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How do you know if you're buying the right house?
by Roger Faris
The value of houses in our area has been increasing in a fairly steady way for several decades. This history gives home buyers some reason to believe that prices will continue to rise, and that their purchases will turn out to be reasonable investments. For most of us, buying a home is the biggest financial gamble we'll ever take. We are willing to assume a huge, long term debt because of the expectation that future events will work to our advantage. Since the stakes are so high, it makes sense to find ways to improve the odds of success in this game.
Choosing the right house is an important step. Home shoppers usually take advantage of open house opportunities to get ideas about the sizes, styles and prices of homes that they would consider buying. This is an important way to gain confidence that you are making a good choice. It can be a more valuable exercise if you read a book or two on the subject of home inspections. These are available at libraries and in the real estate section of bookstores. Becoming familiar with the inspection process will allow you to make fairly accurate judgments about the general condition of each house you visit.
A do-it-yourself inspection is not a good substitute for a professional home inspection service, which requires at least a couple of hours of methodical exploration by someone who has done hundreds or thousands of these jobs. Extensive notes are taken so that each element of the structure, and all of the major systems, can be described and evaluated in a written report. It's not possible to do this during a quick visit, but it is fairly easy to spot some types of major defects, or a long list of minor problems which might make you ready to move on to another open house. Older homes may have suffered damage from lack of regular maintenance. Faulty roofs, gutters, or window sills can allow water to penetrate, leading to plaster damage, rot, and even insect infestations. An inadequate foundation may have allowed settling which could be expensive or impractical to correct. Sometimes the general condition of a house is so bad that a cold-hearted engineer would say it has exceeded its useful life. These houses are often listed in the real estate ads as "fixer-uppers".
I've often heard homeowners say how delighted they are that the previous owners didn't do anything to the place. They are usually admiring old styles of woodwork, windows, and other parts which escaped being brought up-to-date during the dark years of the nineteen fifties and sixties. Sometimes an old house has been protected from the elements, but not from poorly conceived alterations. Extensive remuddling can be hard to undo if the work included structural as well as cosmetic changes to the original architecture. I've seen many house additions which have the appeal of a sore thumb.
Professional home inspectors concentrate their attention on structural issues and the condition of the parts of the house. They usually withhold comment on issues of taste, suitability of floor plan, the prospects for the surrounding neighborhood, and the many other factors which affect the value of the property. These are are addressed by appraisers, real estate experts, and the buyers and sellers. A careful investor will take the time to explore and understand these intangibles. They can be as obvious as a spectacular view, or as subtle as a dog who barks through the night. The wise buyer might check to see if the view can be obstructed by future development, and inquire about the age and health of the canine neighbor.
Another basic concern for home buyers is the prevailing climate of civic values and attitudes. Housing prices will be less likely to continue their steady growth if the current residents are unwilling to support good schools, parks, public transportation and other investments for the future. When potential buyers perceive that a majority of people are too complacent about taking care of the community, they look for a different place to live.
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