in order to be able to sell your home. Marketing is key to find the right home buyer that is interested in your unique home.
By Gustan Cho