planning to buy a house...

[Semidevil]

so instead of paying rent monthly, I am thinking about purchasing a house early next year. Besides asking for the basic things like number of bed and baths, what else do I need to know before purchasing a home? I've never done this, so I dont know what things I need to ask the sales man when I go look and browse...

do you guys have a ny tips?

this will be for me and my s/o.

 

[PHiuR]

go in take a look, if it looks nice buy it

especially if they have cookies sitting out!

 

[tami]

Originally posted by: PHiuR
go in take a look, if it looks nice buy it

it's not that simple. if you're interested, make an offer, but it's all dependent upon an inspection that you will have to do either by yourself or with someone who has such experience.

 

[imported_Pablo]

It ties you down a bit. I bought one last year at 22. Its definately better than paying rent. I'm getting a roommate this week, and that will pay for HALF my mortgage, so that's just money in the bank (or in the house)

If you're not settled on being in a certain area, I guess it could be a hassle. Also, if you don't like weekly maintenance (yard, etc.) it would kinda suck.

Other than that, GO FOR IT!

 

[AbsolutZero]

If you have the income, do it now before rates go up. Be careful putting too little down unless you're sure the market will keep rising where you are. Also, about your s/o, planning on sharing the title and mortgage jointly or just you? Don't get into a major home loan without answering the basic financial and relationship questions.

 

[ubergeekmeister]

Has it got termites? Was it built on an ancient burial ground? Was there a murder commited in the house.

Other than that make sure you can meet the mortgage repayments.

 

[blackdogdeek]

find out what taxes are like in the area. our taxes are close to $10k a year. the next town over you can find houses with $13k a year taxes. 2 towns over they are about $3k a year.

that can make a big difference.

find out what other homes in the area sold for recently to get an idea if the price is too high or low.

make sure you get an inspection. our inspection on the first house we went to contract on determined the existence of an underground oil tank that had contiminated the surrounding soil. the seller was unwilling to pay to have it cleaned so we bailed. it would have cost upwards of $15k to have it removed.

 

[Mermaidman]

Make sure your mortgage payments+taxes+maintenance costs will not stretch your finances.

 

[Ornery]

...when I go look and browse...

Look and browse a map before you bother anybody. Find a spot near your employer, with good schools, and quick access to shopping and freeways. That will narrow your search down to a few small neighborhoods. Your price range will reduce the prospects further, and houses that are actually for sale will make a nice short list.

Drive to those prime locations and look at the homes from the curb. Scratch off the ones you don't like. Contact the listing agents of the ones you like, and be ready to make an offer. Have your financing all preapproved. Don't let your dream home get away for the want of a few thousand dollars, or need of a few minor repairs.

 

[sciencewhiz]

Be sure that besides taxes, you have money for maintenence.

 

[BadSweetums]

Buy new unless you have the time energy and patience to fix it up yourself.

I have a classic 1957 ranch. It was a great house but life has changed over time. People seem to think you should have more than one electrical outlet in each bathroom now.

 

[Ornery]

"Buy new unless..."

...you want the very best locations, which already have homes sitting on them.

 

[dud]

Hey Semi,

Where do you live and how much can you afford? In my area the smaller houses are going for $250K to $300K. If you cannot come up with a ton of $$$ for a down payment then you are out of luck.

With the FED clamping down on "interest-only" loans it will get even tougher for many to afford a home.

 

[sixone]

Check out the neighborhood of any potential purchase. Try to visit at times when you'd be home normally, and roll your car windows down. See if anyone is being loud, or kids running around unsupervised, etc. Location is everything, and you want to see if anything strikes you about the neighbors before you make an offer.

 

[PowerEngineer]

Pay attention to the land around your prospective house. Know what vacant land is zoned for (you don't want to be surprised if apartments pop up next door). Same thing with roads. A visit to your city and/or county planning departmets is a good idea.

Same thing with schools. Even if you don't have children yourself, the nearness and quality of schools will affect your ability to resell later.