4 Money-Saving Non-Essentials for Buyer Clients Unnerved by Rising Mortgage Rates

The last thing you want as a buyer agent after signing a client who is excited to purchase a home is for them to get depressed by elevated mortgage rates and decide to put their search on hold. While nothing changes the numbers, what you can (and should) do is have ideas and recommendations for aspects of properties that should not be musts, and will help get a deal done. Here are four money-saving non-essentials to keep buyers on track. 

A finished basement

Of course everyone wants one when purchasing a home, but as long as the space is habitable, a property without one should not be rejected. An unfinished basement lowers the sticker price, and it’s not crazy expensive to turn it into a DIY job. And once completed, the ROI makes it one of the best home-improvement projects. 

Full baths

After addition to one full bath, some smaller houses may have another half bath (no bathtub/shower). Though many buyers may want multiple full baths, it should not be a dealbreaker. Usually a half bath can be converted into a full bath, and while a bit pricey, the cost comes back when the house is sold.

A large yard

Unless a buyer is planning to host football games behind the house, a huge backyard usually isn’t imperative. A smaller lot means a lower price and lower maintenance costs. A house on a smaller lot but in a pricier town will also hold its value more than one with endless acreage way off the beaten track.

Home updates

Most everyone wants plug and play, which is why it works in a flexible buyer’s favor when it comes to updated appliances, bathrooms and such. Plenty of homes for sale will not be state-of-the-art, and their prices will reflect that. Over time new owners can make whatever changes and improvements they desire.

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