Unique homes may hold a certain appeal for homebuyers seeking a residence that is off the beaten path. But securing financing for an unusual property can prove challenging.
Such out-of-the-box dwellings often prove difficult to value, as appraisers may struggle to find a comparable home that can serve as a pricing reference point. The issue often arises with homes that are unusual for a region. “What’s normal in Beverly Hills would be unusual in Brooklyn,” Peter Grabel, managing director at Luxury Mortgage of Stamford, Conn. told the New York Times). Homes that are atypical for a neighborhood or even just unusually large are also difficult to accurately price. [more]