6 Ways for Homebuyers to Land a Bigger House While Stay on Budget

6 Ways for Homebuyers to Land a Bigger House While Stay on Budget

One of the biggest issues that homebuyers face is finding houses as large they want and still staying within their budget. While television makes it look like the tiny house trend is taking the world by storm, the reality is many of us want plenty of room for our family to use in our homes.

So, if you want to find the biggest houses possible within your budget try these 6 strategies.

1. Look at the Days on Market (DOM)

The majority of homeowners want to sell their house fast when it goes on the market. Once a house has been sitting on the market for longer than 30 days the sellers become more motivated to sell.

Look for larger homes that are a little above your budget that have motivated sellers.

2. Buy an Outdated Home

Look for those houses that are being sold by an older person who has owned the house for years, but hasn’t done any updating. Houses that need cosmetic updating can take longer to sell, thus allowing you to be able to get a better deal.

Many times these houses have been well cared for and only need the less expensive cosmetic instead of major renovations.

3. Look for a Renovation

Roll up your sleeves and get ready to work. Purchasing a fixer upper is a great way for homebuyers to score a deal on a larger home. Walls can be removed to create an open floor plan in a room that is full of closed off rooms. Basements and attics can be finished to create additional living space.

There are several financing options that can be used when purchasing a fixer upper, like a conventional loan that allows you to roll the remodeling expense into the mortgage.

4. Talk to the Builder

If you are looking at buying a house that hasn’t been built yet you have the option of negotiating with the contractor. See if they will allow you to alter the floor plan to create more livable space. This could be as simple as foregoing a few closets to add square footage to your main living areas.

5. Share the Costs

Households with multi-generations living in them increased over the past few years. There are aging parents moving in with children and boomerang children returning home after college. Consider purchasing a larger home together and splitting the cost.

6. Change Your Location

The most popular neighborhoods to live in also come with the biggest price tags. If you are looking for a slightly bigger house and don’t want to increase your budget, consider looking in a different area.

Sometimes expanding your search range will allow you to find larger houses in your price range. Try looking several minutes outside of your desired location, or a few streets over.

If you are having a hard time finding the size house you want within your budget, don’t give up. Try changing the types of houses you are looking for or the location of the house. With a little bit of work you will be closing on your dream house in no time.