Home Buying Tips

[ugaimes]

Hi all,
Bradley and I did something VERY exciting this weekend- we started looking for houses!!!

It's really exciting.

We're not completely ready to buy at this point (that ring has to come first!!), but we are starting to put feelers out and will jump if the right offer falls in our laps.

I just wanted to know if any of y'all could share any tips for 1st home buyers? What should we look for when we look at homes? Are there things we should be doing now, months before we're actually ready to buy?
Any advice y'all could give us would be appreciated

Thanks!

 

[katspixiedust]

Oh my goodness Amy that is so exciting!!!!!! Obviously I don't have any real tips for you, but I remember how exciting it was for my brother and his wife when they bought their first home a couple of years ago! You're at such a thrilling stage of life, enjoy every moment of it!! I hope you get some worthwhile advice here, I'm sure you will, TCS is always good for that.

 

[purity]

Not much advice.....but Congratulations!! How exciting!

I actually found it really easy to buy my first home as I wasn't in a chain or anything so there's less to go wrong

 

[ugaimes]

Thanks Katherine and Clare (love your new siggy BTW!).

Yup, this is an extremely exciting time! It was fun to drive around and talk about all the things we'd to have in our home and how we'd like to decorate it.

The thing that stinks is that the area we want to live in (Isle of Hope) is now VEEEEEEERY expensive. Most of the homes we saw for sale went for over $300K (NOT in our budget for our first home!)

. Looks like this'll take time!

Honestly, I'd love it if Bradley's dad could build us a home b/c he's a contractor and that is what he does best!

 

[katspixiedust]

Originally Posted by ugaimes

Thanks Katherine and Clare (love your new siggy BTW!).

Yup, this is an extremely exciting time! It was fun to drive around and talk about all the things we'd to have in our home and how we'd like to decorate it.

The thing that stinks is that the area we want to live in (Isle of Hope) is now VEEEEEEERY expensive. Most of the homes we saw for sale went for over $300K (NOT in our budget for our first home!)

. Looks like this'll take time!

Honestly, I'd love it if Bradley's dad could build us a home b/c he's a contractor and that is what he does best!

Home prices are getting ridiculous now! My brother and his wife wanted to get a home in Ormond Beach, but the prices were too steep. Instead they decided to purchase in Palm Coast (a community that was, at the time, predicted to have a HUGE influx of people) which is in Flagler County just north of Ormond. Well, they bought their home at a great price and the next year Flagler was named the fastest growing county in the nation with Palm Coast being one of the fastest growing communities! They got in just in time and their home has already jumped to a price they wouldn't have been able to afford had they been looking now! Do you think that's something you could look into? Someplace right around that area you want to move into that is perhaps a whole lot cheaper, and then maybe one day (when you get your 2nd home or something) move into that area? That is, if you can't find a place you really like in the area you really want for a price you can afford?

 

[ugaimes]

That is definitely great advice (and boy did your brother and sister-in-law luck out!!).

We're not overly zealous about moving to Isle of Hope, it's just an area that we like. The only criteria we really have is that it's within 15-30 min. of our jobs (so, close to the beach and to the base). That leaves us with most of Savannah. It just seems like the neighborhoods we really like are SO expensive

.

Unfortunately, the population boom recently occurred in Savannah, so we're catching it on the back end- meaning prices have already skyrocketed and we're buying a home a little too late!

 

[gailc]

Well I remember we went and looked at lots of duds before we found our current home.
Make a list of what you want-ie location/size/garage size/bathrooms etc...
How much traffic is on the street? any potential noisy businesses/trains/airports nearby?
Are you DIY -or do you want to move in and not do any remodeling??? How old is the roof? the appliances??
What does the yard look like?? The layout of the house and I think important in the south, what direction does the house face in the hot afternoon?? Having a contractor as a potential FIL is really helpful.

Hope this helps!!

 

[katspixiedust]

You just have great taste Amy, that's why everywhere you like is high priced!

 

[jennyr]

What I did when buying my retirement home in France was make some lists. First, the things that were absolutely essential - eg safety for the cats and space for horses, three bedrooms, study, max distance from town, etc! Then do a list of the features you would like but are not essential or could be added later, then the things that would make a place a definite no-no. I found it almost as much fun making the lists as seeing the houses. Give your lists to the agents you are using and stick to them - I found that after I walked into a few houses and said 'But it doesn't have....' the agents got the idea and stopped wasting my and their time. And it is a very good idea to go for an area that is likely to increase in price rather than one that has already maxed out - I did that three times in my life and now I can afford my dream home. Good luck!

 

[kellyyfaber]

Yay! Congrats on "house hunting"!!!!!

My first piece of advice is to sit down with Cap'n Bradley and discuss what is important to you both in a new home----------do you want a nice, level lot? Is a garage a "must"? How many bathrooms/bedrooms? How much work are you willing to put into renovation? How much space do you need/want? One story or two?, etc, etc, etc...--------Decide exactly what is important to you both.

Second, don't fall in love with one aspect of a house. For example, I fell in love with the huge screened in porch with a hot tub and outdoor cooking island in this one house. I LOVED it. BUT----the house didn't have a garage, the lot wasn't level, and it had no bathroom in the master bedroom, ALL undesirable things to us. Just keep things in perspective and don't fall in love with homes too quickly. The perfect one will come along, don't force things. It's HARD----I know

Just hang in there and everything will work out fine. When you find the right place, it will just "feel" right

Have fun!!!

 

[kai bengals]

Hmmm, well, there's tons of advice to give I suppose and I'm sure you'll get lots of it!
One thing that *I* think is of paramount importance is this: Once you think you've found the house of your dreams and you're thinking hard of putting a good offer in.....hire your own home inspector. You'll have to pay for this yourself,but it's worth every penny. Don't let the realtors hire one for you! Get a good one with plenty of references and you hire him yourself. Did I mention hiring him yourself?
Realtors have one thing in mind..make the sale happen. They might not always have every aspect of your best interests in mind.
A good home inspector will find those hidden problems that you don't notice in your infatuation with this home you select. This can help you negotiate a better deal or help you steer clear of a big money pit.

Good luck and happy hunting!

 

[ugaimes]

Wow, thanks guys for the excellent advice!
I will definitely sit down with Cap'n Brad sometime this week and make a list with him. I think that'll actually be really fun

. The very good thing about it all is that he and his father and brother are all EXTREMELY handy (they're especially good at making furniture, cabinets, and mantles), so I know that things such as flooring, molding, etc. can all be taken care of afterwards if they're not exactly to our liking.

That is a very good idea about the home inspector Kai! Man there are a LOT of things I don't know!

Kelly, I think not immediately falling in love with a house is going to be my biggest problem

. As soon as I see a garden tub, I'm sold! But you're right that we need to be patient and focus on the big stuff rather than fixate on the minor details.

Question: How many of y'all who have already bought homes used a realtor? Is that absolutely necessary or highly recommended?

 

[kai bengals]

We used a realtor the first time, cost us plenty in comissions. We used a lawyer this last time to draw up all of the legal stuff for us. Cost us less than $700.
I think there are pros and cons to using realtors and it varies by state. If you're a first time buyer and you don't know the ropes it might be a very good idea to have a realtor help you get through the first purchase.
Then later when you move or upgrade, you'll have a much better idea of how things are done and maybe you'll try it on your own. Still need some legal representation (real estate attorney) for some of the documents though.

 

[ugaimes]

Originally Posted by Kai Bengals

We used a realtor the first time, cost us plenty in comissions. We used a lawyer this last time to draw up all of the legal stuff for us. Cost us less than $700.
I think there are pros and cons to using realtors and it varies by state. If you're a first time buyer and you don't know the ropes it might be a very good idea to have a realtor help you get through the first purchase.
Then later when you move or upgrade, you'll have a much better idea of how things are done and maybe you'll try it on your own. Still need some legal representation (real estate attorney) for some of the documents though.

Ooh, thanks for filling me in. Goodness I was naive on a lot of this homebuying stuff! I honestly had no idea there would be so many additional costs ($700 for an attorney to draw up some papers?!?!)

. Guess I need to stop all extra spending right away!!

Fortunately, the father of the guy who set us up (good family friend) is an attorney who would do just about anything for Bradley, so we may be straight there

 

[captiva]

If you find a home For Sale by Owner, I certainly would not think you need a Realtor but that is easy for me to say because I was in the business for 20 plus years

I know Indiana has a wonderful First Time Homebuyer program with liberal limits. I have no idea what Georgia's program is all about and you might earn too much income to qualify, but here is a link I found...

http://www.dca.state.ga.us/housing/H...UHomeBuyer.asp

Maybe this link will help also ... http://www.fanniemae.com/homebuyers/...ng+a+Homeowner

Good Luck!

 

[ugaimes]

Oooh, thanks for those links Chris!!!

I'm going to check them out right now!

 

[jennyr]

You never really know who realtors are working for - you or the seller! But you get greater choice if you use one. I have done it both ways - but it is a very good idea to use a realtor in your chosen area to look at houses and get it very firmly fixed in your head what is available and at what price. Then keep a look-out for a private sale, and you won't be ripped off.

 

[AbbysMom]

We just bought our second house in December and it was a for sale by owner. Our first house was by a Realtor. We sold that house through a Realtor also.

Wow, I don't even know where to start!

Home inspector of your choice is a MUST! You must also include a termite inspection, radon, etc. Is it private water and septic? then you must have that checked.

You MUST check out the neighborhood and neighbors. Drive by during different times of day. Do you see any potential problems? Loud music, loose dogs, unkept yards? Is there the potential for anything "bad" to go in near you? Empty lots?

Get a good real estate lawyer to look over your offer and your purchase and sale.....

Get your credit in good shape! Usually if it your first house, the mortgage company will require proof that you have been paying rent, cancelled checks, etc.

That's just off the top of my head.... I'm sure I will think of more!

 

[gailc]

Our house (the 1st and only) was for sale by owner. We went through 3-4 realtors as we worked in 2 different cities and wanted a house in the country with a few acres between the two cities. A couple of those realtors could not get that in their head!!
Neil saw our house-and we bought it about 2-3 weeks after it went on the market.
Used an attorney only to draw up the purchase offer. The mrtge co handed the rest of the paperwork. You should go on leandingtree.com to see what type of rates are out their and if you can get pre-qualified for a certain $ amt.

 

[zak&rocky]

I bought a house a few months ago after 5 months of looking. Try and get a house with a basement. When it basement, make sure it is nice and dry. I saw a lovely house I liked until I went downstairs and found it flooded! Make sure it is big enough for you and any planned children. I had a hard time finding one with two bathrooms we could afford. Be prepared to make tradeoffs. Mine is that the house has no garage. BUT has 2 bath and 3 beds. Don't forget to look at the lot and the neighborhood. I saw a house where the only parking was a one car garage in the basement and no street parking!
Check out registered sex offender boards. I have one in my neighborhood but I checked him out by asking around, and he is not a threat and so far seems to be a very decent neighbor. The offense was not violent and was not against children. Notice if the neighborhood has a lot of kids or a daycare. Go to the neighborhood at night to see the "other side". I looked at one house that was okay but the neighbors were very close and all I could hear was a barking dog!
Heating is a very important factor, esp now. Find out what the house has!