Being a prospective homebuyer in today's real estate market can mean facing unusual challenges. In a normal market, where the supply of available homes listed for sale is balanced by the actual demand, buyers are able to take some time to find a move-in-ready home that aligns with their housing goals.
In today's overheated real estate market, however, many buyers see home prices continue to rise and feel they must compete fiercely with other buyers for listed homes that are adequate but not really what they hoped to find. If you are currently shopping for a home and losing hope that you will find one that you truly love, the following tips can give you some ideas for turning that average home listing into a home you truly love.
Master suite is missing or too small
A comfortable master bedroom suite is something that many homebuyers prioritize when looking for homes. When available listings are limited, as they are now in many cities and towns, prospective buyers may want to broaden their list of requirements to include homes that have good potential for the creation of a comfortable master suite. Doing so is important even when the current master bedroom suite is missing or not really suitable.
Home listings with the best potential for creating a master suite without spending a lot on renovation can include:
- Homes where two smaller bedrooms could be joined into one larger space
- Homes with an insulated garage that could easily be converted into living space
- Homes with basement space that could be converted into a master suite
Ideally, renovations to add a master bedroom suite will be less expensive when they are limited to repurposing existing spaces and do not require any major structural changes.
Dated kitchens and bathrooms
The design and condition of kitchen and bathroom spaces are also high in priority for many prospective home buyers. When an available listing meets most other requirements but has an unsuitable kitchen or bathroom, prospective homebuyers may want to consider whether some relatively inexpensive modifications could be made, should they choose to buy the home. For example:
- Replacing upper cabinetry with open shelving to make the kitchen feel more open and updated
- Changing countertops, flooring, and lighting to change the look of a bathroom or kitchen space
- Removing an outdated bathtub to create space for a large, well-lit shower
Making bathroom and kitchen changes that do not require major modifications in plumbing and electrical systems can help add beauty, comfort, and efficiency at a reasonable cost. Prospective buyers who would like to learn more tips about shopping for a home in a low-inventory housing market can discuss their needs and housing goals with a trusted real estate agent. For more information, contact a company like Richard Nance Real Estate Team.