#393 - THINGS TO KNOW BEFORE BUYING A HOUSE
SUMMARY
This week David and Marina of FAME Architecture & Design discuss things home buyers should consider before making their purchase. The two cover projected property values, design considerations, construction costs and timelines, legal limitations, which professionals to engage with and more. Enjoy!
TIMESTAMPS
(00:00) Considering the property value after the construction is completed.
“The first thing you really have to consider is the future property value after the work is done. Right after that question, is the question of how long do you plan on keeping this property, and how long do you plan on living here? When I have phone calls with new clients, that's one of the first three questions I ask. How long do you plan on keeping this property? How's it going to be used? How long do you plan on living there? Because the answer greatly impacts this projected property value.” (00:10)
(10:30) The best time to start a construction project and create a quality home.
“Do something for yourself. Do something that you love and hire people to do something very interesting. If you do something interesting and the design is really good, it’s going to add to the property value. It doesn't really matter if it's covered in marble. […] It's not about spending more money on fancy materials. It's about just having good design… the flow of space, quality of light, air, proportions of rooms, views, and things like that. These are like the bones of a good design to have a space that feels just wonderful. ” (16:00)
(20:35) Knowing local construction costs and timelines.
“An easy way to get contractors to talk about prices is to not ask them how much your project is going to cost but instead ask them, “Have you done an addition to a house that was also about 600SF? How much did that cost?” And they'll tell you. And now you know roughly how much yours might be. Now, with estimates and construction costs, the numbers you get from a contractor are only as good as the information they have. So if they've just met you and they're walking through the property, they only have 1% of the information they need to give you an actual number. But I do think comps are helpful and it's better than nothing.” (25:41)
(36:00) Knowing the structural limitations and legal limitations of the house and property.
(44:00) Which professional buyers should speak to?
“In terms of all the construction feasibility, the person who I would not trust is your real estate agent. Most real estate agents know almost nothing about construction costs, construction feasibility, timeline, and design. They don't understand design, permitting, or zoning restraints either. Yet a lot of real estate agents will say, “Do an addition here. You could put the ADU here” then get on site and I have to say, “No you can’t.” (44:11)
(48:38) Design assessment. What would an architect look for in a house?
“There are four different layers to a house. The first layer is the program which means the number of rooms. This is the base of the home. Then above that, is the formal composition of the house. This is the figure/ground, massing and space, and flow and proportions of spaces. Then above that you have the built-in things like cabinetry. Then the fourth layer is the finishes. Those layers are how I would assess a property. First, it’s the program. Does the home have the room count that I need and are they located in the right areas? The second is the form, space, and flow. If that's not good, nothing else matters. It doesn't matter what materials you put on or how nice the cabinets are. If the house doesn't flow well, if the spaces aren't proportioned right, nothing else matters.” (50:13)
“Architects and designers can make anything from anything. We have the ability to transform things, but it comes at a certain price. So by being smaller with what you buy, thinking what are you are starting with and where you want to get to, you can save you a lot in your construction budget..” (52:05)
(56:33) Recap.
