The ‘good enough’ home may be just perfect

Constructed from aspirational Instagram feeds and reality TV, the dream home floats in the imagination like a castle in the sky but dissolves in the rain of hard numbers.

Chasing the dream can lure buyers to overextend themselves financially. Or the high prices can lead first-time homebuyers to delay a home purchase — and the opportunity to start building home equity.

For many homebuyers, buying a “good enough” home can be a sounder strategy, particularly for those most eager to become homeowners.

“I’d rather see people buy a good enough home versus buying a dream home and being cash-strapped over the next 20 years,” says Alyssa Lum, certified financial planner and founder of Luminate Financial Planning in Herndon, Virginia.

Here’s the beauty of a good enough home.

It has the essentials

A good enough home may not have artisan tile or stainless steel appliances, but it has the essentials.

Look for a home that’s wellmaintained, has “good bones” and is in a good location, says Kelly Roth, a real estate agent with Pearson Smith Realty in Ashburn, Virginia. A wellmaintained home in a good location will likely increase in value and probably won’t be a money pit.

Buyers tend to home in on cosmetic upgrades, Roth says, but she advises focusing on basics, like windows, the roof, and the heating and air conditioning system. Then you’re less likely to face surprise repairs just to make the house functional.

If you can’t have it all — and most people can’t — list the features you want, and decide where you’re willing to compromise.

Amber Miller, a certified financial planner with The Planning Center in the Minneapolis-St. Paul area, bought her first home two years ago. It has features she wanted, such as hardwood floors and a separate dining area, but isn’t flawless.