First Time Home Buyer

[Shannacore]

This process has been really frustrating.

Price vs. Location vs. Work Needed vs. Floorplan vs. otherstuff

UGH

[Shannacore]

I have a top prospect right now. Hoping it doesn't sell before I start my new job on July 1 so I can make an offer. Has literally been the only house (after looking at about 40) I have even considered making an offer on.

UGH II.

[moklianne]

Did you get a letter of approval yet from your bank? Not a pre-approval, they mean shit.

Even though you have some cash in the bank, your short financial history and credit score will come into play on who wants to finance you or not. Unless you are not going to finance at all...

[eqravenprince]

Here is my basic summary of reasons to rent or own. Looking back I wish I would have rented until I was ready to move into my forever home. I would have considerably more money to my name had I rented.

Reasons to own:

- You get to do whatever you want to your property whenever you want
- You can have pets
- Build up equity, although I would argue that this is offset by all the maintenance cost
- Eventually own the place and do not have to make payments.

Reasons to rent:

- You have a lot more freedom to move
- Something goes wrong such as a roof leaking, you call the landlord, no money out of your pocket.

[Shannacore]

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

Did you get a letter of approval yet from your bank? Not a pre-approval, they mean shit.

Yes

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

Here is my basic summary of reasons to rent or own. Looking back I wish I would have rented until I was ready to move into my forever home. I would have considerably more money to my name had I rented.

Reasons to own:

- You get to do whatever you want to your property whenever you want
- You can have pets
- Build up equity, although I would argue that this is offset by all the maintenance cost
- Eventually own the place and do not have to make payments.

Reasons to rent:

- You have a lot more freedom to move
- Something goes wrong such as a roof leaking, you call the landlord, no money out of your pocket.

Sounds like there's more reasons to own than to rent! Minos repairs and maintenance (which will hopefully be little to none most of the time?), owning is going to be WAY cheaper for me than renting. On this particular house, my mortgage (including taxes + insurance) will be cheaper than what I am renting for. That's for an additional 1000 square feet. Balllllla.

[Ahldagor]

if you get a well built house then any repairs that should arise will be few and far between be it busted pipes or nature. keep a good chunk of money set aside and a decent insurance plan, and you'll be fine. that extra space is nice to have.

[OngorDrakan]

It seems you've received a lot of good information, even w/ the neckbeards.

Inspection is mandatory. Do it. You will want to know what is going on in the house that you can't see. Hire a reputable inspector. If you find a home you like, even in this market, sit on it over night before making any decisions. Also check out the neighborhood and it's crime statistics, crimemapping is a good thing to check out. And see what the area is like, is it loud all night, quiet during the day or anything like that?

[GoodGuyAmes]

Now is the time to buy a house with federal interest rates about to go up.

[Raavak]

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

Minos repairs and maintenance (which will hopefully be little to none most of the time?), owning is going to be WAY cheaper for me than renting.

I bought my first house after renting the downstairs of a house for years, and seeing the landlord use his profits to go on a long vacation every year (well, he had like 3 rental houses). Anyway, any time I needed something fixed he would call a plumber, or whatever. He didn't do hardly anything himself. So... by owning I am just skipping the middle man and his profit taking. That's how I look at it.

[Thulack]

Don't forget about Property taxes, School taxes and every other kinda tax they are gonna hit you with too.So while yes your mortgage along might be cheaper then your rent don't forget about all your utilities and such you have to pay etc.