Most people who sign a mortgage do so to put a roof over their heads. But what if you were offered the opportunity to purchase the home featured in one of your favorite TV shows?
A Brady Bunch fan got that opportunity when the show’s iconic home hit the market in June. The original listing price for the home was an astounding $5.5 million. But the buyer, Tina Trahan, wound up purchasing the property for just $3.2 million (“just” being a relative term, of course).
But was that home a good buy? Trahan says no. In fact, she actually called the home “the worst investment ever.” But buying it wasn’t necessarily a poor choice for her.
When you have your reasons for buying an iconic home
Although the former Brady Bunch home boasts 5,140 square feet of living space, Trahan says it’s very outdated. As such, she agreed that the home was way overpriced when she made her purchase. However, that purchase still made sense for her.
See, Trahan isn’t looking to live in the old Brady Bunch house. Rather, she plans to use it for fundraising and charitable events. This implies that Trahan is a person of means. (Of course, her $3.2 million outlay sends that message, too.)
And it also implies that this purchase wasn’t necessarily a financial stretch for her. So in that case, this is sort of a good buy, because she can enjoy the home for its cultural value. She’s clearly not relying on it for income, nor does she necessarily expect to make a profit on its sale.
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Of course, Trahan could seek to improve the home. But she doesn’t want to. “Anything you might do to make the house livable would take away from what I consider artwork,” she said.
Should you buy a famous home?
You may be inclined to jump at the chance to buy a home that was featured on one of your favorite TV series. But before you do, consider the drawbacks of going this route.
For one thing, any home that falls into that category is likely to be sorely overpriced. And given that mortgage lenders are charging a small fortune to borrow these days, you could end up busting your budget to buy a home that’s been on TV. (Plus, chances are, these types of homes would require a cash buyer. That may or may not be possible for you.)
Additionally, a famous home that’s been featured on TV is one that’s likely to draw a lot of attention. So unless you like the idea of random tourists storming your yard and taking pictures in front of your property, you’ll want to steer clear.
Of course, one thing you could potentially do if you have the money is buy a famous home and rent it out on a short-term basis. Trahan, for example, could list her home on a site like Airbnb and bill it as the Brady Bunch experience. But overseeing a rental like that takes work. And if you have an actual day job, it may not be feasible.
All told, it’s rare to get the chance to buy a famous home like the Brady Bunch house. And while buying a house like that might seem like a cool thing to do, if you’re looking for a home to actually live in, you’re probably better off with a regular old property no one has ever heard of.