my boyfriend and i are looking to buy out first house. but honestly we are so lost with everything lol any advice would help
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any advice for some one looking to buy their first house
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Make a list of everything that you are wanting in a home and add an extra bedroom, and an extra bathroom. depending on the area you are in, basement or crawl space for those emergency storms that may pop up.
Then when you have all of that figured out, go through and decide what you could live without and then start looking for your ideal house. When you find a house that you think you want, have all inspections done. make sure you look at the foundation of the house and make sure the wiring is up to date. If the wiring was done by a D.I.Y. fixer upper, have it inspected by a certified electrician, sounds like it's overkill, but you are making the largest investment in your entire life to date. :twocents-02cents:
Then when you have all of that figured out, go through and decide what you could live without and then start looking for your ideal house. When you find a house that you think you want, have all inspections done. make sure you look at the foundation of the house and make sure the wiring is up to date. If the wiring was done by a D.I.Y. fixer upper, have it inspected by a certified electrician, sounds like it's overkill, but you are making the largest investment in your entire life to date. :twocents-02cents:
thank you very much ! and no it dosent sound like over kill i have two small babies i want everything perfect
Be extremely careful on how much of a house you can afford too, If you over extend yourself, it can be just as bad. Talk to your bank or where you are planning on getting your mortage through. They will help you with all of the financing that you are going to need.CelticXkisses said:
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Great Dane said it very well. 
When moving into any new home be sure you inspect everything for damages or issues before you move in. Moving is a big change but can be very rewarding if you find a great home. Good luck!
When moving into any new home be sure you inspect everything for damages or issues before you move in. Moving is a big change but can be very rewarding if you find a great home. Good luck!
Some great suggestions here.
A couple of suggestions I have heard over the years.
Buy the worst house in the best street and fix it up.
Look at smaller country towns. I moved to a snall town and within months I was being called out on the street on my walk to get the newspaper. Really makes you feel like you belong plus there are many other rewards, ie; in ten years I never locked my back door, more value for the money and just the whole friendliness of it all.
As a painter I say to be beware of freshly painted houses as a fresh coat of paint can hide many other problems, leaks, creaks in walls, wood rot, white ants, minimal coats and cheap material to save costs, just general bad workmanship ( I can tell you, when it comes to house painting, you get what you pay for).
Have a look at any trees in the yard. Look for rot, roots growing under structure/interfering with plumbing, drop a lot of leaves in winter etc. Same with gardens, are plants to close to house, growing up into eaves, gutters etc.
Check all fencing, does any of it need replacing, what are the costs and are they shared.
Take some time and go and have a chat to your potential new neighbors, they will soon tell you what sort of neighborhood it is and you will also get a feel for the people you will be living next door to and at the same time you will suss out any noisy annoying dogs.
Check internet connections and mobile phone coverage.
While inspections are highly recommended it pays to have a really good look at things yourself and ask questions of the previous owner.
Good luck in your search and remember, a house is only becomes a home once it begins to fill with your memories.
A couple of suggestions I have heard over the years.
Buy the worst house in the best street and fix it up.
Look at smaller country towns. I moved to a snall town and within months I was being called out on the street on my walk to get the newspaper. Really makes you feel like you belong plus there are many other rewards, ie; in ten years I never locked my back door, more value for the money and just the whole friendliness of it all.
As a painter I say to be beware of freshly painted houses as a fresh coat of paint can hide many other problems, leaks, creaks in walls, wood rot, white ants, minimal coats and cheap material to save costs, just general bad workmanship ( I can tell you, when it comes to house painting, you get what you pay for).
Have a look at any trees in the yard. Look for rot, roots growing under structure/interfering with plumbing, drop a lot of leaves in winter etc. Same with gardens, are plants to close to house, growing up into eaves, gutters etc.
Check all fencing, does any of it need replacing, what are the costs and are they shared.
Take some time and go and have a chat to your potential new neighbors, they will soon tell you what sort of neighborhood it is and you will also get a feel for the people you will be living next door to and at the same time you will suss out any noisy annoying dogs.
Check internet connections and mobile phone coverage.
While inspections are highly recommended it pays to have a really good look at things yourself and ask questions of the previous owner.
Good luck in your search and remember, a house is only becomes a home once it begins to fill with your memories.
To save a lot of money: If possible, buy a house with natural gas for heating, clothes dryer, water heater and cooking. Oil heating is much more expensive. And the electric cost for any of those energy requirements is the worst .. and destined to keep climbing faster than the natural gas alternative.
If it's a condo, beware of condo fee contingencies. Make sure a lawyer examines and clearly explains all that is involved with that.
Be very careful to avoid any area or location which might be prone to flooding or water in the basement, even if it is alleged to be just a once in one hundred year risk. Any year can be that year, and with rapid global warming, the risk is increasing in most areas.
Put down as little as required with the offer to purchase, even if more will be being put down at the closing.
If possible, use a buyer's agent which someone you know can recommend.
Since you are buying with your boyfriend, it will be wise to give this a lot of thought:
http://www.google.com/search?q=buying+a+house+with+a+boyfriend
And here is a good one to start with:
http://real-estate.lawyers.com/residential-real-estate/Buying-Property-Together.html
Housing prices and mortgage rates are very low at this time. It is a great time to buy.
As long as you have a good legal plan regarding all the aspects of buying with a boyfriend, don't worry too much about it. It's just buying something.
Have fun.
If it's a condo, beware of condo fee contingencies. Make sure a lawyer examines and clearly explains all that is involved with that.
Be very careful to avoid any area or location which might be prone to flooding or water in the basement, even if it is alleged to be just a once in one hundred year risk. Any year can be that year, and with rapid global warming, the risk is increasing in most areas.
Put down as little as required with the offer to purchase, even if more will be being put down at the closing.
If possible, use a buyer's agent which someone you know can recommend.
Since you are buying with your boyfriend, it will be wise to give this a lot of thought:
http://www.google.com/search?q=buying+a+house+with+a+boyfriend
And here is a good one to start with:
http://real-estate.lawyers.com/residential-real-estate/Buying-Property-Together.html
Housing prices and mortgage rates are very low at this time. It is a great time to buy.
As long as you have a good legal plan regarding all the aspects of buying with a boyfriend, don't worry too much about it. It's just buying something.
Have fun.
A few things people mentioned that I'll comment on:
- While it's true that a fresh coat of paint may be covering up problems, most seller's agents will have almost forced the owner to have it painted so it looks better (and, theoretically sells better). I think a good inspector can notice things that a paint job might cover up.
- It's not always best to put down the minimum amount, as your down payment can impact your interest rates, and if you have the ability to get to the magic 20% down, you won't have to pay mortgage insurance (you also don't have to escrow taxes, but unless you are really good at putting money aside, just escrow). Of course, you also shouldn't put down more than you can really afford.
I don't know what the housing situation is like where you are, but a few suggestions from my experience:
1. Homeowner's Associations are a pain in the ass and should be considered a negative. I'm talking here about the kind that collects fees and binds you into covenants that control what you can do with your own home. I'm sure there are good ones, but they often attract nosy, controlling people who will claim to be protecting property values, but are really just making sure everyone's house looks the way they think it ought to.
2. Consider location vs. size, since you can often afford only one or the other. I've found I prefer location (particularly living closer to where I work, which is also closer in to the city in my case). Our first house was over 2000 sq. ft., the second one, under 1000 sq. ft. but half the distance from my work and downtown. That's not the only reason I like it, but it's a considerable part.
3. Look for "good bones" as they say. Is the foundation good? Cracks in ceilings and walls may indicate shifting. Doors and windows should open and close easily, but seal properly. Is there proper support in walls and joists? Is there good insulation in places that it would be hard to add more or better insulation. Remember that things like lighting, fans, bathroom fixtures, etc. can be fairly easily replaced by you with better looking or better functioning items, but walls, windows and other structural components will cost you big bucks to fix.
4. I would hope it's better now, after the housing/mortgage crisis, but don't necessarily trust a bank to help you figure out what you can afford. Our last house purchase, we went to our bank and asked what we could afford before we went shopping, and they kept asking how much we wanted to spend. In my mind, it makes sense to know what you can really afford so you don't go out and fall in love with a place you'll never be able to get, but the bank operated as if I was shopping for a house in the opposite way.
Finally, with interest rates as low as they are, consider something less than a 30 year mortgage. 20 or 15 year mortgages will have lower interest rates, often to the point that you're monthly payment won't be significantly larger (maybe 20-30% more), but your overall cost over the life of the loan will be significantly less.
Here's a rough example. I've assumed a $200K house with a down payment of $25K and taken advertised rates.
A 30 year loan with a rate of 4.2% will have a monthly payment of $1,064.11 and a total payout of $383,080.82
A 20 year with a 4.0% rate will have a monthly payment of $1,268.80 and a total payout of $304,511.74
A 15 year with a 3.6% rate will end up at $1,467.99 monthly with a total of $264,238.07
So, for an increase of basically $200 a month, you can save nearly $80K and have the mortgage done in 20 years. If you could afford to do the 15 year (which is admittedly a lot more monthly), you'd end up saving almost $120K.
Of course, you're unlikely to stay in that house for 20 or 30 years, but in the 20 year example you're also building the equity in your home (that is, the part you "really" own compared to how much the bank still owns) faster, so when you do go to sell, you'll get more of your own money back out of that sale.
- While it's true that a fresh coat of paint may be covering up problems, most seller's agents will have almost forced the owner to have it painted so it looks better (and, theoretically sells better). I think a good inspector can notice things that a paint job might cover up.
- It's not always best to put down the minimum amount, as your down payment can impact your interest rates, and if you have the ability to get to the magic 20% down, you won't have to pay mortgage insurance (you also don't have to escrow taxes, but unless you are really good at putting money aside, just escrow). Of course, you also shouldn't put down more than you can really afford.
I don't know what the housing situation is like where you are, but a few suggestions from my experience:
1. Homeowner's Associations are a pain in the ass and should be considered a negative. I'm talking here about the kind that collects fees and binds you into covenants that control what you can do with your own home. I'm sure there are good ones, but they often attract nosy, controlling people who will claim to be protecting property values, but are really just making sure everyone's house looks the way they think it ought to.
2. Consider location vs. size, since you can often afford only one or the other. I've found I prefer location (particularly living closer to where I work, which is also closer in to the city in my case). Our first house was over 2000 sq. ft., the second one, under 1000 sq. ft. but half the distance from my work and downtown. That's not the only reason I like it, but it's a considerable part.
3. Look for "good bones" as they say. Is the foundation good? Cracks in ceilings and walls may indicate shifting. Doors and windows should open and close easily, but seal properly. Is there proper support in walls and joists? Is there good insulation in places that it would be hard to add more or better insulation. Remember that things like lighting, fans, bathroom fixtures, etc. can be fairly easily replaced by you with better looking or better functioning items, but walls, windows and other structural components will cost you big bucks to fix.
4. I would hope it's better now, after the housing/mortgage crisis, but don't necessarily trust a bank to help you figure out what you can afford. Our last house purchase, we went to our bank and asked what we could afford before we went shopping, and they kept asking how much we wanted to spend. In my mind, it makes sense to know what you can really afford so you don't go out and fall in love with a place you'll never be able to get, but the bank operated as if I was shopping for a house in the opposite way.
Finally, with interest rates as low as they are, consider something less than a 30 year mortgage. 20 or 15 year mortgages will have lower interest rates, often to the point that you're monthly payment won't be significantly larger (maybe 20-30% more), but your overall cost over the life of the loan will be significantly less.
Here's a rough example. I've assumed a $200K house with a down payment of $25K and taken advertised rates.
A 30 year loan with a rate of 4.2% will have a monthly payment of $1,064.11 and a total payout of $383,080.82
A 20 year with a 4.0% rate will have a monthly payment of $1,268.80 and a total payout of $304,511.74
A 15 year with a 3.6% rate will end up at $1,467.99 monthly with a total of $264,238.07
So, for an increase of basically $200 a month, you can save nearly $80K and have the mortgage done in 20 years. If you could afford to do the 15 year (which is admittedly a lot more monthly), you'd end up saving almost $120K.
Of course, you're unlikely to stay in that house for 20 or 30 years, but in the 20 year example you're also building the equity in your home (that is, the part you "really" own compared to how much the bank still owns) faster, so when you do go to sell, you'll get more of your own money back out of that sale.
My biggest advice would be that it's worth paying out the extra dollars for a full structural survey> I made the mistake of not having one done when I bought my place and have been finding daft little things ever since - like the fact that the guy i bought from was not very good at plastering and at some point I am going to need to get my whole bathroom redone and probably a few other rooms too. In the UK if you pay for a structural survey and then discover probs later on the surveyors are liable, meaning you save yourself headaches and money. The things I would do differently rather than trying to cheaply cut corners had i known...
Also it's worth getting a recommendation on an independant mortgage broker. It's the biggest debt you'll ever have so you want to make sure the person organising it has your best interests at heart and that you feel comfortable with them.
Good luck!
Also it's worth getting a recommendation on an independant mortgage broker. It's the biggest debt you'll ever have so you want to make sure the person organising it has your best interests at heart and that you feel comfortable with them.
Good luck!
schlmoe
V.I.P. AmberLander
Preparation is the key in buying any big ticket item, and a house will be the biggest purchase you make...until you buy your next house.
1. Get pre-qualified for your mortgage first, then put your wish list together.
1a. Shop around for your mortgage, DO NOT go to the bank/mortgage broker the real estate agent recommends
2. While doing #1, don't forget all the extra fees & charges, like: closing costs, inspections, title search, etc.
3. If you go for a zero/low down (or roll in items from #2 into the mortgage), realize that you will be paying interest on them for the life of the loan.
4. You do not have 20% down, most likely you will be required to get PMI. The premiums could be quite expensive.
5. There is a lot of advice here, and on the net about types of mortgages. My thought is to get a 30 year mortgage, with NO pre-payment penalties. That way you have the lowest payment with the flexibility to reduce your principle. Ex.: make a full mortgage payment every 4 weeks (13 per year), OR make an extra 1/2 payment per month, OR just an extra $50 when you can afford it. If you make any extra payments, write a separate check, and write "Principle Reduction" in the memo section.
6. Now it's time to make your "dream house" wish list. Note that most people only stay in their first house less than 5 years. My 1st "forever" home lasted about 2 1/2 years.
7. It has already been mentioned to get some legal advice because you are not married. Please do this! It may never happen to you, but break-ups rarely go well. I could have got stuck with a house I had no interest in after my ex-gf moved out (see #5). Fortunately, I was quicker than she was with the paperwork.
8. Start shopping for your house. Get a buyer's agent who has zero relationship to the homeowner.
8. So you've picked out your "forever" or "dream" house. Now you're ready to make an offer. Please do not rely on the REA for your home inspector. Do not rely on yourself, either. Even if you or your BF are in the construction trades, you will most likely be too emotional to make a rational decision. If possible, don't get a "home inspector" who has a certificate from some "online course". It's more expensive, but if you can, hire 2-3 trades people to do the job (Electrician/Plumber/Roofer, etc). Say it costs you $1000 vs. $350 for a home inspector. For a $200k home, it's worth it IMO.
There's lots more, and there is some good info out there. Start reading and good luck!
1. Get pre-qualified for your mortgage first, then put your wish list together.
1a. Shop around for your mortgage, DO NOT go to the bank/mortgage broker the real estate agent recommends
2. While doing #1, don't forget all the extra fees & charges, like: closing costs, inspections, title search, etc.
3. If you go for a zero/low down (or roll in items from #2 into the mortgage), realize that you will be paying interest on them for the life of the loan.
4. You do not have 20% down, most likely you will be required to get PMI. The premiums could be quite expensive.
5. There is a lot of advice here, and on the net about types of mortgages. My thought is to get a 30 year mortgage, with NO pre-payment penalties. That way you have the lowest payment with the flexibility to reduce your principle. Ex.: make a full mortgage payment every 4 weeks (13 per year), OR make an extra 1/2 payment per month, OR just an extra $50 when you can afford it. If you make any extra payments, write a separate check, and write "Principle Reduction" in the memo section.
6. Now it's time to make your "dream house" wish list. Note that most people only stay in their first house less than 5 years. My 1st "forever" home lasted about 2 1/2 years.
7. It has already been mentioned to get some legal advice because you are not married. Please do this! It may never happen to you, but break-ups rarely go well. I could have got stuck with a house I had no interest in after my ex-gf moved out (see #5). Fortunately, I was quicker than she was with the paperwork.
8. Start shopping for your house. Get a buyer's agent who has zero relationship to the homeowner.
8. So you've picked out your "forever" or "dream" house. Now you're ready to make an offer. Please do not rely on the REA for your home inspector. Do not rely on yourself, either. Even if you or your BF are in the construction trades, you will most likely be too emotional to make a rational decision. If possible, don't get a "home inspector" who has a certificate from some "online course". It's more expensive, but if you can, hire 2-3 trades people to do the job (Electrician/Plumber/Roofer, etc). Say it costs you $1000 vs. $350 for a home inspector. For a $200k home, it's worth it IMO.
There's lots more, and there is some good info out there. Start reading and good luck!
Instigate a crime-wave in your preferred community, graffiti your dream house, etc.
Anything to lower prices in the neighbourhood want to buy into :toothy9:
Anything to lower prices in the neighbourhood want to buy into :toothy9:
OK...here's mine too...
1) Be realistic. Your 1st home is probably going to be a rather modest one. Concentrate on
finding a home that will be comfortable for day to day living and not so much on one that will
accommodate lavish holiday parties.
2) Don't overspend. Just because they say you can spend up to X for a house, doesn't mean
that you will be comfortable doing so long term. Spending EVERY last dime you have that
doesn't go to food, utilities, or car payments gets Very old VERY quickly.
3) Buy potential, not a maxed out dream home. Unless constantly maintained,a maxed out home
will stagnate or even decline in value as all the shiny & new turns crusty & old. Give
YOURSELF the increases in value and equity that come from making home improvements.
4) Find a great, picky as hell, inspector. My credit union recommended a great one.
5) Location Location Location. If you find yourself saying "it's such a nice house, I just wish it
was in a nicer neighborhood" DO NOT BUY THAT HOUSE!! Buying a shabby house in a good
area is better than buying a dream home in a bad area. You can fix a house, but you can
not fix a neighborhood.
1) Be realistic. Your 1st home is probably going to be a rather modest one. Concentrate on
finding a home that will be comfortable for day to day living and not so much on one that will
accommodate lavish holiday parties.
2) Don't overspend. Just because they say you can spend up to X for a house, doesn't mean
that you will be comfortable doing so long term. Spending EVERY last dime you have that
doesn't go to food, utilities, or car payments gets Very old VERY quickly.
3) Buy potential, not a maxed out dream home. Unless constantly maintained,a maxed out home
will stagnate or even decline in value as all the shiny & new turns crusty & old. Give
YOURSELF the increases in value and equity that come from making home improvements.
4) Find a great, picky as hell, inspector. My credit union recommended a great one.
5) Location Location Location. If you find yourself saying "it's such a nice house, I just wish it
was in a nicer neighborhood" DO NOT BUY THAT HOUSE!! Buying a shabby house in a good
area is better than buying a dream home in a bad area. You can fix a house, but you can
not fix a neighborhood.
Instead of writing everything out, just Google HOME BUYERS CHECKLIST and read, read, read...
After you find a place... having your own home inspection done is crucial and way worth the few hundred dollars.
Here's some good advice how to find a good one: http://home-inspector.bafree.net/how-to ... pector.php
After you find a place... having your own home inspection done is crucial and way worth the few hundred dollars.
Here's some good advice how to find a good one: http://home-inspector.bafree.net/how-to ... pector.php
Oy vey said:
Abso-fuckin-lutely. Houses can be torn down, rebuilt, moved...land is forever. Land is what makes property worth anything, if not for it houses would depreciate like cars.
I will try not to get to wordy or complicated ... :-D
When I pick up a house i have a few major criteria.
1. Location.
2. number of bedrooms.
3. price.
you can work out almost everything else as long as these all fit your needs. I buy rental properties and this simple list has worked very well for me.
I will also say, most cities and or mortgage companies will will require an inspection pre purchase by a licensed home inspector. They find the vast majority of potential problems and at least in my exp., the fees are covered in the sale price so it's no out of pocket for you.
Good luck !!
When I pick up a house i have a few major criteria.
1. Location.
2. number of bedrooms.
3. price.
you can work out almost everything else as long as these all fit your needs. I buy rental properties and this simple list has worked very well for me.
I will also say, most cities and or mortgage companies will will require an inspection pre purchase by a licensed home inspector. They find the vast majority of potential problems and at least in my exp., the fees are covered in the sale price so it's no out of pocket for you.
Good luck !!
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