(Closed) Tips for buying a house!

posted 3 years ago in Home
Post # 16
Member
217 posts
Helper bee

Do not get buy a house of you can’t do a traditional 30 year mortgage with about 20% down. Pmi is an absolute waste of money

Post # 17
Member
834 posts
Busy bee
  • Wedding: April 2015 - Family Farm

sparklesbelle :  Paint comes in a can. Faucets, light fixtures and cabinet pulls in a box. Carpet can be changed in a blink.  

Look at the bones. Looks for storage. Get in the tub. Stand in the shower. Stand at the stove and sink, see how you would feel there. Check out the attic/basement to make sure you have room for your stored boxes. Bring a tape measure and have a list of your furniture measurements, couch, beds, tables. Make sure they will fit in the space. 

Those are things you need to take into account. 

Post # 18
Member
224 posts
Helper bee
  • Wedding: December 2014

Throughout the process, remember that this is you and your husband’s money ( and your financing), and you and your husband’s major decision. Do not let others ( RE Agent, Mortgage Broker, Banker, friends, family, ect.) unduly influence you/ your decisions. You sit in the driver’s seat here, and you are the customer of the RE Agent, the lender, and escrow agent. Feel free to be assertive in all that you want and need.

Also, I hope and wish you have fun during this process. It is an exciting time! Best of luck to you.

Post # 19
Member
752 posts
Busy bee
  • Wedding: October 2011

If at all possible, finance the house in one of your names as opposed to both. There is no need to tie up both spouse’s credit if you can pull it off.  You can then title the house in both of your names.  This matters in case one of you dies unexpectedly.

Agree on putting 20% down as well. PMI is $ in the trash. I also liked the tip on considering if it’s a starter home or forever home. We finally landed in our forever home and it’s a much different experience than a starter. 

Post # 20
Member
752 posts
Busy bee
  • Wedding: October 2011

Oh and one more thing. Shop interest rates. You’d be surprised at how willing a bank or broker can be to lower fees and rates based on what others are offering. 

Post # 21
Member
480 posts
Helper bee

o Decide on a budget beforehand and stick with it. If it’s below what you’ve been prequalified for, still stick with it. Don’t let a lender talk you into spending more than you can afford.

o Make sure to go with fixed (not adjustable) rate mortgage.

o Location, location, location! Ensuring that you’re in a good location is not only good for you and your family’s safety, it will also determine your home’s worth in the future.

o Once you’ve decided on a place you love, be sure to have it thoroughly inspected before purchasing. In addition to not ending up with unpleasant surprises after moving in, you may also discover things that will give you a bit more leverage in negotiating the final cost.

Post # 22
Member
236 posts
Helper bee

We’ve started looking for a house recently too and our realtor told us to always keep resale in mind. Even if you’re planning on buying your forever home plans can change and you never know when you might need to sell. So any changes or updates you consider when looking at houses you should keep in mind whether they’ll add value to the house or not. She also told us to look mostly at the ‘bones’ of the house, and if we love most of it but there’s cosmetic or superficial changes to make we should go for it but if there’s major structural issues (like basement problems that are notorious in the area we’re looking in) we need to weigh that potential added cost/problem to how much we like the rest of the house. And if there’s something that slightly bothers you during walkthroughs (like stairs that are too steep or narrow hallways) it will bother you way more once you’re living there and dealing with it daily. Good luck!

Post # 23
Member
733 posts
Busy bee

mrswhitecat :  I said it was odd because 15 years old seems like such an arbitrary number to choose. I purchased a new construction home once upon a time, and it’s a lemon. They are essentially made out of paper. Every time the AC turns on all the lights in the house go out. Apparently when they installed the AC unit they screwed it in through the cooling coils. They wired the fuse box wrong. The graded the lawn wrong, so when it rains the water flows towards the house. It’s a rental for us now, but it’s a POS. The house we’re living in now was custom built and has 12 inch thick stucco walls, and just generally has much better bones. Just because a house is 15 years old or newer doesn’t mean it’s better. Houses aren’t cars, they don’t start to fail because they have more miles on them.

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