any advice for a young first time home buyer with little time or money to do significant repairs?

Question

contract????? inspection????? location?????

Answer 1

Buy a brand new mobile home. They have improved in quality greatly in the past few years. Some don't even look like mobile homes, but rather like wood houses.

In my area, a brand new 3/2 which measures 18'x70' can be bought, delivered, setup, skirted, and supplied with an air conditioner for 30k and up. Of course, that is for a strictly meat and potatoes trailer, and it doesn't cover the cost of the land. Looks nice when skirted.

Don't believe the crap you see on Jerry Springer, most people who live in trailer homes have really nice looking places. Plus, a brand new one with plywood flooring will last 25 years or more, depending on how you treat it. Just be sure to confirm BY SIGHT that it has plywood subfloor throughout, and request vinyl flooring instead of carpet. You will hate the carpet in a trailer after 1 year. Simple linoleum is easier to clean, and much healthier for all individuals, especially those with asthma or allergies, COPD, etc.

You will have to get the roof painted white (no one will see it). this will decrease the cost of cooling significantly. So will linoleum.

You should try to get a lot in a rural area with a sewer or septic tank hookup. And of course, there must be access to electricity and water.

Check the restrictions on the property carefully before purchase. You don't want a big hassle.

That's all I got.


Good luck to you.

Answer 2

If you don't know how to inspect a home, take a friend or relative with you who does and who has good judgement and experience. You will want to inspect the roof and gutters, trees too close to the house, the foundation, check for mold and mildew problems, turn on all the faucets and check water pressure & temperature of the hot water (to see if the water heater is working), take a grounding tester to test the outlets, check all of the light switches, check the circuit breakers, inspect the ceiling, around the plumbing, and around the bases of walls (especially below grade) for water damage, check for condensation damage on the windowsills, check the age, type, and condition of the heating (and cooling if appropriate), inquire about oil tanks (potential big expenses), check the age and condition of the water heater (look for bits of rust around the seams), check for signs of pest infestations, and check the yard for drainage problems. This is not a complete list, but it is a list of common problems. Do your own due dilligence.

Think of what you can fix yourself (and what you can't). Negotiate the price accordingly.

Do not get "exotic mortgages". That means anything over 30 years (15 is preferably), interest only, adjustable-rate, balloon payment, negative amortization, or any other gimmick that will increase your financial risk. If you can't afford it with a traditional loan, you can't afford it at all. Mortgages are basically "commodities" and you should be able to find competative rates by shopping around. A mortgage broker can do this for you especially if you have an idea what the going rate is. A good mortgage broker can help you with the paperwork, escrow, and all that stuff. Read everything before signing, and ask questions. Make sure there is no prepayment penalty (there usually isn't these days). Do not pay "points" up-front; you might sell and then it would be wasted money. Instead put more money down, or pay the loan off earlier.

Be aware that we are now in a housing "bust". Here is an article I wrote about it:

http://mutuallyassuredsurvival.com/content/housebubble.aspx

If you are shrewd you probably have some negotiation leverage. Use it. Do not overbid. As a Greek salesman once taught me "Whoever can walk away from a deal wins".

Try to find "motivated sellers"--people who HAVE to sell. Also look for "distressed properties" that are not selling, for purely cosmetic reasons (say the sellers are untidy but you could clean up the mess). Take your time. Do not rush into this. Housing prices have already fallen in many countries and time is still on your side.

You will get better deals if both you and the seller avoid agents. Let your friends know that you are looking, so that they can help "spot" for you. Check newspapers, signs on lawns, and other 4-sale-by-owner type situations. You might even advertise yourself that you are looking, if you can do so cheaply. Be creative.

Have a plan for what happens if you lose your job. Make sure you have plenty of reserves before you commit to buying a house.

Fuel prices will continue to trend upward over time. Pick a convenient location in terms of work, shopping, schools, and activities you enjoy.

Good luck and happy shopping. I wish you great success.

Answer 3

Significant repairs! Well if it's needed to be done, Ask around, from the phone book "yellow Pages" Give you some idea what a contract Inspection location cost?... Little time and money. Welcome to the home buyers syndrome. If its major you have no chose only time! B4 it's more money.

Answer 4

Hopefully you haven't bought yet. There are a number of Homebuyer Education programs around the US that are usually free, and give you good advise on credit, financiing, budgeting, inspection, repairs, etc. Most courses are about 8 hours and worth your time to attend. Your local community action agency or neighborhood housing services organization may offer the training or know who is offering it in your area. There are some online courses, but they are not as good as having a panel of experts in front of you able to answer your questions directly.

I recommend everyone, especially first time homebuyers, attend a homebuyer education class. Even if you have bought before, but are looking at upsizing, or buying a new home, the course can be helpful. Most important thing is not to start looking for your dream home until you know how much of the dream can afford!

Answer 5

Melissa-Manufactured/modular housing is really affordable. And they have shingled roofs, vinyl windows, etc. I am trading my single for a triplewide on land. The builder is Wick from Marshfield WI (also has a plant in Indiana). This builder has highend homes but very reasonable. I can do the entire pkg for 125-140K (with garage and tornado shelter). Don't buy a single as they are very limited as to what you can do with them - harder to sell and refinance. If you need to find something more affordable, try a simple double on land. You can add a garage later and yes, they can be attached. This builder has a great warranty and has been in business for a long time. I'll list their website below. Check out and see if there is a show for manufactured and modular housing - Iowa has one in March. Great place to get ideas and see what's out there. You'll be totally amazed at your options and lenders are there, too. Never rush this decision. I've researched for awhile before making my decision. Have a good one!

Answer 6

dont skimp on the home inspection, insist on having one done as a condition of sale--watch for the homeowner's reaction to this--if they dont like the idea, chances are they're trying to cover up

some flaw with the house--if they readily agree, thats a good sign.

dont buy a house if the following are in need of repair: foundation;plumbing;electrical/wiring;shingles/roofing..............all these repairs are costly and are things you cant avoid fixing. you can get a good deal on a house that just needs cosmetics, like painting, yard work, thorough cleaning. these are things you can do cheaply and do yourself and you dont need to be in a hurry cuz theyre things that arent critical. also, if you dont have a good agent you'll have to make sure yourself that youre not paying more for a property than what the neighborhood is worth. even if a house seems perfect for you, dont be tempted to buy if its over the market range for that area.

Answer 7

a good Realtor should be in a position to ease the approach an typically you received't might want to pay him/her a dime because that fee is paid by the corporate. the most important subject matters that upward push up come from the loan procedure. loan agencies typically tell customers they're pre-approved depending upon operating your credit and asking you the way a lot you're making, yet no longer some thing is permitted till each and every thing is examined which typically isn't done till the bottom of the 9th inning at the same time as the rigidity component is severe. to operate to the rigidity, loan brokers typically all of unexpected grow to be puzzling to attain in this time too. for this reason it truly is nice to be professional-lively and vigilant with your loan broking service precise from the starting up.

Answer 8

Try homes that are for sale under tax sales. Check at your county courthouse for a listing. These homes usually go for much less that the appraisal, then you can use the extra cash for repairs, etc.