2006-10-18 08:11:52 · 10 answers · asked by MARIO S 1 in Business & Finance ➔ Renting & Real Estate
First you want to get pre-approved with a lender before you start shopping for a house. This will let any Realtor or seller know you mean business and are qualified to purchase a home. Make sure the lender tells you what type of payment you would have and how long the rate is fixed for. Also make sure the lender takes into account what your taxes and insurance would be if you included them with your monthly mortgage payment.
Next you want to find a Realtor you can trust. If you are looking for a home in California I can help you with both the loan and finding the house which would give you a huge discount.
Things to avoid:
Don't get the first house you seem to like. Make sure that you get a home inspection to assure the house is in suitable condition.
Do not buy a manufactured or mobile home!! These usually do not come with the land, meaning you own no land and basically own something you have to register with the DMV. Mobile and Manufactured homes depreciate in value. They never gain equity.
Avoid anything that has Mello-Roos tax or a Home Owners Association....if at all possible. These 2 elements could cost you a lot of money.
2006-10-18 08:14:58 · answer #1 · answered by NOIZE 4 · 0⤊ 0⤋
This is an exciting time in your life! One thing you do not need to experience is a major rip off with the purchase of your home. If you have parents or close siblings who have been through a home purchase seek their opinions first. Then seek the help of a reputable realty agency and get a Buyer's Representative to sign up with. You will not be responsible to pay them anything. Get that in writing. The sellers pay a finder's fee / commission to them. Get a good lawyer to read anything and everything before you sign. The Buyer's Rep will take care of everything else for you.
If you are working with a new home check on the background of the builder. Your Buyer's Rep will help you with this also. Do a lot of research about the location you are considering. Is it solely residentially zoned or can a business open there at some point (commercially zoned)?
Is there a well or community water? (Which do you prefer?) Is there a septic or sewage ? What are the schools like? How high are taxes? There is really quite a lot to consider.
There are books for first time home buyers. Also, your local school district may offer a workshop in home buying at their Adult Ed locations.
You will need to be preapproved for a mortgage. (Don't just get prequalified!)
Get a Buyer's Rep. That is important. He / She can help a great deal and give a lot of info you need to know.
Have fun and Good luck!:)
2006-10-18 15:39:31 · answer #2 · answered by ursaitaliano70 7 · 0⤊ 0⤋
We have bought and owned 6 homes in our 19 year marriage and here is what I have learned. Location, Location, Location. Don't buy a home that backs to a road. You automatically lose 10% in resale. Don't buy a home with only one bedroom/bath. People want at least two. Don't buy a home near an airport or proposed airport. Don't buy a home in which a serious crime was committed. Take a look at which way the sun rises and sets. This is very important to some people. They don't want the sun in the back of the house in the evening where they spend most of their time. Buy in a good school district whether or not you have children. This always helps with resale. Hope this helps!
2006-10-18 15:18:20 · answer #3 · answered by roxy 5 · 1⤊ 0⤋
Interview a couple of different realtors and find one that you are comfortable with and who is willing to work with and for you.The first thing they will probably want to do once you have selected one is to get you pre-qualified.When getting pre-qualified, pay attention to the amount of the loan that you qualify for. Say for example you qualify for a $300,000 loan. Just because you qualify for that amount doesn't necessarily mean you should buy a home in that price range or that you will be comfortable with the mortgage payment that goes with that loan. Alot of people get caught up in the excitement of buying a home and figure that whatever the maximum loan amount is that they qualify for is what they should go with. Just make sure that you are comfortable with the amount of the monthly mortgage payment. Stay away from ARM - adjustable rate mortgages unless you like to gamble. With these loans, you mortgage payment will increase from year to year, which is a bad deal if your income does not increase accordingly. I personally would also stay away from interest-only loans. With these loans, you are only paying on the interest and are not building equity in your home. Best of luck to you in purchasing your first home
2006-10-18 15:32:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Look for a good deal, one with all the room you need for the price you are looking to pay.
Look for experienced professionals to help you - preferrably referrals from family or friends who have gone through it recently.
Make sure you get a property inspection, it will find hidden problems.
Avoid overpaying for the house.
Avoid "falling in love" with a house (you'll overpay).
Avoid monthly payments that are higher than you can afford.
Avoid inexperienced professionals (Realtors and mortgage officers).
2006-10-18 17:49:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
watch what price your Home Owners Assn. is charging you , the higher the price the more ana.l the HOA is gonna be. The hoa i use to be in actually had guys drive around an check the length of the damn Grass in the yard. an if it was even a smudge higher then what the HOA allowed .. i got a 400$ Fine.
I cant stress enough .. Check into the HOA !!
2006-10-18 15:24:36 · answer #6 · answered by lilredhead 6 · 0⤊ 0⤋
From an insurance agent's standpoint, find out how old the house is and the age and updates that have been made on the heating, wiring, plumbing, roof.
My companies don't want to write houses with fuses, they want circuit breakers. Most people don't think about these things when considering a house. I can't tell you how many people have no idea about these things when searching for homeowners insurance.
2006-10-18 15:21:37 · answer #7 · answered by mei-lin 5 · 1⤊ 0⤋
when you go to view a house run all water at the same time along with the washing maching on the rinse cycle, I just bought a house even had it inspected, well the inspector missed the plumbing problem. I have a collapsed pipe and will cost upwards of 5000.00 to fix. bad inspector bad!!!
2006-10-18 15:22:51 · answer #8 · answered by sisy j 3 · 0⤊ 0⤋
ALWAYS -- ALWAYS --ALWAYS find a good inspector after you see a house that you would like to make an offer on. Avoid all fast slick talking real estate agents. Only listen to one that makes you feel comfortable !!!
2006-10-18 15:21:55 · answer #9 · answered by philski333 5 · 0⤊ 0⤋
All are great answers, I have on my site a report that will give you a good idea of what to expect. Report # 4
If you need a great pre-screened realtor in your area let me know. I can have one contact you. They are free to buyers.
http://www.cbwardley.com/frankbecerra
2006-10-18 16:38:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋