Looking to buy a house soon, any advice?

[Budologist420]

Me and my girlfriend have been saving our money for a while now and we want to buy a house soon.



What are the first steps I need to take to make this goals a reality?


Any friendly advice is much appreciated.

 

[racerboy71]

do you have kids or are you planning on ever having them?? if so, look at the school district for the town that you're looking into.. i really can't stress enough how important it is to the future of your kids to buy a home in an area that has good school districts ...
it's better to buy a crappier home in a nicer area than it is to buy a nicer home in a crappier area if that makes sense...

it's a good time to be buying a home with the market being so low, just make sure that you don't get into a home that is over your head and something that you'll be comfortable in for a few years minimum..

 

[Ringsixty]

First know how much of a loan you both can get.
Make sure what ever property you select to buy. For god sake get a good home inspection.

This is the time to buy. If you can afford it.

Live with in your means.

Don't buy a house that would cause you to eat crackers and cheese for the rest of you life.

 

[brimck325]

never buy a mortgage you can swing, leave a nice financial cushion....peace

 

[massah]

And don't buy a house with a girlfriend unless you REALLY plan on staying with that girlfriend or turn her into a wife that won't divorce you...

Don't buy a house without having an independent inspection done.

Some newer homes built in nice subdivisions are actually VERY shitty houses...nice at first, then everything starts breaking around you...So if you are not a very handy guy or make shittons of money, plan on it sucking the life out of you...

Get a warranty on the home if you can to cover the big ticket items just in case...

One of the easiest ways to look for quality well done construction is to see how sound proof the rooms are...so have your girlfriend go into a bedroom...shut the door...and walk to another room and try and have a conversation...if you can, the materials are thin, the walls are thin...if the sound is muffled pretty well the home structure itself is probably pretty well made.

Another thing to look at is the ground that the house is built on...is it soft? Is it rock? How thick is the slab? How thick are the basement walls? Any cracking in the foundation? As a house settles things start warping and bending making it harder to shut windows/doors and can cause other issues with seals around the house making it cost much more to heat or air condition it.

There are tons of things to look at when buying a house...the biggest thing I can suggest is make sure you can afford the cost of maintaining it. Be sure you can afford the heating or cooling costs of the home, especially if fuel used spikes in price(can you afford $3000 in heating oil over a 5 month span?) Just some suggestions to look at

 

[dtp5150]

im really glad i bought a cheap small house. my pmnt is less then what i was paying rent, have a huge yard, and smaller house so dont have to worry about heating or cooling a huge house, and its shaded by trees so no air conditioning. But im a hippy, and have some power tools

if ur doing the whole family thing, look at your local schools ratings

 

[racerboy71]

There are tons of things to look at when buying a house...the biggest thing I can suggest is make sure you can afford the cost of maintaining it. Be sure you can afford the heating or cooling costs of the home, especially if fuel used spikes in price(can you afford $3000 in heating oil over a 5 month span?) Just some suggestions to look at [/QUOTE]

good tip on the heating and cooling costs. our house uses oil to heat in the winter and it runs us like $1k / month just to run the heater at around 60 some degrees.. oil is crazy expensive right now...

 

[Johnnyorganic]

Whatever you do, do NOT buy a house within a neighborhood association.

Trust me on this one.

You have no way to opt out. Even before you agree to buy the house. If it is in the deed restriction, it is non-negotiable.

You will be forced to pay monthly/yearly dues; and be bossed around by a board made up of little Caesars.

You will have to ask permission of the board to make any changes to your own property. And if you do something to displease them, they fine you.

They even have the power to put a lien on your property.

Never again.

 

[ClaytonBigsby]

Yes, depending on where you live, heating can rape your pocketboog if you do not have proper insulation. Consider the year the home was built. Old homes will require serious plumbing and electrical work at some point. Make sure the indows have been upgraded. Check for appropriate insulation in the attic AND crawlspace if there is one. Look in the attic at the roof, check for signs of leakage. Age and type of siding and shingles. Mortar around chimneys, etc. A GOOD independent inspector should check these things but check yourself.

Do not fall for the banana in the tailpipe ("we have another offer/interested buyer" from the Seller's agent). Know what you can get a loan for and what you can afford. Your monthly mortgage should not be more than a third of what you make. Check out insurance costs AND property taxes!!! How close is the nearest fir station/hydrant etc.

Ask the Seller to pay closing costs. Shoot low, so many people are dying just get out of their homes.

 

[smokebros]

I would wait 2 years, home prices still haven't hit their low yet. If you absolutely have to buy one - try and spend as little as possible because a bubble still exists in the housing market.

 

[ClaytonBigsby]

FOR GOD'S SAKE DO NOT BUY A HOME IN A HOA!!!!!!!! Great post, Johnnyorganic!

What is happening now is that so many people have walked away from their homes or lost them to foreclosure that the remaining people in the HOA have to pay more to compensate for their absence. HOS's require a set amount to function annually. Say 100k. With 100 people, that's 1000 each per year, but if 50 leave, the other 50 now have to pay 2000 a year. I heard a story the other day on NPR where a 74year old woman in FL lost her condo over $125. She had owned it outright for 10 years but with all the people leaving her community her J=HOA dues shot up more than her fixed income. When she could not pay the HOA they foreclosed on her condo and threw her out over $125. She lost her home of 40 years the the HOA!!!!

 

[ClaytonBigsby]

HEY Budologist, I didn't see this was your thread. Congratulations. Nobody has suggested the obvious......

FInd a place where you can grow safely!!!

 

[Johnnyorganic]

HEY Budologist, I didn't see this was your thread. Congratulations. Nobody has suggested the obvious......

FInd a place where you can grow safely!!!

Good point.

Growing anywhere within a certain distance of a public school or park usually means enhanced sentencing guidelines in some jurisdictions.

It's 1000 feet from a church, school, or public park in my neck of the woods. Same as the titty bars.

 

[cannabineer]

Get pre-approved by a lender. Anyone say this yet? cn

 

[Budologist420]

Thanks for all the advice I need as much as I can get.



I do plan on having kids and I am going to marry the girl I'm with.

If I'm looking to get a house between 75,000 an 150,000 how much should I have saved.


I'm looking to move to the Reno area and I know they have medical marijuana so we should be good to go with that.

 

[ClaytonBigsby]

If you have great credit, I think you should be able to get by with 10% down. Used to be lenders wanted you to have 6 months reserves (monthly mortgage payment x6) on top of your down payment. DO NOT go any other route besides a FIXED Interest rate. I would go 30 yr so your payments will be lower (interest a little higher than a 15). Also, split your monthly payments into 2 payments a month if you can. It will help pay down your principal faster.

 

[cannabineer]

Yes, but add 5-10% toward incidental non-mortgage expenses, like repairs/improvements before move-in, necessary furniture and appliances, moving, unexpected closing-type costs, the myriad things that settling into a new nest needs. cn

 

[2fast92]

Buy me one?

 

[ohmy]

buy my house,will even leav the lights up

 

[Budologist420]

buy my house,will even leav the lights up

Sure!! Lol where u live at