Kelly Wearstler is renowned for her striking designs that create immersive environments. Yet, her approach to purchasing a home is surprisingly straightforward: It’s all about patience. You’ve got to explore the market thoroughly and figure out where you can inject some value, she emphasizes.
Before diving into styling or furniture selection, you’ve got to brave the house-hunting phase. After countless hours spent analyzing property values and budgeting, Wearstler shared her insights on navigating this process. Speaking at a SoFi panel about the evolving nature of homeownership through innovation and design, she stressed the importance of strategy over aesthetics in the beginning stages.
Get Your Finances in Check
Alongside saving for a down payment—around 15 percent now according to SoFi—buyers should anticipate other expenses. This includes closing fees (which often run 3 to 5 percent of the property price), the costs for moving, initial repairs, and ongoing maintenance (which averages 1 to 4 percent). Wearstler advises, You need to be thorough in your research. Don’t overextend your budget to the extent that it hinders renovations. This is likely your biggest investment, so think of it as a business decision.
Avoid Resale Focus when Renovating
For those venturing into home buying for the first time, Wearstler suggests scouting for properties that have a solid foundation. She leans towards houses with a touch of history and flexibility for customization. Not every home has to be styled for resale; it should resonate with your personal taste. There will always be a buyer out there, she affirms.
Kitchen Upgrades are Essential
Updating the kitchen can yield the highest return on investment, and Wearstler advises prioritizing improvements that maximize light—think skylights, large windows, and updated entryways. While you may want to incorporate shiny new kitchen gadgets, just remember to maintain sufficient storage space. A few years down the line, you might end up with outdated equipment if you compromise,” she cautions.
When it comes to bathrooms, consider adding relaxing features like saunas. And if you happen upon a property with a spacious backyard, consider the potential for an accessory dwelling unit (ADU) for a rental option. Ultimately, Wearstler encourages adopting a cautious and steady approach to home buying. Take your time and keep it sustainable; this is a long-term investment, she advises.
