When Perfect Isn't Available or Affordable

Perfection. While we all realize it's in the eye of the beholder and can be overrated, when you are looking for your new home, it's where we start. 

When I am meeting with a buyer, a good portion of our initial discussion involves their must-haves, needs, wants and nice-to-haves. While there are many reasons to hire a real estate agent to help with your home search and purchase, having a partner and consultant to regularly remind you of your motivations and musts is one of the top reasons.

In the DC metro area right now, we still are experiencing limited inventory (aka available houses), which means it is even harder than normal for most to find their perfect home. Given this, it's easy to get discouraged, especially when you find "the one," make an offer and lose out to another. But...that doesn't mean you should lose hope; rather, you should open your eyes to other possibilities.

In the past few days, I've talked to two buyers who have chosen/are looking at two alternative paths that often are ignored:

1. Buy & Renovate with a 203(k) Loan: While most people want to offer, close and move in as swiftly as possible, you can gain the edge and equity if you consider buying a property that needs some work to make it livable, to your taste or both. In today's "need it now" culture, finding that hidden gem means we might be able to negotiate a better purchase price and you'll get exactly what you want in the end. With lots of 203(k) loan options that allow you to access the cash you need to renovate (everything from a kitchen remodel to full gut job), if you can muster some patience, you can land that perfect home. (Check out Lauren Bowling's experience for more insight.)

2. Explore New Construction: If you have even more patience, you might want to consider designing and building your new home. While the DC area is much more densely populated than other areas of the country, there is available land (or land that can be made available by razing a poorly maintained/unsalvageable structure. Most home builders offer a range of plans that can be customized in countless ways to help you get just what you want - from layout to finishes. And, while a builder may tell you otherwise, you should make sure you have buyer representation with your own agent before heading into a sales office. (Learn more about the process from The Balance.)

In either scenario, a REALTORĀ® can help you consider all the options and direct you to qualified professionals to help you create your own brand of perfect. So, would you consider a rehab or new construction?

Amber Harris is the owner of At Home DC, an interior decorator and a licensed real estate agent with Keller Williams Capital Properties working with clients in DC, Maryland and Virginia.