Bone Hunting in the Housing Market

 

I've recently entered into the house hunt, and as a first-time home buyer, I've got a zillion questions and concerns when it comes to purchasing a home (many of which I don't even know I have yet). Houses feel like looming monsters to these untrained eyes, and since banks aren't releasing their inventory as quickly as I might wish (we're in the market for a short sale or foreclosure), I'm competing against 7-10 other buyers - many of whom can offer cash - for the same house in my price range. The hunt isn't easy, but I have one amazing weapon at my disposal - my husband.

Fortunately for me, I married a general contractor, and he's teaching me to look past all the off-putting "flesh" that sometimes comes with a foreclosure - stained carpet, ripped out appliances, tiny closets - and look deeper at the "bones" of the beast instead. By seeing a place for its potential, we're able to consider homes that other folks might shy away from.

If you're willing to put a little time and energy into remodeling, you might be able to save a few thousand dollars in the long run - not to mention gain a potential resale profit after increasing a home's value with the updates. Whether you've got a general contractor at your disposal or not, here are a few solid tips I've learned to consider when bidding on a home.

Room to Grow

We don't need a huge place right now since it's only the two of us, but eventually we want to have room for a few kids. We have a few search criteria options when considering potential homes. One is to only look at homes that have the amount of rooms we will eventually want (two to three, in our case) but don't necessarily need right now. The other is to look at lot size. Since Jamie can build on to a home, the best thing for us is to find a place that has an extended property line in the form of a backyard. That way we can bid on what we want now with the potential of adding on what we'll want later. Of course, it's always a good idea to consider the cost of the possible addition (permit price included) when making a bid. Will the present lower cost really be saving money in the long run if we just end up putting an extra $12 grand into the place two years down the road?

A larger backyard means future potential for adding on to a house. Meanwhile, I would be able to satisfy my immediate desire to garden. Courtesy of "Small House, Big Garden." (How appropriate!)

  A Firm Foundation

Another place we checked out happened to be in a cute older neighborhood next to a park. It was one of the first Victorian homes built in Sacramento. Huge trees lined each street, and we would have been near downtown yet still far enough away to enjoy the peace and quiet of a more suburban neighborhood. After further inspection, however, Jamie noticed a major crack that extended from the ground about three feet up the outside wall. It had been cleverly disguised with layers of paint, but his trained eye spotted the issue, and we decided we weren't willing to purchase a home that needed that kind of major re-shoring. (Other signs of a sinking foundation can be seen in the roof line. Be sure to look for sagging roofs when doing a preliminary inspection for a strong foundation.)

Cracks can be a sign of a weak foundation. Check out Askthebuilder.com for more detailed info regarding what to look for when checking out a home's structural stability.

Strong Bones

On the level with a firm foundation, strong bones play a part in finding the ideal home. This isn't limited to just the foundation - it includes internal walls as well. One property we looked at had a great living room, but the kitchen was somewhat small and closed off to the rest of the house. By considering the potential of the space, I was able to look past the current size and see it for what it could be. By knocking down the wall separating the kitchen from the living room, we could increase the kitchen size while creating a natural flow from room to room. The whole floor plan could be rearranged to fit our preferences since the house had strong studs and we weren't afraid of weakening the roof.

By knocking down a wall, a galley kitchen can be transformed into a larger, more open space like this San Francisco kitchen by small square design. Image courtesy of Design*Sponge.

Location, Location, Location

The saying is true - it's all about location. I could find an amazing property, but I can't transplant it into a safer neighborhood. One of our recent purchasing prospects happened to have great bones and a firm foundation, it skirted a neighborhood that had the occasional car break-in and gang activity (no thanks!) and lacked a driveway. My husband and I both decided that, while we may stand to gain some extra money from the investment, we weren't comfortable with the idea of me at home alone with a future little one, and while building a garage wouldn't be a problem, there wasn't enough room on the lot to do so.

Neighborhoods like this that offer both driveway parking and street parking are a plus for us since we don't want to park our car on the street every night.

So the house hunt continues! Are you on the market for a new home? Share your tips with this newbie!