Going on a date with a house
You wouldn’t think about buying a car without a test drive, and you wouldn’t think about buying a boat without trying it out on the water. But we have no problem buying what is probably the biggest purchase of our lives without testing it first. So what’s wrong with this picture?
Recently I’ve stumbled across several articles about buyers trying out a home before they purchase. The little light bulb that went off in my head told me to do a little research into what to me should be a pretty obvious practice, but isn’t.
On Anna Maria Island there are tons of opportunities to try out the area because of the multitude of rentals, and many people traditionally rent before relocating. But renting a nearby property still doesn’t give you the exact feel for a house you may really want to buy. You may get a feel for the neighbor and even the street, but it’s not the same as spending a couple of nights listening to the unique sounds that every home has.
However, most homeowners would not consider allowing perfect strangers to stay in their home, and although there has been a lot written about it, in reality it’s not happening. Never-the-less, sellers with hard to sell homes, second homes or unique and historic homes should consider this option.
Not only will it give buyers a sense that you have real confidence in your home, but it will also give them a real time experience and the ability to try out the appliances, sound and TV systems, water pressure and even give them the opportunity to meet the neighbors.
Toll Brothers, one of the country’s largest home builders, has a Fly & Buy program for buyers who want to travel to a new town to check it out. If they go forward and purchase, the travel costs can then be put toward the purchase price. And a high end resort in Maui also has a promotion to allow prospective buyers to rent their condos with the understanding that if they ultimately purchase, the cost of their stay can be applied to the purchase.
Even HGTV is getting into the act with a show called “Sleep On It” which explores the idea of potential buyers sleeping in two homes with the seller’s approval before deciding which one to buy.
If this is an idea you are interested in perusing, the potential candidates would have to be vetted by your real estate agent, and they also must convince you that they are very serious about your home. A check with your homeowner’s insurance carrier would be in order, and I think I would also ask for some good faith money to be applied to a purchase contract or to be returned pending inspection of the property after the buyers left.
I also had another thought that would be a perfect fit on Anna Maria. It’s not uncommon for sellers to offer bonuses to selling agents in an effort to get more buyers into their property. Why not offer a bonus to buyers in the form of a two night stay on the Island in a resort or rental condo to prospective buyers as an inducement to consider your home?
Again, if they end up purchasing your property you pay the rental fee, and if they don’t, they pay. It could be a good little investment on your part and could push buyers who might be considering your home across the finish line.
There aren’t any tires on a house to kick, but there are plenty of systems to be tested and comfort zones to be satisfied. Invite someone to date your house it could end up being the best date you ever had.