Tips for first time home buyer?

[perry]

I'm starting down the road of buying my first house. I'm meeting a Realtor tomorrow and going to look at three homes. I had four picked out, but one sold just today.

One of my coworkers suggested that I take my camera along and take pictures of everything. Loved the suggestion, so I'll be doing just that.

Anyone have any other tips for me? Things I should be thinking about or looking at? Any other words of wisdom to guide me through the process?

 

[rm71]

I have never purchased a home myself, so for what it is worth here a few things I would be looking at before buying:

Staying within budget
Take your time and don’t rush things
Have the home inspected for structural soundness etc
Given the rising cost of fuel, how is the home serviced by public transport?
The street itself, how is it looked after? What are the neighbours like?
Ask the real estate agent/current owners why they are selling.

Hope this helps.

 

[n33470]

I'm not sure about the camera idea. I understand why you're doing it, but if I were the home seller, I'm not sure how happy I'd be about that.

Just a thought. You will absolutely know which house is for you the moment you step in it....trust me on this one.

--steve

 

[jkh]

There are only three rules you need to know when buying a home.

1) Location
2) Location
3) Location

 

[perry]

I'm not sure about the camera idea. I understand why you're doing it, but if I were the home seller, I'm not sure how happy I'd be about that.

Well, my coworker said he and his wife took the camera along, and I saw it mentioned when I was looking around online tonight, so it's not unheard of. Besides, all the homes have multiple pictures on the MLS sites... I was going to double check w/ the Realtor before I started shooting though

You will absolutely know which house is for you the moment you step in it....trust me on this one.

Someone else said that to me today.

Yes, location, location, location. It's interesting how home prices differ along the city boundary.

 

[mjrtoo]

Hey Perry,

I just bought my first home, and here's what I recommend.

1) Make sure you get it inspected by a reputable inspector. They may cost a bit more, but it's worth it!

2) Make sure you don't let your realtor talk you into something they think you can afford. 30% of your gross income is about right...maybe a little more if you are good with money.

3) Look at the quality and age of the appliances and heating/cooling/roof. The last thing you want to do is put money into a new furnace unless you factored that into the sale price.

4) Don't be fooled by a pretty paint job. I was, sort of...take a look at the REAL condition of the bathtub and grout etc. If it looks too good to be true it usually is.

5) Do you really like the house? Don't buy it because it's a 'good deal' or fits into your budget. Your better off living in an apartment for another year instead of buying a property you're not willing to live in for at least 5 years.

6) How's the traffic? If it's on a major road be prepared for some road noise, even late at night.

7) Check out your route to work, even if it's shorter, it may take longer depending upon traffic flow and 'obstruction'. A big long bridge in the dead of winter (if you're in that area) can add a dramatic amount of time to your commute.

That's about all I can think of for now...hope it helps!

 

[Trench]

There's actually money available to you through grants.

http://www.downpaymentsolutions.com/first_time_home_buyer.shtml

 

[Eagle]

Don't know what your budget is, but after 10 years in my house here are a few things I wish for (and will in my next home). Having the home inspected, structural soundness, location etc. all goes without saying. Mine are all functional issues:

Large walk in bathroom with dual sink and plenty of vanity/counter space and plenty of cabinets for towels. A separate tiled shower and a garden or Roman tub (optional based on price, but very attractive).

Large walk in master bedroom closet.

Three car garage. They fill up quick w/ junk and vehicles (get a four car if you can afford it).

A main TV room removed from bedroom areas (no adjoining wall between them). And while we're on the subject of TV rooms, prewired for surround.

A large kitchen w/ island and decorative wood cabinets (big help when it comes to resale). A walk in pantry.

Room somewhere (kitchen, garage, basement) for a deep freeze and second fridge.

A laundry room; not a laundry closet.

A separate room to use as an office. Not the spare bedroom/office. A separate and dedicated room. Check for high speed data prewiring.

As years go by you continually wish for certain things and this is my list. There's a few more but these are the biggies.

 

[mankini]

I too am looking for my first home. The prices seem right but the homes in the north are pretty small. We are pre qualified for a particular price point but I feel as we should look at homes a little beyond that range and then offer within our range. What other home buying tips can you guys come up with?

 

[DunEdinRanger]

How is it heated? is it electric, natural gas or oil? If oil, is it an in ground tank?

It if is an in ground, be very careful. If it leaks, you could be liable for tens of thousands of dollars.

 

[Not A Nice Person]

I bought my first home this summer; new construction in a new development. Unless you truly enjoy home fixup projects, or have an interest in a particular era of vintage homes, it's worth considering going the same route. With interest rates low in the wake of the Fannie Mae/Freddie Mac debacle, but the housing market still sluggish, builders will go a LONG way toward making a deal---mine paid all closing costs, including buyer's prepaids, on a zero down loan at a competitive interest rate . . . and still threw in over $8K in upgrades and a $2K allowance in contract without raising the sales price. And I love the house and neighborhood!

NANP™

 

[TwelveBravo]

In most parts of the country this is a "buyers market". Use this to your advantage. Negotiate for things you want, not just price. Such things as occupancy at closing, or appliances, the list goes on and on. Take your time and get what you want. Try not to settle. Have the house inspected as mentioned previously. Most sellers are probably anxious to move their homes. Get an agent you trust and have an attorney look over everything. Good luck to you.

Rick

 

[perry]

I too am looking for my first home. The prices seem right but the homes in the north are pretty small. We are pre qualified for a particular price point but I feel as we should look at homes a little beyond that range and then offer within our range. What other home buying tips can you guys come up with?

I'm looking within my range and hoping to find beneath it. I don't want to get in to a situation where paying for the house is a stretch. Insurance, HOA fees, taxes, blah blah blah... I'd rather have a more modest house and have money left over for my various AD's But, it's such a big expense that I want to make sure that I'm going to be happy.

I kinda feel bad for the sellers. I have one house saved on my "watch list" that was listed for 10% less than it sold for brand new 2 years ago (looked up property sales records online), and today I noticed they dropped it to 13% less. Feeling bad won't stop me from getting a good deal though!

 

[mjrtoo]

I too am looking for my first home. The prices seem right but the homes in the north are pretty small. We are pre qualified for a particular price point but I feel as we should look at homes a little beyond that range and then offer within our range. What other home buying tips can you guys come up with?

If you can get a home that is beyond your price range in a deal that makes it within your price range, and you like the home, then go for it. Not a lot of people can do that. Even in this buyers market, people still won't sell a home off at a total loss, unless it's a foreclosure, then you wouldn't be posting here. You most likely would be posting something like 'I got a great deal on this home, but can't close'.

Another thing to watch out for is if that larger home uses more energy to heat/cool than you can afford. A lot of people forget about the high cost of heating/cooling these days...please don't forget, it can break your budget!

Hope that helps a little anyway!

 

[mjrtoo]

I'm looking within my range and hoping to find beneath it. I don't want to get in to a situation where paying for the house is a stretch. Insurance, HOA fees, taxes, blah blah blah... I'd rather have a more modest house and have money left over for my various AD's But, it's such a big expense that I want to make sure that I'm going to be happy.

I kinda feel bad for the sellers. I have one house saved on my "watch list" that was listed for 10% less than it sold for brand new 2 years ago (looked up property sales records online), and today I noticed they dropped it to 13% less. Feeling bad won't stop me from getting a good deal though!

I hear you brother, your a good soul. But, buying a home is a business...and sometimes business is 'dirty'. I'm sure the other party bought the house thinking about business...and are comfortable dumping it at a loss...be wary on this property, there might be hidden costs...

 

[mankini]

I bought my first home this summer; new construction in a new development. Unless you truly enjoy home fixup projects, or have an interest in a particular era of vintage homes, it's worth considering going the same route. With interest rates low in the wake of the Fannie Mae/Freddie Mac debacle, but the housing market still sluggish, builders will go a LONG way toward making a deal---mine paid all closing costs, including buyer's prepaids, on a zero down loan at a competitive interest rate . . . and still threw in over $8K in upgrades and a $2K allowance in contract without raising the sales price. And I love the house and neighborhood!

NANP™

Great news, we really have not considered a new or newer home just because we assumed it would be cost prohibitive. Also I used to work in the new home construction business and know what short cuts are taken by the contractors/subcontractors. I understand existing homes have no safeguards from substandard workmanship either.

 

[Not A Nice Person]

Well, with a new home you get some things that are better, some things that aren't. My house is Energy Star compliant, for example, and prewired for cable, phone, and alarm. The floor plan is also modern, and well-thought out, with walk in closets in ALL the bedrooms.

Certainly hardwood floors are better than vinyl laminate (which is what I have) and handplastered walls are better than sheetrock, and stud lumber used to be of much higher quality. But homes old enough for that sort of thing are scarce and expensive here, and come with suspect wiring and leaky windows and corncob insulation . . . it's all a question of tradeoffs.

Where I lived before Texas, what I spent would've gotten me into a well-preserved Craftsman bungalow or Romantic Revival brick Tudor, but not here.

NANP™

 

[mankini]

Since you live in TX are in Ike's path?

 

[Not A Nice Person]

Since you live in TX are in Ike's path?

It's passing northeast of me . . . we're on the dry side of the storm and will get some high winds and thunderstorms over the weekend, but nothing like what's hitting Galveston and Houston.

NANP™

 

[Mojo88]

1. Visit the house at different time in the day..What goes on at night can be different from the day even in the best areas.
2. If something is wrong..say a door needs replaced. Make sure you write in the contract that all damage associated needs to repaired, replaced or removed to your satisfaction. Do not take the word of the agent..We did and ened up in a legal battle.
4. Be there when the home is inspected
5. Note the age of the roof and furnace.
6. Look for signs of settling.. cracks in the foundation.
7. This is not an emotional decision..It is business and you need to take a firm stand.
8. Given the current state of the market , how long will you be willing to stay there? Don't buy something that you will outgrow in a couple years.
9. As said in a previous post it's a buyers market..You are the one in control..