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2 Bumps

Buying first house..hopefully

Any advice?

Answer Question
 
ria7

Asked by ria7 at 12:53 PM on Jul. 16, 2010 in Home & Garden

Level 23 (15,224 Credits)
Answers (8)
  • Get an inspection! It really can save you thousands of dollars and tons of hassle. If something bad is going on, you can even get the sellers to fix the problem for you or reduce the price to allow for any money it may cost you.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:55 PM on Jul. 16, 2010

  • Do you have AT LEAST 20% for a down payment?
    Is/are your job(s) relatively stable?
    Will your mortgage payments be less than 30% of your TAKE HOME pay?
    Are you going to secure a FIXED RATE loan?
    Is this house a home you can envision living in for at least the next 10 years--is there room for growth or additions?
    Is you home located in a good school district?
    How are the emergency services in the town where the house is located--how are the property taxes?

    Just a few questions off the top of my head! :o)
    LoriKeet

    Answer by LoriKeet at 1:03 PM on Jul. 16, 2010

  • Oh yes, Lorikeet is right with the fixed rate loan. Never a good idea to have an adjustable, unless it's something like a flip house that you'll dump fast. I never planned to live in my houses for that long, so I didn't worry about how we would grow into it.
    Another thing you might want to look into is a first time buyer program through the city/town where you are planning to buy. We were able to do that with our first house, and the city contributed to our down payment. It was a few thousand dollars, which was really helpful at the time.
    JulieJacobKyle

    Answer by JulieJacobKyle at 1:08 PM on Jul. 16, 2010

  • Thanks for the info. yes it is a house to grow into and it is less than 25% of our take home pay :)
    ria7

    Comment by ria7 (original poster) at 2:21 PM on Jul. 16, 2010

  • Take your time and don't rush I'm anything.
    mamaofficer

    Answer by mamaofficer at 4:10 PM on Jul. 16, 2010

  • CONGRATS!!!!! start saving for repairs that your not used to paying for because you rent. Simple things that need replacing as well as things like AC units and appliances. I would ask BEFORE you move in how old the appliances are and do you research on how often those things need to be replaced that way you dont move into a house that will need a new roof new ac unit and all that great stuff in the next 4 years!!! um...other than that..make sure you know if your realtor is a buyer agent only (that can come in handy when you think shes not getting you the best deal).........ummmm....NEVER SETTLE! ..... Cosmetics can be changed easily dont get distracted by paint color.
    sweetstkissez22

    Answer by sweetstkissez22 at 8:20 PM on Jul. 16, 2010

  • Be sure to read and understand all of the paperwork you will be signing.
    tasches

    Answer by tasches at 2:03 AM on Jul. 17, 2010

  • Make sure that you are able to afford it. Find out what ALL expenses will be, including closing costs and home owners insurance. Make sure you read EVERYTHING, and get everything inspected.

    Good luck!!
    ethans_momma06

    Answer by ethans_momma06 at 12:56 PM on Jul. 17, 2010

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