Good advice for buying a house?

Question

My wife and I want to buy a nice house, what is a good guide or some helpful tips to buying your first house? What are some good tips for financing, and finding a place that we both love without being bullied? Any help would be sweet.

No kids yet, but we are talking about it and it will happen eventually.

Answer 1

1. go to a real estate brokerage
2. find a new and very hungry real estate broker
3. ask the agent for information concerning the home buying process - all the way past the closing process.
4. ask for three referrals to mortgage bankers, mortgage brokers.
5. ask for a list of professional home inspectors
6. ask to review a copy of the earnest money and purchase agreement they use - ask the agent to review with you the entire contract, even before you find a house to make an offer on.
7. request the escrow and closing company they like to use to close the deal.
8. check any and all state and federal environmental databases to ensure the property hasn't any known environmental issues.

It is all really simple. Be certain you are "pre-approved" not just "pre-qualified" for a mortgage prior to making an offer to purchase.

If you don't know what something means or its ramifications, ask. The only stupid question is the one that goes unasked.

good luck

Answer 2

If you live in the USA I would wait a while. The Government is trying to do a snow job on Americans and try to make them believe that all is well. But if you investigate a bit you will discover that 50% of spec built houses are empty and that can only mean lower prices. How can you be bullied? It is you and your wife who have to sign the final contract and if you don't like don't sign. And if a salesman is rude to you there is very little reason for not telling him where to go. As for buying tips, that is hard to say without knowing a bit more. Do you have children. Make sure you can get to work easily. If you love the country side it's no good to live in a big city. The house should be big enough. Check for solid construction or, better still, pay a specialist to check it out. You have to decide whether the house will be registered in both names or own half each.

Answer 3

Location is the most important. It's easier to to learn to love a house in a nice location than to have a really nice house in a horrible neighborhood.

Get a realtor you trust (ask around for recommendations). Give yourself a lot of time to look at everything on the market. Decide on what you can afford, then look at houses both above and below that price; that way you'll get a good idea of what the market is offering.

If you have hesitation about a place, don't get it. You'll know your new home when you see it.

Educate yourself (or get information from your realtor) of things to look for at open houses, as you'll be going out by yourself a lot. Fuse box or circuit breaker, foundation damage, evidence of water leakage, cracking at the join between wall and ceiling (indication foundation problems), etc.

I lucked out with financing, so don't have a lot of advice there, other than don't settle for a mortgage payment that's going to make you miserable.

Good luck!

Answer 4

Assuming that you have decided on your budget, it is always best to buy a house that is typical of the area it is in if it is to keep its value. For example, if you buy a small apartment in a good area where most people live in large houses, then that would be a bad investment.

Also think about getting a home loan that has a redraw facility. You can then use advance payments on the home loan as tax free savings and keep a rainy day account for times when you have trouble paying the loan. Remember that a home loan goes for a VERY long time and there may be periods of financial hardship and unemployment.

Answer 5

Be VERY firm in what you want. Make sure you switch real estate agents if the first one isn't able to listen to you or if they try to push you in a direction you don't feel comfortable in

Also, my biggest suggestion is to consider starting off with a less expensive house. What if one of you (maybe assume the one that makes the most money) were in a car accident and the other one had to make ends meet on their wages alone? Always plan for the unexpected via life insurance and make sure the spouse (and possibly children?) will be ok.

Answer 6

When it comes to purchasing property I agree it's "location, location, location". Take your time and research all your options.

Don't overspend - know your budget and stick to it - you can always trade up in the future.

There are a range of mortgage options to concider also. The fixed rate for the first few years is possibly the best options for a first time buyer - at least you know exactly what you will be paying and there are no sudden hikes in charges if interest rates increase.

These links may be of use to you:

Answer 7

First, i recommend you seak with a professional mortgage broker or go directly to your bank if you prefer. This person will view your credit, employment, etc...

Second, contact a local real estate agent who will speak to your mortgage broker and search the market for available homes based on location and price.

Once you find a home, your agent and mortgage pro will work together to get you the home you want and can afford.

Answer 8

My website has some useful information. If you're in Southern California and you want sound advice and/or answers without being harassed by a pushy agent or loan rep, just shoot me an e-mail.

Regards

Answer 9

Follow your instinct.
Decide how much you can afford to borrow and do not extend beyond that.
It's a buyers market right now, so take your time.
Remember that any realtor is thinking of their commission before they think of you (no matter how nice they are).

Answer 10

First think what area you want and what you can afford