need some advice on buying first home (ALL advice welcomed)

[Babagirls]

if theres one thing I've learned since 2001 on gfy, its that this is a forum for everything, all questions get asked/answered. I even have a couple "how to get a home" threads from gfy bookmarked.

i've been doing a ton of research the past month or so now on me & the boyfriend buying our first house, and Im taking ALL THE ADVICE i can get. The Do's and Don'ts. So...ready...aim...FIRE!!

I'm all ears What advice can you give for a first time home buyer? (maybe a mistake that you did and can pass it on to me).

[RobbieRye]

When I bought my first house, I bought brand new. It was easier to get financing, it was exciting, but mostly, it was less expensive.

Usually, when new home builders have those shacks up and the ground isn't broke, you can save yourself a few thousand dollars. Also, if you guys are still living with your folks or in an apartment, it's a lot easier to swallow a delay.

So, with a brand new place, you get to make all the choices and chances are that when you sell, you'll make more money from it.

[OG LennyT]

If you buy a home 10-20 yrs old, get ready to do some work

Trust me on that

[FleshJoe2005]

Babagirls you're asking for home buying advice on GFY? Headcheck needed

[Babagirls]

so buy new(er)..ok....anything else?

[Verbal]

location, location, location

[Babagirls]

Originally Posted by FleshJoe2005

Babagirls you're asking for home buying advice on GFY? Headcheck needed

lol nawww
theres a TON of good advice that is (usually) given on gfy, surprising i know. I learned alot from these threads in particular:

How hard is it to get a $240,00 home loan

Got my house loan for $240,000

Home Lenders and Bad Credit

i have more like that bookmarked

[Dagwolf]

Originally Posted by Babagirls

if theres one thing I've learned since 2001 on gfy, its that this is a forum for everything, all questions get asked/answered. I even have a couple "how to get a home" threads from gfy bookmarked.

i've been doing a ton of research the past month or so now on me & the boyfriend buying our first house, and Im taking ALL THE ADVICE i can get. The Do's and Don'ts. So...ready...aim...FIRE!!

I'm all ears What advice can you give for a first time home buyer? (maybe a mistake that you did and can pass it on to me).

Buy LAND, lots and lots of land.

[Peaches]

I bought a 5 year old house. Old enough to get the kinks worked out of it, young enough where things weren't breaking.

I've bought new before and on our FIRST walk through there were over 100 things on out punch out list.

OTOH, a good 50 year old house that was build back when people cared what they were doing and weren't using illegal labor as subcontractors also has its value.

[Acne]

Originally Posted by Babagirls

i've been doing a ton of research the past month or so now on me & the boyfriend buying our first house, and Im taking ALL THE ADVICE i can get. The Do's and Don'ts. So...ready...aim...FIRE!!

First mistake. do not buy a home with a "boyfriend" at any cost. Do it yourself or wait until you get married.

[TheLegacy]

my wife and I just bought our first home and are moving in this friday - best advice is get a good mortgage broker and get pre-approved for a mortgage amount so that when you go out - you know the price range you can work with, but also - when you enter into a real estates office with that bank letter - you are taken more seriously.

when looking for a home - try not to see it as the way it is now - but what you can make it. We were fortunate in getting ours that it pretty much is perfect to our tastes - but we also had a home we thought was great a few months early. We had to allow ourselves to loose that one over price and agree that it wasnt the only home on the market. by being patient we found a better home for less.

do your homework in the area and try to visualize living there a few years and what problems can come up. A decent inspection of the home from foundation walls to any cracks, moisture spots where mold can be to the age of all the equipment in there will give you an idea how much extra in the future your going to have to spend. Many sellers will attempt to cover up problems - so DON"T show emotion that you simply love the place... if your going to drop the price by 20k (which is where you always should start off when making an offer) - if they think your wanting it too bad - they won't budge. find the market value of the home as well and any future changes in the community your living in that may affect the price of your home.

[TheLegacy]

my wife and I just bought our first home and are moving in this friday - best advice is get a good mortgage broker and get pre-approved for a mortgage amount so that when you go out - you know the price range you can work with, but also - when you enter into a real estates office with that bank letter - you are taken more seriously.

when looking for a home - try not to see it as the way it is now - but what you can make it. We were fortunate in getting ours that it pretty much is perfect to our tastes - but we also had a home we thought was great a few months early. We had to allow ourselves to loose that one over price and agree that it wasnt the only home on the market. by being patient we found a better home for less.

do your homework in the area and try to visualize living there a few years and what problems can come up. A decent inspection of the home from foundation walls to any cracks, moisture spots where mold can be to the age of all the equipment in there will give you an idea how much extra in the future your going to have to spend. Many sellers will attempt to cover up problems - so DON"T show emotion that you simply love the place... if your going to drop the price by 20k (which is where you always should start off when making an offer) - if they think your wanting it too bad - they won't budge. find the market value of the home as well and any future changes in the community your living in that may affect the price of your home.

[TheLegacy]

once again, sorry for the repost.. gfy submit button is all fucked up

[Babagirls]

Originally Posted by Peaches

I bought a 5 year old house. Old enough to get the kinks worked out of it, young enough where things weren't breaking.

I've bought new before and on our FIRST walk through there were over 100 things on out punch out list.

OTOH, a good 50 year old house that was build back when people cared what they were doing and weren't using illegal labor as subcontractors also has its value.

we saw a house in our area that is older (built in 1966) but it has that older look to it that I love. not to mention, 4 bedrooms, 3 bathrooms, fireplace in living (that has vaulted ceilings) and huge fireplace in rec room that has a built in old-style wooden bar. HUGE backyard and front yard. and its only $235k (usually houses here are around $250'ish). But of course, we dont know how things REALLY are until we hire an inspector to come in and check all the plumbing, roof, foundation, etc etc etc. Thats when all the problems are uncovered.

[TheLegacy]

sorry for the reposts.. gfy keeps screwing up on the submit button

[Babagirls]

Originally Posted by Acne

First mistake. do not buy a home with a "boyfriend" at any cost. Do it yourself or wait until you get married.

we've been together for over 7 yrs, the loan would be in both names. you dont need to be married to buy a house (although i'd love to at least be engaged.) i TOTALLY understand what you are saying, but this is a rare case. not someone i met last year or anything.

[Babagirls]

Originally Posted by TheLegacy

my wife and I just bought our first home and are moving in this friday - best advice is get a good mortgage broker and get pre-approved for a mortgage amount so that when you go out - you know the price range you can work with, but also - when you enter into a real estates office with that bank letter - you are taken more seriously.

when looking for a home - try not to see it as the way it is now - but what you can make it. We were fortunate in getting ours that it pretty much is perfect to our tastes - but we also had a home we thought was great a few months early. We had to allow ourselves to loose that one over price and agree that it wasnt the only home on the market. by being patient we found a better home for less.

do your homework in the area and try to visualize living there a few years and what problems can come up. A decent inspection of the home from foundation walls to any cracks, moisture spots where mold can be to the age of all the equipment in there will give you an idea how much extra in the future your going to have to spend. Many sellers will attempt to cover up problems - so DON"T show emotion that you simply love the place... if your going to drop the price by 20k (which is where you always should start off when making an offer) - if they think your wanting it too bad - they won't budge. find the market value of the home as well and any future changes in the community your living in that may affect the price of your home.

thank you so much, Legacy awesome info there!!

[corvette]

shop around for mortgages, get a number of quotes and when you are getting quotes, dont keep that strategy a secret

compare everything else equally, points, etc

[Peaches]

Originally Posted by Babagirls

But of course, we dont know how things REALLY are until we hire an inspector to come in and check all the plumbing, roof, foundation, etc etc etc. Thats when all the problems are uncovered.

If you're buying an older home (even a new one) spend the $$$ and hire a regular inspector, a structural engineer, and an electrician and plumber to check it out also. Most "inspectors" just know the basics to look for.

[BlackCrayon]

Originally Posted by Peaches

OTOH, a good 50 year old house that was build back when people cared what they were doing and weren't using illegal labor as subcontractors also has its value.

one thing i really hate about new houses is contracters these days almost never even try to tarp a house while its being built. not to mention all the corners they often like to cut to increase their profit margin. but if you buy land and get to choose who does the work, you have better control over that.

[Sosa]

We are just finishing up with our brand new house. It will be the first house that both of us have owned. I will never go the brand new custom built house way again. Too many contractors, too many people trying suck every little $$ out of you trying to get you to fix their repairs or mistakes.

I would buy a house 3-5 years old if I could do it again, problem around here it is either brand new or something 20-30 years old and only 20-30 grand cheaper then something brand new.

[Fresh]

stay away from Option ARM (adjustable rate mortagage) loans. They sounds very attractive to the naked eye but have a lot of fine print that goes along with em.

If you are familiar with adjustable loans and understand how indexes and margins work and plan on staying on top of your loan, you can save a LOT of money over the years and pay off your home earlier. But you really need to know how to work the angles.

the loan market for loan officers is very cutthroat, especially now. so watch out for shiesty loan officers.

Good luck buying your first house Baba. If you need any info on loans let me know.

[brand0n]

dont get an ARM.. get 20% and defeat PMI.. (dunno if they got that in your state, but they got it here)

um.. shoot for a 15 year mortgage instead of 20.. think.. in 5 years, you are 1/3rd of the way done..

[RainGurl]

i'd stay away from mortgage brokers and go straight to the lending source. we started out with a broker, ended up at a direct bank and saved 10s of thousands of dollars. brokers have to make their cut too. if you're willing to make the calls and fill out a few apps, you'll get a much better deal.

also be sure to get a good home warranty. once you move in, all kinds of little (or big) things will go wrong in the first year. we insisted on a warranty with our home which we bought just over a year ago. without it, we would have spent a ton on getting things fixed that were supposedly in good shape.

as for inspections, you'll get a "general" inspector. if he/she suggests calling out a specialist, do it. its worth the extra money and once you buy the house, there's no going back if you find out there is some major damage the inspector didn't find.

good luck!

[Babagirls]

Originally Posted by RainGurl

i'd stay away from mortgage brokers and go straight to the lending source. we started out with a broker, ended up at a direct bank and saved 10s of thousands of dollars. brokers have to make their cut too. if you're willing to make the calls and fill out a few apps, you'll get a much better deal.

also be sure to get a good home warranty. once you move in, all kinds of little (or big) things will go wrong in the first year. we insisted on a warranty with our home which we bought just over a year ago. without it, we would have spent a ton on getting things fixed that were supposedly in good shape.

as for inspections, you'll get a "general" inspector. if he/she suggests calling out a specialist, do it. its worth the extra money and once you buy the house, there's no going back if you find out there is some major damage the inspector didn't find.

good luck!

how do you get a warranty? never heard of that. thanks for the advice

[SinisterStudios]

New isnt always the best bet unless you know the contractors or have it built yourself. Most new stuff is udder shit today, they cut corners and skimp anywhere they can. A older house will need some work but at least you know your getting a solid built house. There are always exceptions, make sure you have the house looked over throughly by a trustworthly contractor and not just a house inspector.

[SinisterStudios]

And make sure you checkoutthe neighborhood, dont live near a church (i made that mistake and im paying for it every morning at 7am, damn church bells) and living near a school is not the best either. Knock on the doors of the neighbors and ask about the area too

[Babagirls]

Originally Posted by SinisterStudios

And make sure you checkoutthe neighborhood, dont live near a church (i made that mistake and im paying for it every morning at 7am, damn church bells) and living near a school is not the best either. Knock on the doors of the neighbors and ask about the area too

very good advice here. the house we like, is right behind the neighborhood park/ballpark. granted, theres about an acre apart, but still would ask neighbors if any balls come flying over or tons of traffic from little leagues and bright lights from the stadium lamps, etc etc.

very good advice. thanks

[ElvisManson]

have a handy supply of xanax for closing.

[Babagirls]

Originally Posted by ElvisManson

have a handy supply of xanax for closing.

[CE Adam]

Don't get an ARM!