House Hunting?
...Watch Your L’s and C’s!
W
Forget the P’s and Q’s
by Ron Schildknecht, Association Executive,
Greater Texoma Association of REALTORS®
hen buying a house, a good REALTOR® will assist you with the “P’s and Q’s” of the
contract, inspection and closing process. They will help ensure the “T’s are crossed and
the I’s are dotted.” But as buyers, you are the ones that have to live with your decision
of which home to purchase. You have to live with the busy traffic on the corner, the long commute
to work or the shortage of kitchen storage. All of these items address the “L’s and C’s” of the home.
An old adage of the real estate industry is that the three most important considerations when buying
a home are location, location and location. While location is an import factor, there are actually six
items to take into consideration.
T
he “L’s” on the list include the location, lot and layout of the home. Location is always the
number one consideration when purchasing a home. Location probably influences the value
of a home more than any other single factor. Finding your dream home sitting between a
railroad track and an interstate highway will probably reduce its’ value. No one wants to worry
about children or guests having to dodge high-speed traffic or trains to visit or live at your house.
On the other hand, your perfect home, located on a quiet residential street will most likely bring a
higher price. Everyone seems to want to live next door to Mr. Rogers of TV fame….could you be,
would you be my neighbor? Location is definitely important!
Next on the list of “L” considerations is the lot. Do you really want a patio-sized lot with very little
maintenance? Will a home with a pool still allow you to play with your children or dogs without
worry of drowning?
While a one-acre
home site may look
appealing at first, do
you have the time or
inclination to mow, water and maintain that much grass? If you envision having a small Texas
ranch all your own with horses, will the lot really support the number of animals you are thinking
of housing? It may go without saying, but large animals usually require large lots, and two or more
large animals require really large lots. The lot is definitely important.
... Does the home’s Layout really work
for your family or lifestyle?
The final “L” on the list is layout. If the layout of the house does not “work” for your family or
lifestyle, don’t buy the home. The layout is a fixed feature of the house and usually involves a very
expensive project to modify. Purchasing a home with only one bath (when you really need two
or more) because of the price is usually a costly decision in the long run. Likewise, purchasing a
home with a very small kitchen, that only accommodates a two-burner stove, would most likely not
be a good decision if you are a gourmet cook or enjoy entertaining. Even if the price of the house
is within your budget, a home with a bad layout for your lifestyle is seldom a good decision. Yes,
layout is definitely important.
N
ow for the “C’s” of a home purchase. The “C’s” on the list are items that do not merit real
serious thought. These items can cause homes to be overlooked in the buying process and
are usually “fixable”. Buyer’s often “horrible-ize” the C’s and miss out on very good homes
which may have below-market pricing because of them. The C’s are obvious to most buyers.
First, cleanliness of the home is a big hot-button for buyers. No one wants to move into an unkempt
home. If the house is available for showing, it must be spotless. Toys must be put away, dishes must
be in the cabinets, the floors must be swept and vacuumed and dirty clothes must be out of sight.
The bathrooms must be in hotel condition and all pet odors, smells and waste must be dealt with.
A smart buyer will be able to look past the obvious cleanliness issues, offer a below market price
and may find a diamond in the rough
with their purchase. This is especially
true if the three L’s work for the home.
Cleanliness is fixable; don’t pass on a
good home because it is messy.
... Carpet and Color can
always be fixed ...
Next of the C’s is carpet and color. Carpet is replaced all the time. If the house satisfies the three
L’s, do not let dirty, worn or wrong color carpet cancel your interest. Poor carpet can always be
replaced. New carpet gives a home a completely new look and smell. Rooms painted a hodgepodge of colors will also turn-off most buyers but can easily be changed. Old carpet and outdated
painting could result in a “steal of a deal” when negotiating the house price. Carpet and color
should not be major deal breakers.
T
he last “C” on the list of house buying considerations is condition. Condition is similar to
the other three C’s, as it also can be fixed. Perhaps a home inspection will reveal that the
furnace or air conditioner is broken or windows need repair. While a buyer may not want
to face repair bills upon moving into an existing house, repairs can usually be addressed when
negotiating an offer to purchase a house. Most sellers know that a house will not heal itself and are
aware that the overall condition of the house will impact price and sell-ability of the house. Just
like cleanliness, carpet and color, condition is fixable. Don’t pass on a good home because of its
condition. If the house meets your three L’s, you might, once again, be getting a steal of a deal.
REALTORS® are trained to help you dot the I’s and cross the T’s when it comes to purchasing a
home. However, only you can truly evaluate the L’s and C’s and put them into proper perspective.
If you are interested in purchasing a home, remember your L’s and C’s — you won’t regret it. For
more information about the home buying process, I suggest you contact a member of the Greater
Texoma Association of REALTORS® or visit:
www.TexomaRealtor.com