Plan on buying my first home next summer...need advice

[Silver Surfer]

Ok...so I know nothing about home ownership....any and all advice is welcome

I plan to start looking next month.

I just need a 3-4 bedroom with a garage and a backyard......dont want to spend alot of money

I need a first time buyer program and need to get in contact with someone that wont take advantage

 

[-G$-]

know your budget
factor in property taxes
factor in maintenance costs (whether HOA or single family stuff like landscaping)
when you're ready to pull trigger it helps to be pre approved for mortgage
don't be afraid to be dishonest w brokers, they are some of the scummiest people of great gnauz's google erf and wouldn't hesitate to put a knife in your back for an extra point
be aggressive, know bid is too low

 

[Silver Surfer]

know your budget
factor in property taxes
factor in maintenance costs (whether HOA or single family stuff like landscaping)
when you're ready to pull trigger it helps to be pre approved for mortgage
don't be afraid to be dishonest w brokers, they are some of the scummiest people of great gnauz's google erf and wouldn't hesitate to put a knife in your back for an extra point
be aggressive, know bid is too low

bank of america sent me an email about getting pre-approved...I been with them for about 10+ years

is that a good route?

 

[-G$-]

bank of america sent me an email about getting pre-approved...I been with them for about 10+ years

is that a good route?

always helps to go thru an institution you have a working relationship w, will probably save you time and a SH!T load of paperwork. at the same time i wouldn't limit myself to one place, shop around and see of BoA is offering the most competitive rates

 

[Poetical Poltergeist]

Inspection is major.make sure no sewer or structure issues.

Neighborhood value. U may want to move so don't buy crib in a shytty area. Unless a bunch rent raising hipsters start moving in.

Two bathrooms.

 

[-G$-]

yep, as @Ebonic Plague just said, always have your closing contingent upon passing an inspection, it's pretty standard but some people are shady as fk and will try and sneak it by you w/out it. especially if they know something is wrong w the home.

 

[-G$-]

also have another set of eyes (preferably an attorney who is well versed in real estate) look over any contract before you sign. don't trust anyone any further than you can kick them.

 

[posterchild336]

bank of america sent me an email about getting pre-approved...I been with them for about 10+ years

is that a good route?

shop around to get the best interest rates for your house..before you close get with your top 3 or 4 institutions..remember they are wanting you as a borrower so you have to go with what is best for your pocket. Check out surrounding areas and do market analysis checks to see how the market has been going, check types of schools around, etc, these things affect how attractive your house will be when you are ready to sell. It also shows the direction of which your neighborhood is going in the future.

Be prepared to shell out a good amount of money..closing costs are crazy..then little things that you would never expect will have to be changed and fixed. Property taxes, Hoa and insurance must be factored in.. Try and see what you can do to knock off costs off of your insurance premium..also, just like with your mortgage lender, shop around for insurance rates and research sites to see how they pay out and handle customers...

Also hire a good inspector to check out your property before you decide, they will give you an honest evaluation of the property, expected costs to repair things, and structural information that the average person would not know.

 

[Thsnnor]

Get your own home owners insurance. DO NOT let them pick one for you.

 

[jdubnyce]

• Get preapproved, but take the preapproval amount with a grain of salt - lenders will preapprove you for the MOST that you can qualify for (maybe even higher) to make you think you can "afford" it
• Focus on the monthly expenses and use that as a gauge for the value of the house you want to shop for (eg. $400000 mortgage means roughly $2000-2300 per month, just principle/interest - based on a 5 year mortgage rate at 4.79% - using Canadian mortgage standards to illustrate; not sure how it works in the US)
• Factor in: living expenses - utilities, cable/internet/phone, food, HOA, etc - always base your decisions on can you carry the mandatory monthly expenses in order to live - also need to factor in other expenses (savings, education, social, etc)
• Research the area of interest: drive through the neighbourhood during day/night, get a look at the neighbours, take a look at their properties (outside of course, do they take care of the lawn, landscaping, etc) - worst thing would be to live in a neighbourhood where property value/pride is not taken seriously (that will affect you if you choose to sell in the future)
• Liquid capital - closing costs, lawyer costs, deposits, etc - need to have liquid cash readily available
• Home Inspection - depending on age of property, get a home inspector to look over the house (make that a condition of purchase) - never know what sellers may try to hide with paint, caulking, etc
• Make your decision based on rational thoughts and practicality of your lifestyle, rather emotional attachment - falling in love with it - made the mistake with my house now - wife and I were deciding between house A and B - both same price; A - perfect layout, little dated (required some renos), basement would require a total gut; slightly bigger than house B; B - layout is just ok, totally updated - move in ready; we choose house B (wife absolutely loved the finishes and the fact that no renos were required).....now as our family grows plus we're the ones in the family who do most of the entertaining (parties, gatherings, etc), we're finding that the space is just not large enough...house A would have been perfect (just needed to accept that renos would come at a later date)

 

[Silver Surfer]

• Get preapproved, but take the preapproval amount with a grain of salt - lenders will preapprove you for the MOST that you can qualify for (maybe even higher) to make you think you can "afford" it
• Focus on the monthly expenses and use that as a gauge for the value of the house you want to shop for (eg. $400000 mortgage means roughly $2000-2300 per month, just principle/interest - based on a 5 year mortgage rate at 4.79% - using Canadian mortgage standards to illustrate; not sure how it works in the US)
• Factor in: living expenses - utilities, cable/internet/phone, food, HOA, etc - always base your decisions on can you carry the mandatory monthly expenses in order to live - also need to factor in other expenses (savings, education, social, etc)
• Research the area of interest: drive through the neighbourhood during day/night, get a look at the neighbours, take a look at their properties (outside of course, do they take care of the lawn, landscaping, etc) - worst thing would be to live in a neighbourhood where property value/pride is not taken seriously (that will affect you if you choose to sell in the future)
• Liquid capital - closing costs, lawyer costs, deposits, etc - need to have liquid cash readily available
• Home Inspection - depending on age of property, get a home inspector to look over the house (make that a condition of purchase) - never know what sellers may try to hide with paint, caulking, etc
• Make your decision based on rational thoughts and practicality of your lifestyle, rather emotional attachment - falling in love with it - made the mistake with my house now - wife and I were deciding between house A and B - both same price; A - perfect layout, little dated (required some renos), basement would require a total gut; slightly bigger than house B; B - layout is just ok, totally updated - move in ready; we choose house B (wife absolutely loved the finishes and the fact that no renos were required).....now as our family grows plus we're the ones in the family who do most of the entertaining (parties, gatherings, etc), we're finding that the space is just not large enough...house A would have been perfect (just needed to accept that renos would come at a later date)

did yall do some type of buyers program?

 

[NatiboyB]

shyt I got my own house...I was just going to post a thread...ladies of the coli what is your consensus on a single man who has his own house..

I got a house because when my son comes over in the summer I want him to have his own room and I also have 2 dogs.

 

[Mainevent_7]

I just bought a townhouse back in March, and it was probably one of the best decisions I made.

• Make sure you have a good credit score, so you can get the best possible interest rate. Who ever your lender is, make sure you get everything in writing so they can not screw you over down the road. Besides having enough for the downpayment, make sure to have enough money for closing cost. Also, try to get the seller to go at least half with you on the closing cost.

• Try to view at least 15+ houses before you pick one. When you do choose one, get a full house inspection. The inspector should be able to tell you, if items like the roof, AC unit, heating unit, and etc are good or need replacing.

• If the house is apart of a HOA/Condo association, it is important to read over the documents to know what are the rules and regulations.

• Have extra money saved up for unforeseen repairs.

 

[jdubnyce]

did yall do some type of buyers program?

In Canada they have a HBP (Home Buyer Plan) where you can use your RSP (Retirement Savings Plan - which i think is equivalent to US 401K...??) to use as downpayment; HBP allows you to withdraw basically from your retirement amount, no tax, to use as the downpayment on the house - obligation is that whatever you withdraw, you need to pay back over 15 years I think

Catch is you can only use the HBP once for your first owner occupied home - i used it to purchase my first condo about 8 years ago