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Any advice for 1st time home buyers?

My husband and I were recently pre-approved for a mortgage. We're looking to buy a house this summer or fall. We have lots of family advice but none of them have purchased a house in the last 5 or 10 years... Any help would be appreciated! Thanks!

 
karischub

Asked by karischub at 2:55 PM on Mar. 26, 2011 in Home & Garden

Level 13 (1,214 Credits)
This question is closed.
Answers (14)
  • Get a fixed rat mortgage.
    Have your insurance and taxes escrowed.
    Paint is cheap, plan on repainting.
    no slab foundations
    have a home inspection and buy the home warrenty
    have the termite inspection also
    If there is a basement, have it tested for Radon---"Indoor radon is the second-leading cause of lung cancer in the United States
    keep all the paper work for your taxes next year.
    Don't buy a house that reaks of smoke, it never comes out no matter how much you clean or paint
    dancinintherain

    Answer by dancinintherain at 10:14 PM on Mar. 26, 2011

  • 1-don't overbuy-just because you were approved for $300,000, doesn't mean you can afford it.
    2-its ALWAYS a buyer's market...if the seller's don't accept your offer (1st or 2nd), move on--there's always another house to consider.
    3-paint is not a deal-breaker--its cheap, and can always be a bargaining tool in offer-negotiations. (as carpet-allowance is, too)
    4-don't fall for the first house! keep looking until there is no doubts.
    5-have fun and take your time-this is probably the best investment you'll make, if you spend your pennies wisely.
    GL!

    dullscissors

    Answer by dullscissors at 3:00 PM on Mar. 26, 2011

  • You will ALWAYS end up spending more than you think to get in... and for those first few months you are in. Do NOT max out your budget but buy UNDER your budget.
    Anonymous

    Answer by Anonymous at 2:59 PM on Mar. 26, 2011

  • get a home inspection and make sure its not a sink hole location idk what it is called
    Anonymous

    Answer by Anonymous at 3:00 PM on Mar. 26, 2011

  • location location location! Don't fall in love withthe design and the look of the house, make sure all the big stuff like water heater, foundation, float zone or not, good school, and write down what you def want in a house and go from there. In this market you shouldn't take long to find a nice home
    Amy2079

    Answer by Amy2079 at 10:50 PM on Mar. 26, 2011

  • We just bought a house in May! And I recently got my Real Estate Lisence. Be prepared to wait!!! There are so many short sales out on the market right now and the banks are always difficult... Make a list of MUST HAVES, WOULD LIKE TO HAVES and maybe just bonus stuff that isn't necessary but would be great for a good deal. Try to stick to your must haves, we didn't and althought we LOVE our house we regret a few of things that we let slide because we were dazzled by this house and decided our must haves weren't must haves even though now that the glam of it all has worn off we wish we would have made sure we got those features, such as we said NO PROPANE... we have propane and its expensive... and we said we HAD to have a fenced yard, we settled for no fence because the yard is so big and we LOVED the house, now we have to save up for a fence and our dog is at my other in laws and our kids cant just go play outside by alone.
    brittt25

    Answer by brittt25 at 3:04 PM on Mar. 26, 2011

  • Make sure the house payment will be affordable before you sign. Realtors might qualify you for more than youi can reallyafford to pay.
    And don't get an ARM Mortgage.(Adjustable Rate mortgage) and have the house inspected first and if you sign a contract have it written that if the inspection reveals too many expensive things to fix ,then you can get out of the contract and look for another house.
    Check out the neighborhood and the school distrct.
    Make sure the neighbors are decent, not parolees or sex offenders! REALLY!You can get crime reports from city hall. Or see if your realtor has any "inside information".
    Find out of the house has had any flood damage,frozen pipes, MOLD concerns.
    There are so many things to look for. BUt it is exciting to buy a home.
    Good luck!
    minnesotanice

    Answer by minnesotanice at 3:04 PM on Mar. 26, 2011

  • Look around. Even if you fall in love with the first one you see, take the time to look at others. And make sure to get it inspected. When figuring out your budget, make sure and add in and the taxes and insurance. If they are included with your mortgage payment or not. And take into account that taxes tend to rise.
    HeidisMom800

    Answer by HeidisMom800 at 3:12 PM on Mar. 26, 2011

  • Always get an inspection.
    Never form an emotional attachment to a house. It makes it difficult to walk away when a seller refuses a reasonable offer. There will ALWAYS be another house.
    Don't overspend.
    Look past simple cosmetic changes like paint and flooring. Some cheap "fixers" really aren't fixers at all. They just need a little cleanup.
    Always be prepared to spend more than you think you will. There are loads of hidden costs both with buying and maintaining a house.
    JulieJacobKyle

    Answer by JulieJacobKyle at 4:14 PM on Mar. 26, 2011

  • Go back to the neighborhoods different times throughout the day and week so that you can get a real sense of how it will feel to live there. When we bought out house we came by mornings, noon and different times throught out the night. We went during the week and on the weekend. We knew exactly what we were getting.
    kc932

    Answer by kc932 at 5:13 PM on Mar. 26, 2011

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