What can we expect when buying a new home?

We might be buying a home by the end of the summer this year. We are first time home buyers, so what to look for and what to expect? Any tips?

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Anonymous

Asked by Anonymous at 2:28 PM on Feb. 9, 2009 in Home & Garden

This question is closed and filed in the CafeMom Encyclopedia.
Answers (9)
  • Depends on what kind of home you want. Beware of money hungry sellers. basically make sure the house is right for your family.
    Lucky120

    Answer by Lucky120 at 2:31 PM on Feb. 9, 2009

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  • There are things the sellers might not tell you. I found out after I bought my house that the town water was not potable. Talk to the folks at the local stores, library, etc about life in the town and anything they might know about your new house. Make sure there are all the amenities you need within a reasonable distance.
    riotgrrl

    Answer by riotgrrl at 2:33 PM on Feb. 9, 2009

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  • Be prepared for a long process and to look at many, many homes before you find the one you like. Just keep in mind that it is major purchase and to not make a quick decision. Also be prepared financially with extra money. Closing costs can add up. And you always want to paint or something right after you move in. Home ownership can sometimes be a headache (mowing the lawn, shoveling the snow) but is very gratifying to have your own place.
    kboney29

    Answer by kboney29 at 2:36 PM on Feb. 9, 2009

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  • Try setting it up so you pay your mortgage in biweekly payments, that way you pay one mortgage payment extra a year and it will save you about 7 years on a 30-year mortgage.
    Anonymous

    Answer by Anonymous at 2:36 PM on Feb. 9, 2009

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  • If it says "motivated seller" - FIND OUT WHY; same with fixer-uppers.
    Hire the MOST REPUTABLE inspector you can find..... ones that are just out of 'inspector school' will scare the crap out of you when there may not be THAT big a problem with something. Guys that have been doing it for years will be able to tell you if something BETTER be fixed, compared to what you might WANT to fix.
    Ask for a Home Warranty . And buy the upgrade on the warranty....
    Be there when the house is inspected....be nosy and ask everything you can.... follow them around, literally and have them explain what they are doing, why they are doing it and what they recommend and how costly it could be...
    Visit the house you want to buy - many times. Measure the rooms to make sure that you'll have enough room for your stuff.
    !!! Stay UNDER BUDGET>>>> ALWAYS
    There are many things to learn... You're smart to start now.
    PaceMyself

    Answer by PaceMyself at 2:57 PM on Feb. 9, 2009

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  • Remember... just because a bank approves you for a Million dollar loan does not mean you can afford a Million house!
    Find out what the taxes are on a house and what insurance will be... those costs will either be added to your house payment (Escrow) or you'll have those lump-sums to pay each year.

    Good general rule on price.... 300,000 will be 3000 a month PLUS escrow (add an estimated 500 to that amount) - can you afford 3500 a month in the budget?

    Ask allowances (paint, carpet, flooring, fencing) and always ask if the seller will pay any of your closing... you'd be surprised at how many will pay some of your closing OR they will give you an allowance for paint , etc. (which means they take the allowance off the sale price).

    Check the roof! How old is it.... is it a 7 year old roof (which you wouldn't think was bad- unless it has a 15 year roof on it..... suddenly half the life of your roof is gone.

    PaceMyself

    Answer by PaceMyself at 3:05 PM on Feb. 9, 2009

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  • Look until you are sick of looking...stay within your budgit..and have no doubts about your choice...
    40yrmom

    Answer by 40yrmom at 10:30 PM on Feb. 9, 2009

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  • expect the unexpected...be prepared for the surprises....littiel things like leaky roofs, old air conditioners that break down at the least favorable times, water breaks...inother words have money set aside for these little problems....they do happen even in the best of homes...dont forget the flood insurance either...know you flood zone......the owners aren't going to mention that they flooded a few years back, neighbors probablay won't either...people lie to make that sale!
    michaux

    Answer by michaux at 11:02 PM on Feb. 9, 2009

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  • Find out what you qualify for. Realize that your idea house may or may not exist, when you do find it, it might not be entirely what you want, don't be too picky. Have a list of things you must have, say for example, two bathrooms, automatic sprinkling so forth. Determine how much in funds you will have for repairs and improvements. Do not go over your budget, and you'd be surprised, if a house is marked a bit high, go low, then meet in middle but do not go out of your budget! HIRE AN INSPECTOR!!! Do not ever ever buy a house without an inspector. Do not be surprised the inspector finds 1000000 things wrong from a little piece of wire hanging out, to a crack in the window, and grass too close to foundation, and ceiling out of date....... All houses have repairs or things out of date or inspector picks on stupid stuff. Never buy a house with bad foundation or bad roof.
    TheFriskyKitty

    Answer by TheFriskyKitty at 3:08 AM on Feb. 10, 2009

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