First Time Home Buyer

[boudicca]

See if Zillow says the property values in the area are going down, going up or staying where they are. Check the walk score, if you want to have stuff in your neighborhood within walking distance, instead of having to drive.

Consider having more than one inspection done, and be leery of someone referred to you by the seller. Some areas have been re-drawn into new flood maps - find out how the weather in that specific area has been. See if there are any superfund sites near where you're wanting to live. Less obviously, look for places like dry cleaners, gas stations, etc, where they may have toxic chemicals and not properly disposing of them.

Before you consider getting a place that you'll be doing landscaping on, find out what kind of soil is there - if it's crappy soil, you may end up spending more than you anticipated. Find out if existing landscaping stuff, like sprinklers, are under any warranty. Are there drain tiles around the perimeter of the house? How is drainage? Do you have a sump pump? a backup in case the first one goes out or power goes out?

Does it already have an alarm system? Are the entry points secure - windows, egress windows, etc. How old is the roof? Are appliances included, and are they so old that they'll have to be replaced? Termites, bats, cockroaches, racoons? What's the cell phone reception like in that area? Do you get any options for cable tv & internet, or satellite tv? Is there any mass transit within a reasonable distance? Crime maps, crime maps, crime maps. Drive around the neighborhood at all hours, to get an idea of what it's REALLY like. Offstreet vs on street parking? Motion detection lights in the backyard in case someone goes into your back yard (it may make someone choose another house to break in).

Are there any rules or covenants for your neighborhood about things like fencing and landscaping? Is the neighborhood old, new, recovering, going downhill? On a flight path for an airport, so sound is an issue? Near a highway or major road, so traffic and noise again are an issue? Are schools important? Old enough of a house that you'll have to consider lead paint?

Central air vs swamp cooler? What kind of heating? Old chimneys that don't work or haven't been kept up and cleaned regularly? Not always possible, but see what the house is like during rain, to see if anything is leaking. Mold & mildew. Be honest with how much fixing up and customization you're able to do - the TV shows about flipping or renovations always understate how much work and money is involved. How long has the house been on the market? Any other houses nearby being sold or being foreclosed? How many bedrooms? Are the walls really able to be taken down to make a room bigger, or are the walls load bearing?

[Thulack]

Originally Posted by boudicca [You must be logged in to view images. Log in or Register.]

See if Zillow says the property values in the area are going down, going up or staying where they are. Check the walk score, if you want to have stuff in your neighborhood within walking distance, instead of having to drive.

Consider having more than one inspection done, and be leery of someone referred to you by the seller. Some areas have been re-drawn into new flood maps - find out how the weather in that specific area has been. See if there are any superfund sites near where you're wanting to live. Less obviously, look for places like dry cleaners, gas stations, etc, where they may have toxic chemicals and not properly disposing of them.

Before you consider getting a place that you'll be doing landscaping on, find out what kind of soil is there - if it's crappy soil, you may end up spending more than you anticipated. Find out if existing landscaping stuff, like sprinklers, are under any warranty. Are there drain tiles around the perimeter of the house? How is drainage? Do you have a sump pump? a backup in case the first one goes out or power goes out?

Does it already have an alarm system? Are the entry points secure - windows, egress windows, etc. How old is the roof? Are appliances included, and are they so old that they'll have to be replaced? Termites, bats, cockroaches, racoons? What's the cell phone reception like in that area? Do you get any options for cable tv & internet, or satellite tv? Is there any mass transit within a reasonable distance? Crime maps, crime maps, crime maps. Drive around the neighborhood at all hours, to get an idea of what it's REALLY like. Offstreet vs on street parking? Motion detection lights in the backyard in case someone goes into your back yard (it may make someone choose another house to break in).

Are there any rules or covenants for your neighborhood about things like fencing and landscaping? Is the neighborhood old, new, recovering, going downhill? On a flight path for an airport, so sound is an issue? Near a highway or major road, so traffic and noise again are an issue? Are schools important? Old enough of a house that you'll have to consider lead paint?

Central air vs swamp cooler? What kind of heating? Old chimneys that don't work or haven't been kept up and cleaned regularly? Not always possible, but see what the house is like during rain, to see if anything is leaking. Mold & mildew. Be honest with how much fixing up and customization you're able to do - the TV shows about flipping or renovations always understate how much work and money is involved. How long has the house been on the market? Any other houses nearby being sold or being foreclosed? How many bedrooms? Are the walls really able to be taken down to make a room bigger, or are the walls load bearing?

Well put and alot of things to consider. I remember drainage being a huge issue for my parents when they bought their last house. When it rained heavy it flooded part of the back yard that was lower and after a few years a sinkhole developed.

[boudicca]

Seems like sinkholes are showing up more often lately. [You must be logged in to view images. Log in or Register.] Regarding the big one that happened in Florida recently, I think a whole bunch of houses in that area had to be abandoned. I think they got some of the cost of their houses recovered, but I doubt it was all.

I'd also avoid living in areas that have fracking going on, if you can. It seems to mess with the water tables.

About flooding, if the house is on a newly mapped flood area, you could have huge insurance costs - best to avoid what costs you can. IIRC I think you'd need to have flood insurance months before an actual flood, to have coverage.

Oh yeah, don't buy more house than you need. Sure, it's a prestige thing, but it IS harder to maintain and keep clean a bigger house, plus the more a house costs, the more that it can fall in value if the market tanks again. You also don't want a house that's either worth alot more, or alot less, than the neighborhood it's in. This hurts the value of the house.

Check with your insurance company, you may be able to get lower insurance costs if you do things like have an alarm system.

Until like a decade ago, alot of people assumed when they bought a house, they could be in it for a few years, then sell it easily and keep working their way up. I know it's their job to make as much money as you can, but it's my belief that part of the housing crash, was that construction companies and real estate agents wanted to have houses overvalued. The market HASN'T recovered in all areas either. Any work you do prior to buying a house, to make sure you get an honest price is definitely worth it. You don't want to be underwater.

You don't want a double mortgage if you can at all avoid it. Avoid ARM (adjustable rate mortgages) like poison. Prior to buying your house, get in the habit of living as cheaply as you can. You'll have more to put forth in a payment, have a nest egg for when emergencies pop up, and it won't be a shock in your lifestyle if you DO suddenly NEED to live that frugally.

Oh yeah, know what you like. Don't be suckered into what you're TOLD is the current fad, like I guess awhile ago was all stainless steel, but that's considered outdated? If you like it, and you're gonna be at the house for years and years, YOU are the one who has to look at the stuff, like it, have an easy time cleaning it, and be comfortable. Don't do something that'll devalue the house and make it just odd, like painting it day glow green, but go to open houses, and see alot of ways to decorate and build.

Oh, and plain old grass is easier to maintain, than alot of flower beds. Weeding, watering and dealing with pests in trees and flowers is a pain in the ass, unless you LIKE gardening, and in that case, more power to you. Know your area's hardiness zone, what kind of soil you have (acidity etc - you can send it in for testing), and what kind of work you'll need to do, to fix it from whatever it was like prior. If your neighbors' lawns are full of dandelions, or their dogs crap all over everyone's lawns (including yours), that's a something to look out for.

Oh yeah, get used to shovelling snow too, as you may have been able to dodge that in an apartment. Think about the cost of a snowblower or lawn mower, potentially.

[Alawen]

I can't speak to the loan or purchase because I've never owned a home. Are you really settling in at such a young age? I've lived in several cities around the U.S. and I'm nowhere near done yet. I'm moving to the east coast next year, and I want to teach abroad after I finish there.

However, I do all the maintenance and repairs on my mom's house. I'm very good with carpentry and electrical work and it takes me at least two weeks every year, saving her thousands of dollars. Those expenses never end. Some time this summer, I have to clean her ducts, which absolutely sucks. If you're not having a plumbing problem, then it's time to buy a new stove or furnace. Have a big rainy day fund for unexpected expenses.

On a personal note, I'm sorry to hear about your dad. Congratulations on graduating, your job, and getting grad school paid for, though. That's a great deal.

[Hasbinbad]

what are u gonna teach the broad?

[Shannacore]

Making an offer on a house early next week ~ ~ ~

[Piff]

travel.

[EchoedTruth]

Originally Posted by Stinkum [You must be logged in to view images. Log in or Register.]

[You must be logged in to view images. Log in or Register.]

Why try and bitch about what someone is doing with their life based upon assumed information, and then not read when the person in question explains that information more thoroughly?

Oh I know.

You're a fuckbag.

Kill yourself.



On topic: I never recommend buying a house. Plus, why the fuck would you want to live Albuquerque?


(I just looked up how to spell Albuquerque and can't believe I got it right without looking [You must be logged in to view images. Log in or Register.] )

[Shannacore]

Offer letter sent innnnnnn

[Shannacore]

Originally Posted by EchoedTruth [You must be logged in to view images. Log in or Register.]

Why try and bitch about what someone is doing with their life based upon assumed information, and then not read when the person in question explains that information more thoroughly?

Oh I know.

You're a fuckbag.

Kill yourself.



On topic: I never recommend buying a house. Plus, why the fuck would you want to live Albuquerque?


(I just looked up how to spell Albuquerque and can't believe I got it right without looking [You must be logged in to view images. Log in or Register.] )

Because I'm going to school here and have a decent job (that pays for said schooling). I have more than enough money to do it, it's a good investment. The house I'm (pending) buying is in a REALLY rentable area so I don't see it being a problem if I decide to venture elsewhere down the road.