Looking into buying a house...... Advice?

  • Thread starter Thread starter Juggernaut
  • Start date Start date
Juggernaut

Juggernaut

Well-known member
The "ole lady" and I have had it, the neighbors have made this place unlivable.....

We are starting to look at houses to buy, I have never done anything like this, short of buying a new car, which is MUCH different I'm assuming........

Any tips, things to look for, prices I should try to stay within, etc....

Help a NOOB. :D
 
Look at a lot of homes in the area where you want to live. Compare all the prices and you'll get an idea of what a fair price is.
My girlfriend and I realized that for not much more we could have a really nice new home built to our specifications and went that route.

It's a buyers market right now, a lot of homes are not moving so make a low offer, you just might get it.
 
DON'T BUY A HOUSE WITH:

1. a one-car garage
2. no basement
3. flood problems
4. a septic tank
5. water from a well
 
I'm actually hoping to get the assholes next door evicted, so we can chill here for the next year or so, and build up a nice down payment, and the wifey will be working full time and making some pretty good scratch.


But for now, I'm still looking and gonna be researching on everything, I know you guys, well alot of you, have already been down this road, so I thought I'd ask for advice.
 
start watching HGTV. :lol: :LOL: :lol: :LOL:

seriously, there are a couple good shows to watch, that show what to look for and how to evaluate some things.

I like house hunters or property virgins...

things you will want to check, how long the house has been for sale? what they are asking....have they dropped the price recently...any offers put in....there is a website i think through caldwell banker that lets you see the average price of houses sold in that area the past 6 months or something. That will let you know if the price you are paying is maxed out for that neighborhood, or if/when you decide to sell it, you will get some appreciation value. Also if you want to upgrade anything, you dont want to be the most expensive house on the block because of upgrades.

If you do find a house...home inspections are huge....
 
don't sign anything without a lawyer when you get down to the nut cutting.


other than that? i'd say try and find out if the place is insulated, maybe check prior electric and gas or something? quality of windows and doors, etc.


insulation can mean hundreds of dollars a month deference in bills, so a house could seem like a bargain up front but could end up costing you the same as one that's more but better built.
 
Minimum of 20% down is a must, dont work just to keep the house as in dont have a huge morgage payment. Interest rate s are great...............if ya have the credit score.

Lots of forclosures, dont be afraid to get a house that has potential and getting your hands dirty these days.

LOCATIO LOCATION LOCATION.
 
If you live in a growing area, the best scenario is to buy new. Builders are giving killer deals right now to compete with the repo/pre-owned market. Some builders are buying points down on already ridiculously low interest rates, free upgrades, pool etc...
A new home will get you a decent warranty, new appliances, and off the hook for typical homeowner maintenance and repairs for at least five years, 'cause everything is new.
Also, if you build in the first phase of a new neighborhood, you will have the best prices, and as the subdivision is completed, you will experience a tremendous increase in value, (equity) meaning that you may be able to drop the mortgage insurance in just a couple of years, re-fi for free to a 15 year motgage, and your payment will be about the same. Surely the market will bounce back and you will be in an excellent position.
Buy now!! This market may seriously be a once in a lifetime opportunity. Land will never be cheaper than it is today, and they aren't making it anymore....
 
As far as financial or what/what not to look for, that's not my thing and I could only speak for myself. I do have one solid recommendation...

Go to a mortgage broker you trust and find out how much house you can afford, find out what you qualify for, and go from there. I qualified for way more than I felt I could actually afford, so I kept myself to more reasonable limit.
 
My wife and I are in the same position. I have a VA loan in my pocket, though, thanks to the USMC. :thumbsup: It's amazing how fast prices here in San Diego are coming down. If you have to deal with a "short sale", be ready to wait awhile. We have some bids on houses but haven't heard anything for over two months. Our mortgage banker and realtor shake their heads....banks around here cry poor, then sit on legit home offers with good buyers.

Depending on your area, your biggest competition may be people that have pulled their 401K and stock money out to buy cheap real estate.
 
Make sure you can afford the property taxes.

I found a sweet short sale, only to find out the property taxes are over $6K a year. :( :thumbsdown:
 
guitarslinger":j8vtttbw said:
Make sure you can afford the property taxes.

I found a sweet short sale, only to find out the property taxes are over $6K a year. :( :thumbsdown:
Click to expand...

Looking at the reoccuring costs............nice catch Gene :thumbsup: It is not just the morgage you have to budget.


I have a well and septic Gene :cry:
 
Where are you looking to buy?? I would say in some ways buying new is nice, but I am in Edmonton, AB, and I had my house built during a bit of a boom, and the home warrantees are ran by the builders for the builders. I would say if you are going to buy new budget for landscaping, a fence, and I would also have an independent inspection done. All it takes is one bad, or lazy tradesman to make your house have problems. If you spend $500 on a good proper inspection will make you sleep a lot better at night, and make sure that they test the foundation.
 
guitarslinger":3aguook8 said:
DON'T BUY A HOUSE WITH:
2. no basement
Click to expand...

Doh :doh:

Damn this sandbar peninsula :gethim:


All has been covered (I think), and IMO:

make note of addresses you look at = pub. records search on taxes, liens, etc.
min 20% down in cash, or prolly better off to stay a renter (escrow req. can be HUGE)
30 year fixed mortgage
Monthly payment = weekly GROSS wages of you OR your wife (I know, old-school Midwest)



Have fun whatever route you choose!
 
Amarillo Texas.

The bad thing about here is we have the highest housing prices (or maybe had) in the state......dont know why, this place is smack dab in the middle of the wastelands :confused: :lol: :LOL:
 
Dude, houses there seem cheap compared to where I live. Here is one that I found doing a quick search...

http://www.homes.com/Content/ListingDet ... horig=main

I don't know if there are problems with it or what, but if you can get a house for under $100 000 you are doing ok. I live in Edmonton, AB, and a starter house is over $300 000 :confused: And our winters are freaking freezing, and the summers are full of mosquitos.
 
Wait...for house prices in TX to tank the same as the rest of the US!

Actually....I only know about Dallas area since I still get realtor news letters well over a year after I was planning to move.....prices still seem buoyant there but I don't think it can last.....having said that, houses are still a steal compared to Calif but the gap has narrowed a lot since the market here tanked :cry:
 
GuitarGuyLP":79arfthx said:
Dude, houses there seem cheap compared to where I live. Here is one that I found doing a quick search...

http://www.homes.com/Content/ListingDet ... horig=main

I don't know if there are problems with it or what, but if you can get a house for under $100 000 you are doing ok. I live in Edmonton, AB, and a starter house is over $300 000 :confused: And our winters are freaking freezing, and the summers are full of mosquitos.
Click to expand...



That one is in one of the lesser desirable parts of town...... In the decent areas I'm looking at probably around $150,000 +, in the NICE part of town, It'll be 3 times as much.
 
The_Kid":3n42glbb said:
start watching HGTV. :lol: :LOL: :lol: :LOL:

seriously, there are a couple good shows to watch, that show what to look for and how to evaluate some things.

I like house hunters or property virgins...

things you will want to check, how long the house has been for sale? what they are asking....have they dropped the price recently...any offers put in....there is a website i think through caldwell banker that lets you see the average price of houses sold in that area the past 6 months or something. That will let you know if the price you are paying is maxed out for that neighborhood, or if/when you decide to sell it, you will get some appreciation value. Also if you want to upgrade anything, you dont want to be the most expensive house on the block because of upgrades.

If you do find a house...home inspections are huge....
Click to expand...

Home inspections and appraisals are a sham. The bank you're buying from sends them out to "OK" the property, so of course if they want to continue doing business with that bank, they'll not "find" anything wrong.

My house had termites. Evidence was there before we moved in (boards had visible damage in the attic) but nothing was said or noted. The next "season" (spring). I find little dirt spots on the walls in the master bathroom, I cut it out with a drywall knife, and there's termites all over.

No recourse...

So, what I'm saying is educate yourself first...
 
You must log in or register to reply here.
Back
Top