Home buying advice

[BubbleBoy]

Only thing I can add to what's been said is to make you sure the house you buy is in an area that has a quick turnover if you need to leave for whatever reason. You'll get maximum return on investment if you do, instead of buying some dump that needs 20k worth of work in a not-so-aesthetic neighbourhood, then losing it all when/if you leave in a couple years.

The wifey and I have to move after living here for just over a year (she was transferred, as we knew we were going to be), and with that criteria we had in buying our first home, there's a chance we might just break even on the sale, after fees.

But on the other hand, if you plan on sticking around a while, buy a decent home, like the dude above did, and saving a bundle up to what they give you as a mortgage. You can apply the line of credit they'll give you to renovations and surprises. Plus, a lower mortgage, the faster you'll get to gaining access to your equity.

[steyr]

You're in the states, I assume so I won't get into financing, but someone else mentioned be ready for utilities, etc. as well as mortgage.
I'd like to add ( if this is a first house ) even though its small potatoes, you're going to need some $ for stuff like lawnmowers, shovels, snowshovels, hoses, rakes, paint, a general house type toolkit that as a renter you may not have: hammer, saw, pliers, etc.,etc.,etc.
Almost afterthoughts, but still potentially several hundreds of $ you'll have to come up with.

Also, DO get a home inspector to check everything out.
Worth the money, as he'll look at stuff you'd never dreamed of, not just plumbing, wiring, and insulation.

[Randal Graves]

The more I search the more I realize my tastes are probably higher than my budget. As I was driving through neighborhoods today I realized that I don't like cars being parked on the street. I'd have to live in a pretty snooty neighborhood to avoid that.

[scampr]

About all I can add to the above is:

there are only two things you can not change Location and The size of the house (without tremendous expense).

Sounds like you're figuring it out already. How long has your realtor been practicing? How long has he lived in the area? Does he plan on moving and where to? Realtors don't fuck around and live in shitty neighborhoods. They understand the golden rule: YOUR HOUSE IS YOUR NUMBER 1 INVESTMENT so don't invest in a crappy neighborhood.

If you need a three bedroom, then wait for one to come along. Don't try to shoehorn yourself into something that won't work. Most markets in the US are not experiencing rapid appreciation so you're gonna be there a while. Don't try to make due in some tiny place.

Your realtor can help you with this: check on zoning/planning/development proposals for your area. Of the neighborhoods you like, try to choose the ones least likely to be fucked with by 1)big developers, 2)the city or state. The last thing you want is to watch a 6-lane highway or Walmart get built in your "backyard."


Oh yeh, FUCK wells fargo, in the ass, sideways!

[chilansl]

Factor in Home Owner Association (HOA) costs, if applicable. That's extra money you have to pay every month which never becomes equity. Condos pretty much always have one.

Don't take anyone's word on things like "great neighborhood", "twenty minute commute to your work". Walk around on your own. Look behind the back fence, make sure there isn't something like a speed metal band that loves to practice at 2am. Or train tracks. Actually be in the area when you have to go to work and see for yourself how long it takes. Grill the inspectors to ensure they are competent. See if there are smelly factories/sewage plants which are downwind one day a month. Airport flight plan over the area during bad weather? During good weather? Essentially, if you put in the time to do a lot of tedious checking, it will probably pay off in the long run.

Also couldn't hurt to check local regulations to see what you can and cannot do to your property. Stuff like fencing and other improvements.

[dogstain]

Content, Pictures  and Download links visible to registered users only. 

REGISTER NOW to access all areas that are invisible to non-members.

This is so funny. I had a mortgage company that did the same thing. I think it was Bank One (I remember it having something to do with the AZ D-Backs). They would call and get my wife and literally have her in tears. I spoke with everyone there, as far up as I could get on the food chain, and they all told me that was their policy. I said that I had never had a late fee or a delinquent payment and why do they still insist on bothering us? They said the only way to make it stop was to file a cease and desist order against them.

I found another way - we refi'd away from them.

[Frothy Afterbirth]

Get a real estate broker who is a buyer's agent and not one more interested in just selling.

Look at what homes have been recently sold for in the neighborhood you're looking at.

Banks tend to charge the highest interests and fees, so shop around to other lending institutions, a credit union is good place to start. Residents here in Washington, can go to the state's own credit union or even BeCU (Boeing) which offer pretty good and competitive market rates.

Get a list from the city on properties in foreclosures. If purchasing any such property in foreclosure whether through a broker or at auction, make sure the the current/previous owners have not taken out a second mortgage. You the new owner will now be liable to pay off the secondary loan.

Check which utility company the neighborhood is being service by. There's a huge difference in public or co-op utilities vs. publicly or privately owned (for profit) utilities. You could be paying $50-120 more a month if it's not one managed by a governmental entity.

To also add what chilansl said, do not buy a house near a school, especially a high school. The crowd noise from Friday night football games can be heard over a mile away. Same thing with freeways.

Check a local law enforcement website on crime stats and more importantly where all the sex offenders are.

Check out the U.S. Geological Survey for hazard maps and statistics in areas of mudslides, flooding and earthquakes. This is good to know toward home insurance policies.

Hire a home inspector to check out the property to see if there are any major defects or future costly repairs. A great leverage point in negotiating to lower the price on a home if your dead set on buying despite minor or major deficiencies.

This is a personal preference, but I wouldn't buy a home that someone has been murdered in.

[Randal Graves]

Content, Pictures  and Download links visible to registered users only. 

REGISTER NOW to access all areas that are invisible to non-members.

I've been really looking for a good neighborhood, but it's hard to know for sure what is good & what just looks good from the outside. I never considered finding out where my realtor lives. I have a general idea from chit-chatting with him, but I'm going to find out when I see him later this week.

[Randal Graves]

Content, Pictures  and Download links visible to registered users only. 

REGISTER NOW to access all areas that are invisible to non-members.

I'm actually hoping to have a really good HOA. I don't mind paying a little extra money if it keeps my neighbor from parking a car on his front lawn that he uses to chain up six dogs.

[Randal Graves]

Content, Pictures  and Download links visible to registered users only. 

REGISTER NOW to access all areas that are invisible to non-members.

I agree. I want to be the first one to commit murder in my house. It's just not home until I've strangled a coked out hooker on the kitchen floor.