Any advice for a first time home buyer?

[ahollars]

Location matters most. Make sure that you kids future school is not a hoodlum factory, unless you’re open to home-schooling. A home with some assembly required in a good location is better than a ready-to-go home in the middle of a meth lab area.

I don’t know what the terms of your mortgage were, but if you didn’t get fixed rate, RUN!!! Don’t be afraid to change your mind if there is no logistical reason why you cannot put off the home until another day. I walked away from 3 approved mortgages that were variables with fixed arms. By the time I got to the 4th one, Wells Fargo could tell from my credit report that they couldn’t scam me like a loan shark.

Who cares what it looks like. Even drywall isn’t a big deal. As long as the water and electrical are sound, the rest you can do yourself, but make sure it’s well insulated, including the doors and windows.

Check your cell phone signal strength.

Revisit the place at night. How quiet is the neighborhood? Is it safe? Is it decently lit?

Consider the probability of having to purchase all new appliances. We bought ours and had them delivered after we closed. Great choice so far.

If you can get passed the flaws on the surface, and have the means to fix them once you’re in, then go for it!!!

 

[Augusta_Sans]

I’ve read that people are jacking the price of their home up by $8500 so they (as the seller) can take advantage of the tax incentive, rather than you, the buyer. Make sure you look at comparable sales in the area that happened BEFORE the tax incentives were available.

Also, GREAT point on the cell phone coverage–go to the deepest darkest room in the house and check your signal strength. (P.S. Verizon is generally the winner in signal strength. If you have a weak signal with Sprint, you can generally expect a few more bars with Verizon.)

 

[rick43235]

Here are some of my tips:

Don’t look at things above your price range, things in your price range will look shabby in comparison.

Drive the neighborhood at different times of day/night/weekend/weekday. Pay attention to traffic, how many people are out walking, noise, parking.

Resale does matter-- so if you don’t have kids, the school district still matters. Weird layouts matter. Only 1 bathroom matters. Less than 3 bedrooms matters.

Look past odd paint colors and things you can change, but don’t ignore things you can’t.

Take a tape measure. It does matter whether your couch will fit on that wall.

Pull the crime report for your neighborhood from the local police-- many have graphs of # of crimes in X radius, # of sex offenders in X radius, etc.

I made a word document/form that I filled out on every house. I took the fliers they had for the house, but then I made my own form and took notes as I went through the house writing down specific things I liked, didn’t like, details. That way I could go back through them and prioritize them. I looked at a LOT of houses.

Make a list of must-have items and a list of deal-breaker items and stick to it.

And, lastly, it’s not your house until the day the deal closes. Don’t get attached or emotional until the day you get the keys.

As one who has bought and sold several houses over the years, let me say that this is excellent advice. The only thing I might add is to make sure you have an attorney go over all the documents and be present at the closing - even if your agent tells you that it’s not necessary. I can clearly recall one closing where everyone rolled their eyes and looked at me like I was nuts when I brought an attorney with me. As it turns out, he caught a mistake that could have cost me a large sum of money - many times the fee he charged. (The closing agent turned the brightest shade of crimson I have ever seen. It was great. )

 

[dontknow]

Buy a full case of Pepto-Bismol and plan on staying in the place long enought to forget how painful it was to go through everything!

By far some of the most factual and important advice provided!

I can’t agree more

 

[homerunbetty]

If you live in an area that has natural disasters, ask lots of questions. I know the seller is supposed to disclose everything, but they do not always do this. We live in a hurricane prone area. There are always a ton of houses up for sale after a hurricane has hit. What happens is the home owner collects the insurance money, makes minor repairs, puts the house up for sale and makes off with a ton of case from the insurance proceeds. The new home owner is stuck with a house that ends up having mold damage, etc.

Ask about warranties for foundation repairs, termite control, etc.

How old are major items like the roof, hot water heater, air conditioner?

We are looking for a cheaper home. Something we can afford on just my husband’s income. The first thing we do is look in the neighborhood for any child molesters.

Good luck!

 

[joandarc2008]

When you are looking at the new home are there families out walking? Do they say hi? Are they approachable if you talk to them? This will tell you a lot about how safe the families that live there feel. I am now in the third place that I have owned. I am 31.

 

[ilt]

I’m glad I came across this post. My DH and I are approved for mortgage. Having rented a small house for years in a so-so neighborhood, with the children growing so fast, we think this is the time to purchase the family house.

I am apprehensive, though. I am grateful for all the posts given, however. I’ll have my DH read them when he wakes up (it’s 4am here). Thanks so much and please pray for us as well. We need these prayers more than ever.

God bless us all. Peace.

 

[Kindness]

In many parts of the country house prices are still going down, check prices for comparable properties (comps) in the area you like in the last 3 months and then 6 months ago. If prices are going down or holding steady you are in a buyer’s market (like 98% of the USA). This means sellers are keen to impress you and you are a rare commodity. Therefore make sure you are getting a good deal for your money. For example the house should be spotless and everything in a good state of repair. If it’s not negotiate for a reduction for repainting etc.

Your agent will be receiving around 3% of the final sale price (from the sellers) so make sure they do not encourage you to make a bigger offer than necessary. One of the worst financial mistakes you can make is having a bigger house payment than you can reasonably afford.

You can take recent house sale prices on Redfin and other independent websites. Blessings for your house hunting!