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Buying a house

Does anyone have any advice about buying a house? how much should we save up before buying? and is it as easy as people make it sound? is buying better than renting?

Answer Question

Asked by Anonymous at 12:34 AM on Feb. 5, 2009 in Home & Garden

Answers (5)
  • I would save atleast 20% before buying, and also make sure the foundation and roof is good...anything else is an easy fix but if either of those are bad thats alot of money to fix.

    Answer by Mikayla_lynn at 12:41 AM on Feb. 5, 2009

  • When you do buy a house, when making payments, you should make your monthly mortgage payments biweekly -- say it's $1200 pay six hundred dollars every two weeks -- this way you'll pay an extra payment every year and so say in s 30-year mortgage you could have it paid off in 23 years instead.

    Answer by Anonymous at 12:50 AM on Feb. 5, 2009

  • Buying gives you a tax break...the mortgage interest is deductible. Right now, it is a buyer's market.

    These days the more you can put down, the better. A first time buyer can usually get a good loan with ten percent down. 20 percent is even better if you can manage it.

    Do you have any savings yet? Start there and get prequalified so you know how much house you can afford.

    Answer by gdiamante at 12:51 AM on Feb. 5, 2009

  • Annoymous is right. Paying an extra payment each year will pay off your loan much faster.
    (1) Do not sign up for this "service" and pay a fee for it. You are perfectly capable of writing a check and mailing it in for free. Why pay someone money to do it for you?
    (2) Do not send extra money if you have other debts. The interest rate on your mortgage will be LOW and the interest is tax deductible on top of that. Pay off debets with higher rates first.
    (3) Once your debts are paid (not counting the house), save up at least 3 months of expense money, 6 months is better. Why? Any extra payments you make come off the back end of the loan. If you lose your job and don't have the moeny to make a payment, you will still owe that payment no matter how many extra payments you have sent in over the years.

    Answer by kaycee14 at 1:05 AM on Feb. 5, 2009

  • All the above advise is great and accurate. Just wanted to add that it can be easy, especially if the house has been on the market for awhile. The seller will be more willing to pay closing fees or taking less than the asking price. Just keep in mind that when you look at homes that cosmetic things like wall color can easily be fixed with some elbow grease and paint. I get so annoyed watching HGTV and seeing people going "ick" over paint color, $20 buys a gallon of paint! lol. Also I just feel that renting gives you nothing to show for it, a house you own and pay a mortgage for you can design and paint to make it truely your own. I will never rent again and be stuck with bland white walls.

    Answer by Mom2Jack04 at 2:26 PM on Feb. 5, 2009

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