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Everyone has their own way of expressing themselves and standing out in the crowd. That is what makes America great. If you really want to see what I mean, go hang out in Miami Beach for a weekend.

Check it out in today’s video:

But those are examples of how being unique can be a good thing.

Today I want to talk about how being unique can be a bad thing when it comes to buying a house.

When you are buying a house, one of the most important parts of the underwriting process is the appraisal. The appraisal will determine the value of your home – based on other houses similar to your in a few mile radius.

It is impossible for an appraiser to put a value on a house like this, or this, or even this. Even if appraisers could, how could a lender sell that property later to the masses?

Your unique taste may just make that cool house really hard to sell. As lenders look to limit their risk, this is a big issue. Lenders like normal. Normal properties they can determine value and marketability down the road if needed.

So don’t use your house as a way to express yourself. Buy a colorful shirt and decorate it any way you want on the inside.

Making your house unique is not a good thing.

I know I gave an example of the extreme, but this can also go for buying a $500,000 house in a $200,000 neighborhood – or even buying a house with no basement when all houses in a five-mile radius have a basement.

Keep this in mind when you are looking to do improvements or when you think you found the house of your dreams that is made out of aluminum cans. You better be able to pay cash for it.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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