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What advice would you give some one buying their first home?

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mhaney03

Asked by mhaney03 at 5:42 AM on Apr. 11, 2010 in Money & Work

Level 17 (3,320 Credits)
Answers (29)
  • Do not buy a house you can not really afford.
    louise2

    Answer by louise2 at 7:05 AM on Apr. 11, 2010

  • I agree with the first response of course make sure you can afford the house, along with all the other bills that come along gas and electric etc. Take your time and look at as many homes as you can. Get an inspection done.
    Kellyjude1

    Answer by Kellyjude1 at 7:15 AM on Apr. 11, 2010

  • Make sure you have AT LEAST a 20% down payment; that your mortgage payment does NOT exceed 30% of your monthly TAKE HOME pay; and that at least one of you has steady and gainful employment--if you can make the mortgage payments on one salary, you're certain to be able to make ends meet with two incomes!


    Also, it is in your best interest to pay for a home inspection PRIOR to closing--the inspection can save you thousands of dollars on unexpected repairs--ESPECIALLY if you buy a home from a "FiSBO" (For Sale By Owner) seller--you never know what they're hiding by trying to save a few bucks on closing costs!


    Here are a few more tips:


    http://www.homebuyinginstitute.com/

    LoriKeet

    Answer by LoriKeet at 7:19 AM on Apr. 11, 2010

  • Remember it is not just the mortage you have to pay. You have to pay the property taxes and house insurance to. And all the utilities, gas, water sewage, gabage, electic. And if anthing breaks in the house after you buy it. You foot the bill. No calling the owner or manager to fix it.

    louise2

    Answer by louise2 at 7:28 AM on Apr. 11, 2010

  • Make sure that you can still afford your mortgage, property taxes and insurance if your income gets cut in half.

    Have at least $5,000 in savings at all times for repairs.

    Learn to do your own home repairs (Home Depot has some good classes and books)
    rkoloms

    Answer by rkoloms at 7:37 AM on Apr. 11, 2010

  • We just bought our 1st home and it was a short sale, but Itwas/is perfect for our family so it was worth the wait.So if someone shows you a short sale & you like it just be prepared to wait up to 6 months at the longest.It was about 4 for us, but we got a great deal, love it! Also don't go out and buy all the great things you see on HGTV, you'll need some saved cash for a rainy day or a emergency repair! GODD LUCK,Take your time,Stephy
    Stefono

    Answer by Stefono at 8:04 AM on Apr. 11, 2010

  • Do your research. Don't just go for the first house you see. Have a list of Must Haves and Deal Breakers. It will make it easier on your real estate agent. Definitely do NOT buy more house than you can afford, even if you "really" like the house. You will be sorry. Just because you get approved for a certain amount of loan doesn' tmean that's how much you can afford. And don't just look at the hosue payment, you have to make sure you can afford property taxes and homeowners insurance.

    Do your own searches, don't just wait for your agent to suggest houses. Don't waste your time going to see every house your agent suggests or you find on the internet. I found houses online I liked, then did "drive-bys" to see if was worth scheduling a "go see." Saves a lot of time.
    I suggest getting Homebuying for Dummies.
    SherriPie

    Answer by SherriPie at 8:08 AM on Apr. 11, 2010

  • Remember it is not just the mortage you have to pay. You have to pay the property taxes and house insurance to. And all the utilities, gas, water sewage, gabage, electic. And if anthing breaks in the house after you buy it. You foot the bill. No calling the owner or manager to fix it.

    As a Real Estate Agent, this is the biggest one. People come to closing and almost faint when they have to pay taxes too!
    jalex

    Answer by jalex at 8:17 AM on Apr. 11, 2010

  • Have your inspector check for mold...it's about $300 extra...but it sooooo worth the extra money.

    momjoy1027

    Answer by momjoy1027 at 9:20 AM on Apr. 11, 2010

  • Get a GOOD inspector
    UAFwife

    Answer by UAFwife at 9:21 AM on Apr. 11, 2010

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