We are starting to look for our first house. We've found a couple we like. But this is our first time around and dont really know where to go from here.
We plan on getting an inspector to the houses we like. But once we get the details from there, what do we do? What is proper etiquit (sp?) on making an offer?
Dh and I are finding it hard to agree on space vs newer homes. We get more space when we look at older homes, but they need more work. The newer houses dont need much if any work, but the sq footage is just barely more than our (decently sized) appt now.
Any tips on how to compromise when we get at a stalemate?
Oh yes! After that whole mess, it also impacted insurance rates up and down the whole east coast. I have a vacation home on Cape Cod. It's less than 1 mile to the beach. 99% of the insurance companies wouldn't insure anymore. Too big of a risk for them to pay out. So you had to go to higher premium companies. UGH!
Quoting MomofBoys838:This is excellent advice...you can always add on or make improvements, but you can't change where it is. I would also pay attention to what kind of insurance you will need to pay on your home. We moved into our home two years before Ivan and, a few years later, Katrina. The overall expenses for the area were so great after these storms that it really took a toll on insurance companies, and new regulations came out that required additional insurance for those within a mile of the bay or gulf. Hence, even though our house is situated on a hill, so no flooding risk, we are within a mile of the bay, so we pay the higher rate. It's been a big mess, and no one benefits.....some lost their homes because the insurance is so expensive.
Quoting EireLass:Make a list of what you really want, and what you really don't want. Look at your priorities. Owning is no longer an investment (due to economy), but more a lifestyle choice. We just bought our absolute last house (I hope...we're in our 50's). Land, community, location, etc was priority. House was secondary, because you can always change the house, you can't change what it sits on, or where it is.
Wow!! I had no idea that the effects from those two hurricanes were so far reaching! That is incredible....and incredibly frustrating as well. We hated it, but since we were directly impacted, it was more or less expected. I can't imagine having to deal with the aftermath of storms that never even hit your area! Yikes!!
Quoting EireLass:Oh yes! After that whole mess, it also impacted insurance rates up and down the whole east coast. I have a vacation home on Cape Cod. It's less than 1 mile to the beach. 99% of the insurance companies wouldn't insure anymore. Too big of a risk for them to pay out. So you had to go to higher premium companies. UGH!
Quoting MomofBoys838:This is excellent advice...you can always add on or make improvements, but you can't change where it is. I would also pay attention to what kind of insurance you will need to pay on your home. We moved into our home two years before Ivan and, a few years later, Katrina. The overall expenses for the area were so great after these storms that it really took a toll on insurance companies, and new regulations came out that required additional insurance for those within a mile of the bay or gulf. Hence, even though our house is situated on a hill, so no flooding risk, we are within a mile of the bay, so we pay the higher rate. It's been a big mess, and no one benefits.....some lost their homes because the insurance is so expensive.
Quoting EireLass:Make a list of what you really want, and what you really don't want. Look at your priorities. Owning is no longer an investment (due to economy), but more a lifestyle choice. We just bought our absolute last house (I hope...we're in our 50's). Land, community, location, etc was priority. House was secondary, because you can always change the house, you can't change what it sits on, or where it is.
Marie
You want to go for location. It is the only thing you cannot change. After that go for Square footage-again that is something you can change-but only by spending a ton of money.
THEN you look at the biggies-Kitchen and bathrooms-you MUST be able to live with them. Paint and wallpaper shouldn't enter into it- removing wallpaper and painting are low skill jobs-anyone can do them.
So let's say you find your dream house-and hate the appliances? Well appliances ARE changeable. You have to think of it that way. Unless you are filthy rich, or have verylow expectations, it is rare you will find EVERYTHING you want unless you build from scratch-and even then you might not like everything!
I would HIGHLY reccomend watching some of those house hunting shows-they are a bit unrealistic-but after watching a bunch of asshole with $200K to spend not GETTING that their dream home of 4000 sq feet on 10 acres isn't happening, you will get some perspective on what you want-and what you can have.
Start out by studying where you want to go-can you afford it? Then get a good buyers agent-keep in mind that even as YOUR agent, you will be seeing his/her listings first-and that is O.K.
AFTER you bid on a house and it gets accepted- THEN you get an inspection. Every bid should have a inspection and financing clause-and whatever else you need in it. If you want a pool and can't find a house with one the bid can be contigient on there being an area on the spot suitable for a pool (hte buyers in my parents house had that clause) Or radon or asbestos or lead clauses. WHATever would be a no go for you needs to be in that bid. Keep in mind though, that should an inspection find a major flaw (like the heating system is shot) You can re-negotiate based on that info. Once the seller is aware of a problem they have to DISCLOSE that problem.
Quoting Tea4Tas:
AFTER you bid on a house and it gets accepted- THEN you get an inspection. Every bid should have a inspection and financing clause-and whatever else you need in it. If you want a pool and can't find a house with one the bid can be contigient on there being an area on the spot suitable for a pool (hte buyers in my parents house had that clause) Or radon or asbestos or lead clauses. WHATever would be a no go for you needs to be in that bid. Keep in mind though, that should an inspection find a major flaw (like the heating system is shot) You can re-negotiate based on that info. Once the seller is aware of a problem they have to DISCLOSE that problem.
so where would i find more information about general inspection/financing clause? and what all to put in it? i dont want to look like a complete idiot when i talk to our realtor.
Quoting Phippsandrea:
Quoting Tea4Tas:
AFTER you bid on a house and it gets accepted- THEN you get an inspection. Every bid should have a inspection and financing clause-and whatever else you need in it. If you want a pool and can't find a house with one the bid can be contigient on there being an area on the spot suitable for a pool (hte buyers in my parents house had that clause) Or radon or asbestos or lead clauses. WHATever would be a no go for you needs to be in that bid. Keep in mind though, that should an inspection find a major flaw (like the heating system is shot) You can re-negotiate based on that info. Once the seller is aware of a problem they have to DISCLOSE that problem.
so where would i find more information about general inspection/financing clause? and what all to put in it? i dont want to look like a complete idiot when i talk to our realtor.
No need-your realtor willknow all of this. Standard clauses are financing and inspection. So really you can back out of any bid-because there is always something on inspection. So say you don't have a radon clause, and they find radin-you can back out on the basis of that-because it is considered a defect.
Your Realtor will know all of this, and you can talk about it when you sign a contract.
I would suggest using your OWN inspector though ( not one the realto reccomends) Look for one who is an engineer preferably. You can google that, and there are TONS of books for first time home buyers that explain a lot of this.
yes they make an impact. we live in la when Katrine and Ritacame through. we lived three hrs from new oleans- however my home insurance went wayyy up. we were expecting it to go up some but not like it did. anytime that you live near water( lake, creek,) make sure you have flood insurance!!!
Quoting MomofBoys838:
Wow!! I had no idea that the effects from those two hurricanes were so far reaching! That is incredible....and incredibly frustrating as well. We hated it, but since we were directly impacted, it was more or less expected. I can't imagine having to deal with the aftermath of storms that never even hit your area! Yikes!!
Quoting EireLass:
Oh yes! After that whole mess, it also impacted insurance rates up and down the whole east coast. I have a vacation home on Cape Cod. It's less than 1 mile to the beach. 99% of the insurance companies wouldn't insure anymore. Too big of a risk for them to pay out. So you had to go to higher premium companies. UGH!
Quoting MomofBoys838:
This is excellent advice...you can always add on or make improvements, but you can't change where it is. I would also pay attention to what kind of insurance you will need to pay on your home. We moved into our home two years before Ivan and, a few years later, Katrina. The overall expenses for the area were so great after these storms that it really took a toll on insurance companies, and new regulations came out that required additional insurance for those within a mile of the bay or gulf. Hence, even though our house is situated on a hill, so no flooding risk, we are within a mile of the bay, so we pay the higher rate. It's been a big mess, and no one benefits.....some lost their homes because the insurance is so expensive.
Quoting EireLass:
Make a list of what you really want, and what you really don't want. Look at your priorities. Owning is no longer an investment (due to economy), but more a lifestyle choice. We just bought our absolute last house (I hope...we're in our 50's). Land, community, location, etc was priority. House was secondary, because you can always change the house, you can't change what it sits on, or where it is.
There's a really good book, it's called Nolo's first Time home Buyers book or something like that. It was very helpful for us when we were looking to buy.
The market hear stinks all the prices have gone up so we're waiting it out for now.
Good luck on finding your new home and compromising!! :)
It's so hard to trust...
- Phippsandrea
on Aug. 16, 2012 at 9:30 PM