My husband and I are thinking about buying a home. Can some one tell me whats the best way to go about this?

Question

I'm really nervous because neither my husband or I have ever done this and I don't know what to do or what to even ask. We are military and can use this to our advantage because of loans and things, but I know my husband and he jumps into things, so that kinda leaves me leading the way. I want to know what to do and use the knowledge to my advantage. Any good websites out their for first time buyers.

Answer 1

Since your husband is in the military you are eligible for a Vetrans Administration loan. You will still need a down payment of at least 5% preferably more. So first save the money for the down payment. Second contact the VA to see about getting the loan application going (this is the government so it might take a while). Do this before you even start looking at houses. Once the loan application is in the works you can start looking at houses. One piece of advice is that you should always have the house inspected by a professional home inspection company. They can see things wrong with a house that you might not. They have saved me from buying a house that would have needed a lot of repairs that I would not have been able to afford.
Oh, yeah, thank you to you and your husband for serving our country.

Answer 2

first rule is: location, location, location. A house w technical issues in a great location can always be improved, and will probably see this in resale value. But a house in a poor location, nothing can be done. So never, ever, settle for an inferior location. Never.

second rule is: thing long-term. Normally people expect to live in a house for a long time. So it's perfectly fine if a house has some issues that can be fixed over time (redo the kitchen, kick a couple walls down). It's much better to have a house needed refit work in a good location, than a house in perect shape but in a bad location.

third rule is: do not go for something beyond your budget. Which means, explore beforehand w your bank, what your budget will be. Something that stretches your budget too much will result in lots of stress, lots of frustration (no money left for holidays, etc). And increase the risk of repossession should anything happen!

fourth rule is: moving quickly may not be wrong per se. BUT, moving w/o having seen at least say a couple dozen homes, would be wrong. So even if your husband likes to rush things, just say, fine, i'll go any speed you want, I'm happy to visit 5 or 10 houses a day (though if spending min 1 hour per house, 10 sounds like a lot!). BUT I will NOT make a decision before we've seen, say, 15 or 20 really possible houses. I.e. exclude any poorly located, not suited to your means, not suitable layout.

fifth rule is: if anyone tries to force a deal on you, or worse offers too many perks, just give up. A house is for the long-term, so anyone who tries to force used car salesman tactics on you, is trying to cheat you at some level. Do NOT play that game!


That's really all you need to know. Go see your bank, and then go ahead and visit a LOT of houses.

Good luck!

Answer 3

Determine your preferred neighborhood, your price range, amount you have for a downpayment (have at least 10%!) - possibly consult a bank and see if you can get pre-approved for a home mortgage (do not get any type of loan except for a FIXED RATE). Find a realtor and then go from there. It's a buyers market out there, so take your time and don't make quick decisions. You'll want to inspect the home inside and out (look for water damage, electrical problems, roof/gutter/chimney damage, etc. etc.). The realtor should help you with all of this. Good luck and do NOT overspend!

Answer 4

I am a real estate assistant to nine agents. The first thing you want to do is decide what you are looking for in a home. I.E. square footage, bedrooms, baths, yard, location, etc... Then start talking to different realtors and find one that you like and that you feel will find what you want. As they are finding you houses that fit your criteria, ask them to do some CMA's. They will know what I am talking about. This will be a great comparison on several prperties at one time. Remember you can always look at houses $25,000 to $75,000 more than what you can spend. In the market we have right now everything is cheap and people are selling for way less than they are asking. You can always couter-offer, etc... If you have any questions you can email me and I will do all I can to help.

Answer 5

#1 you need to calculate how much you can afford to spend (each month) on a house. this will include taxes and insurance. then stick to it. everyone will try to sell you more than you can afford (because they usually get percentage commissions). You can get a loan that is for a lot more than you can really afford. This is the most important thing, figure out the price of the house you can afford based on how much money you have per month and don't let them bump you up
stick to looking at houses in that range.

they won't be perfect and more expensive houses will be better. but stick to an affordable house.

make sure to check out structural things like roof integrity, termites, etc. no house is perfect

talk to hubby about what's most important -- a quiet neighborhood? good schools? a big yard? modern kitchen? close to work? neighborhood pool? there will be tradeoffs. but decide what qualities in a house are most important to you. then narrow your search based on that.

get a recommendation on a real estate agent from other military families who have gotten houses and are making it successfully.

Answer 6

There is a free online course called "The A to Z's of Home Buying" offered by Consumers Advantage Mortgage. If you go to the web site, there will be a popup box that allows you to register. It is all delivered via email.

Here is the site: http://www.consumersadvantagemortgage.com/

Answer 7

Honestly, consult a realtor in your area. When you are buying, there is really no downside to using a realtor since commissions are paid by the seller. A realtor will know about market conditions, available properties, prices, etc. They are also familiar with processes and contracting as you work through the process.

Answer 8

There are a lot of good books. I would suggest "Home Buying For Dummies" and "Mortgages For Dummies" if you can find them. You're right - you want to know the basics first.

Answer 9

go to a bank and get pre-approved this way u know what u can afford....then go see a real estate agent and tell them how much u r approved for and they will show u houses for your price

Answer 10

Good sites with lots of good home buying info.

http://sellerbuyerinfo.com
http://insider-reports.com