What to do if you can only afford a $2 million home


People come to me often at my public library job and ask me for advice on buying their first home. Often, I'll hear people say "I'd like to buy a house, but I can only afford a $2 million house. What should I do?"


When they ask me that question, I roll up my sleeves and explain: This is what you need to think about if you can only afford a $2 million home. First, not all $2 million homes are alike. There are some that can be fixed up to make them more habitable. Ask your real estate agent to help you find a house that is drafty. If you were to buy such a house, you could install new windows, and presto, your $2 million house is not as drafty.


Also, a fresh coat of exterior paint can work wonders. With a fresh coat of paint, your $2 million home will no longer look and feel like a $2 million home.


Look to find a house with serious structural problems. The phrase "serious structural problems" can be open to interpretation. A home inspector can inform you if the house is in danger of collapsing on itself. If the house is not in danger of collapsing on itself, then go for it.


Find a home whose roof needs replacing. Many times that kind of repair can be deferred for a few years -- and the worst case scenario is the old roof blows away in the most gentle of breezes. This opens up the opportunity of taking up astronomy as a persistent and involuntary hobby. Not such a bad outcome, right?


There are countless ways of improving the curb appeal of a $2 million house. For starters, rip up the manicured lawn and install native species, such as poison ivy. Poison sumac can add a splash of color to your house's frontage. People sometimes underestimate the aesthetic appeal of concrete rubble retrieved from demolition sites.


Reserve a section of your house's front yard for an above-ground swimming pool. Reused shipping containers are ideal for this purpose. You can save money by buying a shipping container with surface level rust. Your neighbors will appreciate the words "hazardous cargo" printed in large, bright letters on all four sides of the shipping container. Line the interior of the shipping container with black plastic garbage bags, fill up the container using a hose, and you're good to go.


Lastly, if the only option you have is to buy a $2 million home, then you might want to continue renting until you can buy a more habitable home. These days, you can buy quite a lovely home in the $4 million to $5 million range.



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Public domain. Freely distribute in print or digital form.


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--
Phil Shapiro, pshapiro@his.com

He/Him/His

"Wisdom begins with wonder." - Socrates
"Learning happens thru gentleness."
"We must reinvent a future free of blinders so that we can choose from real options."  David Suzuki

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