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Kelly Wearstler is famous for creating distinctive, enveloping spaces. But when it comes to buying a home, the designer’s advice is much more basic: “You really have to take your time, look at the market, and see where you can add value,” she says.
Before you can get to the stage of moodboarding and furniture shopping, you have to get through the real-estate hunt. And after years of experience doing the less glamorous work of looking up comps and budgeting for construction, Wearstler is sharing her advice on how to break in. She recently sat on a panel presented by SoFi, the leading personal finance company, to discuss how the future of homeownership is currently being shaped by innovation, design, and access. Her biggest advice for newcomers? You need strategy before you can have style.
Run the Numbers
In addition to having enough savings for a down payment (according to SoFi, homebuyers are currently putting forth around 15 percent), you’ll also want to have wiggle room for closing costs (ranging from 3 to 5 percent of the home price), moving, any upfront repairs, and regular maintenance (1 to 4 percent of the cost of your home). “You have to do your proper due diligence, and you can’t stretch your budget so much that you won’t be able to do any type of renovation,” Wearstler says. “This is going to be your most important asset. So look at it like it’s a business.”
Don’t Renovate with Resale in Mind
If you’re a first-time homebuyer, Wearstler suggests touring properties that have good bones. She prefers buying addresses that have “a little bit of history” alongside the potential for personalizations. “I don’t necessarily think that every home should be designed for resale. I do think it should be designed for what you like,” she notes. “There will always be a buyer.”
…But Do Modernize the Kitchen
Given that updating a kitchen usually has the best return on investment, Wearstler recommends prioritizing ample light by adding skylights, windows, and new doors. You also might be tempted to trick out the space with the latest gadgets, and that’s fine as long as you don’t compromise storage in the process. “In a few years, you’ll be stuck with an outdated machine,” she says.
In the bathrooms, consider adding wellness-focused amenities, like saunas. And if you’re considering a home with a big backyard, that’s an opportunity for an ADU (hello, potential renters). No matter what you decide, Wearstler wants your home-buying strategy to go the distance. “Go slow and be steady,” she says. “This is about the long game.”