Should I Buy This House?
June 5th, 2009
This is a unique time for house hunting, because prices on existing homes are enticing. So, you’ve been tempted to take advantage of the Buyer’s Market and you’ve found a nice place, and the price is right. But is the house right for you?
When it comes to buying a house, help with making the right decision for you is available so that you can plan your future with confidence.
So Many Questions
There are so many questions to determine if a house is right for you. Some answers seem obvious: do I like the price and location? The asking price may fit your budget, but to make the house truly suit you, will there be future repair and remodeling costs to factor in? Location considerations include amenities and convenience for your lifestyle, but how will the future alter these factors? Will this home grow and change with you and your lifestyle? Who can you ask, where can you turn?
Is the house in good condition or are there little money pits around the corner? Are those cracks important? Can that family room be added to the rear to take advantage of that great view? What about that dream patio for your entertaining? We tend to believe that a home inspection will answer this question, but it’s important to understand the function and nature of a home inspection.
Home Inspections for houses are not required by state law. The St. Louis Association of Realtors’ “Residential Sales Contract” simply states that a seller must allow a buyer to conduct a home inspection. So, a home inspection typically concentrates on the issues that might affect financing and repairs, but will not look forward into the future to anticipate remodeling, enhancements and potential room additions. For example, will the existing kitchen location lend itself to your future hearth room addition? Why not find out now?
Avoid Surprises
A client of ours recently bought her dream home, and because it passed inspection, was happily concentrating on her dream of finishing the very spacious attic. Soon, the roof displayed problems, and Mosby Building Arts, Ltd. was brought in to investigate. Hidden structural problems with the roof were discovered that were not apparent to the untrained eye and had not been disclosed by the seller. The Mosby Consultant further reported that the attic floor was not strong enough to structurally support the floor so the attic finish project was in jeopardy.
The homeowner was shocked to learn of this preexisting condition and the cost to repair it. If she had known about this in advance she would not have purchased this home, and while the house met her current criteria, it was not well structured for the attic finish in her dreams.
So whether detecting the existing conditions or anticipating the future growth of the house, the Mosby Consulting experience is your peek into the future. Our focus is more on the future of the house and less in the past. We look at the existing personality of the home, the style, layout and terrain. Our interest is what the house can become and how it will serve your lifestyle.
The Emotional Aspect of Buying a Home
Mosby Building Arts offers a home evaluation service, where we will survey a home you are considering buying and give you honest answers that can help with your final decision and selection.
This service includes our trained eyes on the structure and condition of the house, pointing out both immediate and future issues, opportunities and a general cost estimate. But there is another important consideration: will this house work with my lifestyle?
Each home that is purchased may bring with it the promise of being your Forever Home - the perfect place to spend the rest of our days. This is the emotional aspect of home buying that builds on those higher hopes that can sometimes cloud the reality.
A St. Charles couple, for whom we had previously done a remodeling project, asked us to take a look at a lakefront home they were considering purchasing. Located 50 miles west of their current home, it was a beautiful home with spectacular views that spoke to their desire for rural nature and privacy. They pictured their adult children and grandchildren coming out for weekends by the lake, and imagined how tranquil the place would be in their approaching retirement years.
The house itself was in good condition, and there was no denying the allure of the surroundings, but having worked with them, we knew their personalities and lifestyle, and were able to have a deep conversation about how the house would perform for them in the long term.
We helped them define what is most important to them. The couple wants their family and friends around them as often as possible, enjoying their home as much as they do. They are active in many social groups and love to partake in events and shopping. This is the lifestyle that brings them the most satisfaction.
Now, how would those key elements of who they are work in the house they want to buy? Living in a more remote location could make it difficult for friends and families to visit as often as they already do, turning their new place into an occasional event rather than a regular destination. It would also require the couple to do a lot more driving just to get back to the amenities and people that are a normal part of their routine. Is it possible that this house would alter their lifestyle in unanticipated ways, and will that affect their ultimate satisfaction with it?
Turns out the emotional lure of the lakefront house was disguising the realities of how they like to live. Lifestyle considerations were far more important to them than the price or quality of the house. They let that house go and went back to the home buying drawing board.
Finding the Perfect Home
Several months later, our client asked us to meet them at another house they were considering for purchase. This was an older home in a historic South St. Louis City neighborhood, which was - in every way - the exact opposite of the lakefront home previously being considered.
The house itself was recently renovated while retaining its historical charm, and has wonderful floor plan flow for entertaining. It has a large backyard with lots of mature landscaping with a small pond, so they were getting the nature and the water they longed for, but at a more manageable scale.
With their family and friends scattered all over the St. Louis metropolitan area, this home (near a major interstate) was in a central location, making it easier for everyone to come to them. And, of course, the city provides this adventurous couple with plenty of things to do and see, along with easy access to the entire region.
After much reflection on our previous conversations, they realized they were urban people with lakefront dreams. They were more suited to living in a private escape within a vibrant and busy city, and could treat themselves to weekends at a rental lake house.
With the important emotional aspect covered, we evaluated everything else and they signed off on the purchase price, soundness and investment potential of the house. After several accessible and energy improvements to the home by the Mosby team, they happily moved into their dream home to live happily ever after.
Helping You Get The House of Your Dreams
The Mosby Building Arts Home Evaluation is a unique service that considers all the crucial aspects of buying another house - from the physical to the financial to the emotional.
We have over 60 years of experience with the repair, maintenance and remodeling of Greater St. Louis homes, so our trained eyes will give you the knowledge you need to assess the immediate and future costs of turning another house into your home.
Another benefit of our Home Evaluation is that we explore with you the emotional component of how well this house will work for you now and for the rest of your days. We discuss the energy performance of the house, maintenance budgets and repair needs. Even if every physical thing about the house is perfect, is it the house that fits you, your dreams, physical needs, and will it really compliment and enhance the way you want to live?
We advise you in a way that fully enhances the role of your Realtor. Our voice advocates your marriage of the house, architecture, your physically accessibility, healthy living, energy sustainability and maintenance costs. We assist you in your selecting the house of your dreams. To evaluate a house you’re interested in buying, call us at 314.909.1800 or contact us here.
Learn the art of living at CallMosby.com.
Tags: evaluating a house for sale, home inspection, house for sale, should I buy this house
