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Tips For Buying A Unique Home

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You know you are interested in a unique home if it does not look like most of the properties in the area. Maybe the home is extremely old, tiny, or constructed with unusual materials. Keep these tips in mind if you want to buy a unique home. 

Understand What You Are Getting Into

First, understand what you need to do and what you should know at every stage of the purchase process. This preparation is necessary since a unique home's purchase process and ownership sometimes differ from a conventional home.

For example, you cannot buy a historic home and remodel it into your dream home. You need approval from the historic commission or an equivalent board mandated to preserve historic homes. Know such things before starting the purchase process.

Shop for Insurance and Mortgage Early 

Home insurance companies use statistics to determine risks and set premiums. However, unique homes don't have as much data as conventional homes. The insurance company might struggle to analyze your unique home's risk exposure if they don't have the necessary data. Start your insurance quest early; you may take longer than usual to get the right coverage.

Similarly, mortgage companies base their services on risks. The financiers want to ensure that their investments are secure. Some unique homes face unfamiliar risks that conventional homes don't face. Thus, you might struggle to find an adequate mortgage for unique homes. Again, start your mortgage search early to forestall such difficulties.

Get the Right Property Inspector

A property inspection can help you understand the structural integrity of any house you wish to buy. However, the inspection report will only be accurate if the inspector is familiar with the property. Since most inspectors are familiar with conventional homes, look for an inspector conversant with the type of unique home you want to purchase.

For example, some tiny homes use unconventional plumbing, heating, and cooling systems. You need an inspector conversant with tiny homes if you want to buy one. Otherwise, the inspector might not spot issues with the tiny home's HVAC and plumbing system.

Preempt Appraisal Issues

An appraisal is necessary to confirm the market value of a property and get financing. The appraisal relies on comparable sales of similar houses. However, you might struggle to find comparable homes to compare your unique home. One way to preempt the difficulty is to cast the net wide and look for comparable homes farther than you would normally.

Contact a residential real estate service to learn more.