I'm looking into buying a new home...?

Question

What is a good reliable source that will provide great advice and tips for someone thinking about buying a new home?
Down payment info?
Hidden costs, what are they?
First time homeowner incentives, etc.
There is SO much info on the net, I don't know what information is good and what is not.

Thanks!

Answer 1

I have a lot of info from when I was looking into buying a new home about 2 years ago. Let me know if you want to chat about it. It really depends on the types of loans you go for and who through. Be careful of some places on the internet, if you are going to get a home loan through them--some really screw you out of stuff and some can be pretty shady--even the highly advertised ones! I talked to many places, both on the internet and in person. Each one has different answers. Someone once recommended one of those Dummy books for a good starting place, something like "First Time Home Buying for Dummies" <--don't quote me on that title, it was just for example's sake!

Answer 2

First figure out where you want to buy a home. I think the Internet is a great resource to shop for homes. You can shop by price, size, number of rooms, any number of parameters, and then see what you come up with. Down payments are usually 10 to 20 percent of the price. There are "hidden" costs like local taxes, documentary fees, fire insurance, and closing costs. Once you have found a place you like through the Internet, the next step is to contact the real estate office that is offering the property for sale. Real estate agents would like to see you buy the home too, so you have a common purpose, and they will help you with their knowledge about first-time buyer incentives and hidden costs.

Answer 3

Do a Yahoo! search for Ben Jones Housing Bubble Blog. Read this blog for a few days and see if you still want to buy a new home. I'm 47 and unashamedly a renter. I pay only $967 per month rent on a 2 bedroom 2 bath luxury apartment (has full size wasther and dryer) in a nice clean part of Phoenix. You can rent much cheaper than buy. Plus you have freedom and can do fun stuff when things break down - Maintenance is a snap. Plus you can have swimming pools, tennis courts, jacuzzis as part of the price. It's expensive to have those features in a home. Why become a slave to a bank? ESPECIALLY NOW WHEN PRICES ARE ABOUT 50% ABOVE FAIR VALUE. Do me a favor and use www.zillow.com on any house you may want to buy. It's probably up 100% over 4 years. Honestly answer this: Is your income up 100% over the last 4 years? If your income has not kept pace with the prospective house you want to buy, then DO NOT BUY IT! I suffered from the last bubble - sold for a 20% loss. But this is an even bigger bubble. Don't be a sucker to RE agents.

Answer 4

Don't take anybodys word for anything, make sure you get a quality home inspector and have the house inspected for defects before buying. They are in the yellow pages. Between the banks and realtors, they should be helpful. This is a buyers market,should be some good deals out there. Bid low you can always go higher.

Answer 5

Morebidd,
william and eaglefly are both right.
buying a house is Not for everyone.
everyone should not get a loan for a house.
get a copy of 'house buying for Dummies'
read understand and act on the info.
do not buy a house on ego or others dreams, some one will sell you their dreams as yours.
visit daveramsey.com to learn what Realtors bankers and credit slave card pray you never ever learn or worse act on in your life. a house can drown you or not. simple rules = fixed rate 30 yrs or less, no creative finacing, 21% down or pay P.M.I..
principle and interest = 1 week take home pay only. 2 other weeks take home goes to taxes, utilities , transportation costs, upkeep costs, owner assocation costs,empty house syndrome, common expenses. allowing you 1 week take home to put away to your retirement, car / credit payments.
think it baloney? ask recent foreclosure folks where their money went.
Oh don't buy the bovine manure about mortage /interest as tax break.
IRS states 85 % of home owners don't qualify to use the interest deductions.

Answer 6

I recently purchased a new home and I found the Homebuyer report at Lienfax.Com very very helpful. For $20 you can check the property for liens, judgments, tax liens, and foreclosures before you sign a contract or waste any time. My Lienfax report also showed comparable sales in the area so I knew I was not paying to much.

Answer 7

(1) Talk to a qualified lender and get pre-approved for a loan.

(2) Talk to your tax advisor. He or she will show you how much your potential investment will actually save you in taxes.

(3) Work with a qualified, experienced Realtor....one who specializes in Buyer-representation.

The market will fluctuate and cycle as it always does. Overall, real property investments give good long-term results. Most importantly, you need to be able to enjoy the place in which you live and be comfortable with your payment. Don't overbuy and strap yourself!

Answer 8

Go to a local bank and talk to the loan officer there, it helps to have all of your questions on paper, but they do have to disclose all costs and everything. I would stay away from getting info off the Internet, you don't know who you are dealing with, its best to talk to someone face to face. Its also not a bad idea to "shop" around, every bank has different rates and different options, check around and find the best offer. Good luck.

Answer 9

You best, most reliable, safest, and most honest would be licensed Realtor.

Realtors are required by law to stand in your best interest.