There are 4.5 basic reasons that can get us into trouble when we are looking at purchasing a new home. Usually these reasons act as the sole determining metric for decisions. The problem with these metrics is the illogical sway they have on our purchasing decision; and it may lead us to choose a home that we’re unhappy with instead of the Richmond maintenance free homes of our dreams. Take a look for yourself and let me know your thoughts.

1. Initial cost of ownership is a short sighted metric used to determine what will get the contract executed you into the home —  not what it will cost to own the home. For example: Recently, a purchaser who had looked at our new Energy Star homes came back to my office and confessed that she had made the wrong choice. The home she had purchased was a hands down great deal until it morphed into having three mortgages. One mortgage for conditioning the home, another mortgage toward maintaining the home and the last mortgage was toward owning the home and paying the principle and interest. There were a few unforeseen problems, as she confessed. The biggest problem was energy costs. The initial great deal was eventually at the cost of quality and energy efficiency. (more…)