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2 Bumps

First time buyer

If you were to leave one piece of advice for a 1st time home buyer, what would it be?

Answer Question
 
2AwesomeKiddos

Asked by 2AwesomeKiddos at 9:14 PM on Apr. 4, 2011 in Money & Work

Level 9 (294 Credits)
Answers (11)
  • Get PRE qualified so you KNOW how much house you can afford, so you dont look at ones you cant afford and waste your time, and break your heart when you get told you cant afford it.
    vbruno

    Answer by vbruno at 9:15 PM on Apr. 4, 2011

  • Be prepared to compromise.
    meooma

    Answer by meooma at 9:17 PM on Apr. 4, 2011

  • Get the inspections and a one year home warrenty.
    dancinintherain

    Answer by dancinintherain at 9:19 PM on Apr. 4, 2011

  • I think vbruno actually said the most important thing! Also, do some research on different loan companies, so that you know who you will likely go through.

    Be on top of it . . . check the MLS several times a day to jump on properties that you might like.
    ImaginationMama

    Answer by ImaginationMama at 9:20 PM on Apr. 4, 2011

  • I haven't bought a home yet so will be doing this sometime in the next couple years. I know from watching the "House Hunters" & "My First Place" on HGTV that getting PRE qualified is a good idea. I see all the time that ppl end up going to houses that they can't afford & then end up falling in love with them & uping their budge even tho they can't afford the payments. I would stick to your guns on what the highest is that you can go IMO
    bethany49

    Answer by bethany49 at 9:48 PM on Apr. 4, 2011

  • Do your homework and read as much as you can before hand.

    musicmom08

    Answer by musicmom08 at 9:53 PM on Apr. 4, 2011

  • Get prequalified but crunch the numbers yourself. We kept our mortgage payment below 20 percent of take home pay. The bank will base what you can afford on your income before taxes and other deductions are taken out which could make thing difficult if you buy near the top of what they say you can afford. I would make sure to have at least 5k in savings 10k would be better for things that happen. Air conditioners break and stuff happens you will want funds available so you don't have to borrow more. I would also make sure to have all debt paid so you only have your basic bills and your mortgage will make it easier to save for retirement and pay your home off more quickly. We paid our mortgage bi weekly saved us 60k and a few years on our 15 year mortgage. Home Buying is a great thing if you do it right and buy within your actual means. Good luck.

    Anonymous

    Answer by Anonymous at 11:04 PM on Apr. 4, 2011

  • Get pre-approved
    Dnt get discourage
    Dnt settle for less than you are willing to spend the rest of your life in
    Get good home/pest inspections. Get your own even if the seller has one on file.

    Good Luck!!
    vjoaquin

    Answer by vjoaquin at 3:57 AM on Apr. 5, 2011

  • Make sure that you can afford your home if your income is halved
    rkoloms

    Answer by rkoloms at 5:50 AM on Apr. 5, 2011

  • In additon to making sure you can actually pay what the bank says you can pay, DON'T be one of these morons on TV who is impressed with the staging. Paint is cheap! You can do it yourself. Buy the place that needs work. Build sweat equity. Do make sure your plumbing and electrical are good. Be ready to live with the kitchen and bathroom fixtures as is for 2 years. But don't let the paint or the drapes be a deal breaker.
    LoveMyDog

    Answer by LoveMyDog at 9:02 AM on Apr. 5, 2011

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