What should first time homebuyers be careful of?

Answer 1

First and foremost, be careful that you can handle the payments under most all conceivable conditions. The agents, lenders and all those folks do not have your best interests at heart at all!! Then, remember, a house is not a kid nor family nor your lover. It's an investment and shelter. That means that if you fall head over heels in love and can't live without a particular house, you may pay more than you should. It's business not romance.

Answer 2

Ric6k9,

I am a home inspector. Yes in many areas of the country this is an unregulated field because it is fairly young industry. Finding a good home inspector is the same as finding a good Realtor, appraiser, mortgage broker or General Contractor. It is buyer beware. It seems that everyone has a horror story working with a contractor.......

Some general contractors make good home inspectors but many don't. GC don't have the breathe of knowledge required to look at all aspects of the home, recognize issues and document them for the client. Walking around the house commenting on it doesn't cut it anymore.

Reguarding first time buyers. I have a great area on my site that addresses first time buyers

http://paccrestinspections.com/firsttimebuyerprocess.htm

//Rick

Answer 3

As an appraiser I have seen many people overpaying for their property. They get so emotionally attached they go through bidding wars and end up paying over market value. That is what has caused the housing market turmoil. Before you make an offer you should consult a knowledgeable buyer's agent to give you a CMA or order an independent appraisal (not the bank's appraiser). If you overpay and you need to sell quickly for some reason you will be the one in trouble and will risk foreclosure.

Answer 4

What ever you do don't get into a "Interest only loan". Try to get a fixed rate loan. Most new owners will want the property tax taken out of their mortgage payments,

Work out your Budget, estimate utility costs, (garbage, water, electricty, phone, internet...), food, gas and car payments if any, house and car insurance, if you have any outstanding credit dept... after you have all your costs are calculated add in if you want a few dollars a month for entertainment... movies/ theater/ sports..

Money will usually be really tight the first couple of years... after you get a few raises from your job, life will get easier. Good luck--congratulations on your new home.

Answer 5

complex matter. do a search on to google. just that can help!

Answer 6

I just bought my first home 8 months ago, and I really regret not checking out the neighbor hood first. we have a sex offender who lives 2 houses down no one told us about before we moved in.
My advise is really check out the neighbor hood. Also make sure your home is up to par don't believe what the Realtor says. We have had to make so many repairs.

Answer 7

Buying without a quality home inspection. Make sure your heat and air is good, no termite damage, insulated well, make sure if you buy an older home and their is paneling on the walls, that there is drywall under that paneling...I got screwed with that one when I went to go tear down my paneling. Make sure your electric is in good state of repair, stuff like that.

Answer 8

HOME INSPECTORS. they go to school but have absolutely NO idea what they are looking at or what they need to inspect. Ask a well known and respected contractor to look 1st and then get a home inspector and you will see what i mean.

Answer 9

go to my profile send me a request and I'll send you our free pamphlet on tips to first time home buyers it is full of information and research links to where you can go to find, verify and get information you need.
Buena Suerte