Friday January 14, 2011
Today’s real estate mathematicians have attempted to reduce the purchase of a home to a mathematical equation. The basic concept behind the equation is the assumption that all homes have walls, a roof, windows and doors. Because all homes have these features, they should be comparable and measured similarly. This method of measurement is called “price per square foot.” While the scheme is phenomenal, the math is a little fuzzy. I fear a good part of the equation has been overlooked. In the light of de-fuzzing mathematics, Boone Homes, a Richmond home builder, has examined the equation and found a few items to help de-fuzz this real estate math.
The more Nostalgic the home, the more it is missing. I’m sure this makes sense. The older the home, the more nostalgic and quaint it appears. The downside to the nostalgia is we forget how much isn’t included. Some of the items that are included in nostalgia are:
- LOWER energy efficiency standards (Boone Homes now builds with Energy Star Features; over 38.1% heating and cooling savings annually compared to homes built without Energy Star Features, even more if compared to a used home).
- POOR construction practices (Boone doesn’t “build them like they used to”, we build them better; but don’t take my word. Come see one).
- DESIGN: The home was designed for a nostalgic bygone era with a different lifestyle; RNI (remodeling not included) Our Richmond new homes are designed with the latest construction standards.
- PERFORMANCE of materials that may not have been appropriately engineered (We have a structural engineer overlook our plans before building).
- SAFETY issues like non-interconnected smoke detectors.
- HEALTH: Asbestos & lead paint: We all know that paint just doesn’t taste the same since lead was removed.
- CONVENIENCE issues like pre-wired surround sound, pre-wired television locations, computer ports and a laundry room that actually fits a full sized washer and dryer.
- WARRANTY: Foreclosures, short sales and used homes don’t get a one year full warranty and 5 year warranty on the foundation.
Though these are some of the main items, what benefit is attached for the home whose kitchen, carpet, bathrooms and especially the master bath have been previously enjoyed? One never knows what may be lurking in the waters, or in the deep confines of the carpet. A new Boone home has the benefit of, well….drum roll…..it’s coming….NEW.
In the final analysis, we find that price per square foot only tells you what your lowest initial cost to own will be. Price per square foot leaves out a key component. When left out, this component does not compute into your total cost of home ownership. Cost of home ownership will include:
- to repair
- safely live in your home
Come and visit a new Boone Homes neighborhood today and see what your total cost of home ownership will be!
For a personalized tour call Chris at 804-218-7760.