Any tips for first time home buyers?

[Rustlestiltskin]

I'm looking to buy a house soon and it will be my first. Was wondering what tips/ advice any of you veteran home owners may have so that it helps me out.

 

thanks,

Paul

[Rhett]

Good luck! I will be doing the same next year.

I know going through the VA you dont have to pay to have a Home inspected, they cover that. And I have heard nothing but good things about the VA for home Loans... but the people who are selling the house will Hate them, because they make sure you will not have any problems down the road.

 

Good luck mang!

[2highpsi]

Are you looking in St C?

[wnaplay1647545503]

Dont look at what house meets your needs now, but look at a house that will meet whatever needs you have down the road. Dont buy something where the potential to have something built around you is at a distance you dont like.

[Skinner]

I'm looking to buy a house soon and it will be my first. Was wondering what tips/ advice any of you veteran home owners may have so that it helps me out.

 

thanks,

Paul

 

 

buy outside you means you will figure out where to get the money later.

[87GT]

Write down a list of things your "dream home" would have.

 

Then figure out would you like to have the perfect location or the perfect options. Sometimes it is a hard decision. You will either pay for location with not everything you want or everything you want but a bad location. If you are lucky or rich you can have both.

 

Good luck.

[Not Brian]

It's better to make a few sacrifices and live in a good neighborhood rather than a nice house on cleveland ave..

[TTQ B4U]

• Buy a nice house, but don't handcuff yourself to a mortgage. You'll be much happier having a deed in your hands in 15yrs. Ask me how I know.
   
  
• Location is everything. Look at schools and be snob when picking the street.
   
  
• IMO, don't build. Way too many choices and deals out there.
   
  
• Plan on spending lots of $$ after you move it. You will do it so don't go thinking otherwise. Shit adds up and thus why my first point above. You'll want to play and make it your own.
   
  
• Enjoy the first year of yard work. After that is sucks.
   
  
• Hold your open house bash at your apartment then move into the house. Your carpet will thank you upon move in
  

[87GT]

It's better to make a few sacrifices and live in a good neighborhood rather than a nice house on cleveland ave..

 

Exactly

[AWW$HEEET]

yeah good neighborhood so you dont get alienfacerape.gif'd

[87GT]

Im in ur hood rapin ur kids wife and husbands.

[Crossle]

Nice points of advice, I'll share a little about what I have decided/been advised.

 

Avoid the mortgage insurance at all costs, it is a waste of money. This means putting about 15-20% down on the home when you purchase.

 

Consider appreciation, look at the homes around the house you are interested in. Are they well kept, are they young families or older retired people.

 

Make sure you look and see what property taxes are like, some of them are ridiculous.

 

Get some good solid criteria down, for instance when I said price, ranch, and a 2 car garage it narrowed the search tremendously.

 

I am planning on moving out in about a year and a half, and I am already looking/stopping at open houses, just to look and see what I like/don't like. I figure I'll know the house when I go through it.

[Rustlestiltskin]

Good advice here guys. It sucks looking at houses because you make a list in your head about what you want in a house but at my price range I cant get everything I want on my dream list . Is it worth paying a $100 more on a mortgage and out of your comfort zone just to have a house of your dreams? I could either get this one house and be way in my comfort zone and just accept that it wont have everything I want or I can spend a little more out of my comfort zone and have the house I've always wanted. ahhh I would just hate to be chained to a mortgage like Tim said because I will be the only one paying the mortgage/utilities unless I would get a roommate which would be awesome but you can't rely on someone like that at times

[Doc1647545523]

Here's what I've learned from experience:

 

Never consider purchasing a residence that doesn't already have a moat. Proper moats are very expensive to add later (and you know you're gonna want one). Preferably the property should have both a moat and a polo field.

 

Buy at higher than the appraised value so that you make a clear statement about who you are. Finance 100%. Disregard the fine print and interest rate. Get a second mortage for your "improvements," which essentially amount to haphazard decorating in your soon-to-be-ex-wife's favorite pastels. Later you'll realize that she made your place look like it was decorated by a drunken Amish teenager.

 

Live a lifestyle so riotous that it decreases all the property values in the neighborhood. Cease all maintenance on your property. Await bailout.

 

Hope that helps. :thumbup:

[Bam]

Not exactly sure how you're calculating that $100 out of budget etc...but use http://www.bankrate.com for good info and an amortization calculator, which is very helpful.

 

Keep in mind, unless you put 20% down you won't get the best rate, will likely have PMI or pay a higher rate to not have it, and will have to escrow taxes and insurance until you are below 80% LTV.

 

Being your first house I would say sacrifice somewhere to keep it affordable, you don't want to "lose" your first house because you can't afford it and then screw your chances of really affording and enjoying your dream home down the road.

 

Also, be aware of property taxes, you can use the auditors website to estimate them based on a certain value, but figure another $4-5000/year on annual property taxes and property insurance, depending on the home value and location. Some pay it monthly, some pay it annually, and it WILL go up. My homeowners insurance has gone up nearly $100/year for the past 3 years, it sucks but is what it is.

 

And utilities, I'd figured them doubling from an apartment to a house, at least mine about have, so make sure that's in the budget.

 

Good luck, I bought my first place in 07 and wouldn't have changed a thing, luckily I've done well in this market and still have plenty of equity, a good interest rate (refi'd), and a comfortable payment.

[Rustlestiltskin]

Here's what I've learned from experience:

 

Never consider purchasing a residence that doesn't already have a moat. Proper moats are very expensive to add later (and you know you're gonna want one). Preferably the property should have both a moat and a polo field.

 

Buy at higher than the appraised value so that you make a clear statement about who you are. Finance 100%. Disregard the fine print and interest rate. Get a second mortage for your "improvements," which essentially amount to haphazard decorating in your soon-to-be-ex-wife's favorite pastels. Later you'll realize that she made your place look like it was decorated by a drunken Amish teenager.

 

Live a lifestyle so riotous that it decreases all the property values in the neighborhood. Cease all maintenance on your property. Await bailout.

 

Hope that helps. :thumbup:

 

 

Oh doc, you silly guy

[LJ]

• Buy a nice house, but don't handcuff yourself to a mortgage. You'll be much happier having a deed in your hands in 15yrs. Ask me how I know.
   
  

 

On this same point, don't become house poor just to have a deed in 15 years.

[V8 Beast]

Buy a house that you will be able to afford with your next job.

[2highpsi]

I disagree with Tim to an extent.....

IF you can carry 0 debt, I mean no credit card balances, no auto loans, no anything then sure having a paid off home is tits.

But if you are going to have ANY debt it should be in real estate. 30yr notes @ 4.x percent, that are TAX DEDUCTIBLE are a gift of a lifetime. Take advantage of it.

I do agree put enough down to avoid PMI.

Also you didn't say where you were looking. If it is indeed StC offer WAY LOW. Property is taking a beat down over there. I would assume partly to the Highlands cherry picking businesses out of that area.

[LJ]

I disagree with Tim to an extent.....

IF you can carry 0 debt, I mean no credit card balances, no auto loans, no anything then sure having a paid off home is tits.

But if you are going to have ANY debt it should be in real estate. 30yr notes @ 4.x percent, that are TAX DEDUCTIBLE are a gift of a lifetime. Take advantage of it.

I do agree put enough down to avoid PMI.

Also you didn't say where you were looking. If it is indeed StC offer WAY LOW. Property is taking a beat down over there. I would assume partly to the Highlands cherry picking businesses out of that area.

 

Usually the math works out to carry at least a small mortgage for 30 years

[Guest 614Streets]

Pay Cash for it.

[evan9381]

Keep in mind, unless you put 20% down you won't get the best rate

 

i put $100 down (HUD program) and was able to get 5.000%, and that was locked in jan 21, 2009. i think between then and closing it only dropped to as low as 4.875. i do though have PMI which is like $34/mo

 

you can look up any property on the county auditor/assessors website (theyre auditors in ohio but just about any other state theyre assessors. probably do the same thing) to figure taxes. if you buy the house under the auditors value, dispute that shit at the 1st of the year. i just got my taxes dropped like $850/yr this year, and it was retro to 2009, so they cut me a check off of what was already paid. its at like $1743 now on a house total value of like $80k (what it appraised for when i bought it, but was at 115,300 in 2007)

[evan9381]

and idk what kind of work you do, but dont buy based off any extra income...for example, i do collections, and if i would have bought based off of bonuses i was used to making, i probably could have gotten something 120-130k. luckily i was smart enough not to, and since i havent had a bonus check in about 5 months, ive still been able to pay my bills comfortably off my hourly pay.

[Tshensley]

Make sure everything is included on the property before signing the contract.

 

My realtor informed me, a week later that a shed in the yard wasnt in the contract so the seller can take it rightfully. Pissed me right off that MY realtor didnt tell me that I needed to tell her what all I want included to stay....

 

BTW they didnt take the shed