Unicorn Home: Is it Worth the Hunt?
Let’s face it: everyone wants to stay in their unicorn home. You know what I’m talking about – that perfect residence that ticks all our boxes and will forever bring us joy. A house in the right location with ideal neighbors, enough indoor and outdoor space, and wide, spacious rooms that simply spark the imagination.
But as much as we want to have “that one” house, focusing on this could be more of a hindrance than a help.
Dangers of Chasing the Unicorn
The struggle to ensure that each part of the property ticks your checklist may eat too much of your time, attention, and budget. Resources are spent on impractical things that you might miss some fantastic deals in the process. And if the off chance that you spot that “unicorn home,” it might be just a bit out of your budget.
The thing about unicorn homes is that some realtors and sellers know the value of their property and might use it against potential buyers. Most of the time, they’ll place a hefty price tag on it, hoping that someone would just “follow their heart” and get the place despite the cost.
One of the most important things about home buying is being comfortable with your budget. Remember, the downpayment isn’t the only expense you have to look at, as you also need to spend on furniture, repairs, and the movers. Not to mention your rolling expenses like mortgage, utilities, food, and gas.
Don’t get me wrong, seeking perfection isn’t bad. But just as the saying “nobody’s perfect” goes, there’s no perfect home for sale (unless you build it yourself, but that’s a different can of worms.)
Raise Your Own Unicorn Home
Instead of focusing on the perfect home aesthetically, you could start with homes that fit your immediate needs and available budget. That way, you can continue to build upon what you have and eventually reach that elusive dream home.
After spending some time on your new property, you can make the necessary changes to turn it into your ideal place. Some financing programs allow your home equity to cover home repair and renovation costs. With that feature, you can slowly develop the property based on your ideas and make it truly a home that’s yours.
Is there a property you’ve been eyeing for some time but can’t close a traditional mortgage? IjaraCDC is here to help you out. We’re experts at connecting you with investors who will fund your home interest-free! Talk to our team today to get started.