I know there are always things to look out for when buying anything, but my family and I will be first time buyers and I would like to what to look for. Any lessons to be learned? Thanks for any help.
2007-07-28 17:13:11 · 8 answers · asked by me me 3 in Business & Finance ➔ Renting & Real Estate
Kirk, How long should I wait, because were looking to buy next year is that too late? If so when do you think is ideal? (anyone can answer as well)
2007-07-28 17:27:59 · update #1
First figure out what you want most : is it location, size, condition, upgrades?...And than decide with your family what you would be able to compromise on...that was my first lesson -there is no perfect house for a limited budget.
Than shop around for a loan. Ask your mortgage broker or lender if there are any perks for being a first time home-buyer -any grants or special programs you might qualify for...(If you are applying for the same type of loan within a 14 day period your credit rating will be affected as if it was only one inquiry)
Figure out how much house can you afford - keep in mind that you should not spend more than 35- 40% of your net income on housing - mortgage, taxes, insurance, utilities and planned maintenance.
Now you can start looking for a house. Pick up a realtor that is familiar with the area -ask for refferences.
Once you have found the house you should have it inspected. Another lesson I learned :Talk with the neighbors and ask for the average bills before you make an offer...
Avoid making any significant purchase before closing. You will need all the money to move in, plus any credit purchases might affect your score and your interest rate...
Move in and have fun...
2007-07-28 17:34:34 · answer #1 · answered by Ana B 1 · 0⤊ 0⤋
Get an home inspection, check every little area. This is going to be your home.
Roof, pipes, water heater, heating/cooling, mold, water damage. An home inspection should chcek these.
Also area and schools, how near you are to the places and roads you need to get around on. Work and play.
I was going to try to buy a house and the sellers didn't want to fix the boiler system and it caused mold in the basement.
Looked at a few other that had very bad water damage that was tried to be covered up by a hanging ceiling.
First-time Buyer Home Loans ask your loan officer
2007-07-29 00:21:11 · answer #2 · answered by smuglydawg 2 · 0⤊ 0⤋
HOME INSPECTION!!! HOME INSPECTION!!! HOME INSPECTION!!! Did I mention a HOME INSPECTION!!! Do not rush. Take you time. Find the house you want. Do not settle until you have had a chance to look what is on the market. School District is very important for your kids and for resale of the property. Find a REALTOR not a real estate agent to help you find a property. Let them share there expertise and let them do all of the negotiations/market analysis. Other than a home inspection, I have a saying-------- If it is to good to be true it probably is. Buying a home is a great experience and should be fun not a chore. Good luck home shopping.
2007-07-29 00:32:07 · answer #3 · answered by david Realtor 2 · 0⤊ 0⤋
Shop around a lot for a good loan. Make sure you have the lowest interest available with the minimum fees from the bank. You could realistically get by with no more than $500 worth of fees from the bank. If not, keep shopping and make sure you ask the banker if they sell your loan to different financial institutions. This is a common practice and though it isn't supposed to affect you, it is very annoying i tell you.
Good luck!
2007-07-29 00:23:04 · answer #4 · answered by rich e rich 4 · 0⤊ 0⤋
Make sure you get a certified inspector for your state. Do not buy a house without a home inspection.
And make sure you get a good realtor who will help you with the prices to make sure you are paying market value and not an inflated one.
2007-07-29 00:16:34 · answer #5 · answered by C C 3 · 0⤊ 0⤋
right now just save money, the market will depreciated more in the next year or two..if you have cash, I suggest attend some foreclosure auctions in your area (not foreclosure seminar but auction held by foreclosure firms to sell bank owned homes) this way you can save on average 20 to 30% off resale .. in some areas i've attended I saw great savings up to 70% but this are the really depressed real estate market
2007-07-29 03:32:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Location, location, location...
2007-07-29 00:21:48 · answer #7 · answered by Pinyon 7 · 0⤊ 0⤋
wait..the market is going to go down further.
make sure you get a fixed rate...
2007-07-29 00:20:55 · answer #8 · answered by Kirk M 2 · 0⤊ 0⤋