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Advice for a potential first-time home buyer

Discussion in 'Anything goes' started by KYSportsWriter, Nov 10, 2015.

  1. KYSportsWriter

    KYSportsWriter Well-Known Member

    Looking into buying my first house, and I'm freaking out over all the details.

    Looked at a couple of properties I believe are in my price range for right now, and I like them both. My credit is in good standing, or at least better than it was 18 months ago, and I've worked my butt off the last couple of months to get things in order.

    I was planning to buy my grandmother's house, but some family drama got in the way of that and I'm not going that route now.

    Anyone got any advice for folks like me?
  2. RickStain

    RickStain Well-Known Member

    Get a good realtor and listen to them.
  3. YankeeFan

    YankeeFan Well-Known Member

    Rick isn't just back, he's posting up a storm!

    Watch out @Dick Whitman you've got competition.
    cjericho likes this.
  4. Inky_Wretch

    Inky_Wretch Well-Known Member

    Are you handy? If not, get a home warranty for a year or two in case the roof leaks or the water heater craps out.
  5. KYSportsWriter

    KYSportsWriter Well-Known Member

    I am not, but luckily my step-dad and dad are. I know that's not a perfect solution, but they're close by in case something disastrous happens. They'll know what to do more than I ever would.
  6. Inky_Wretch

    Inky_Wretch Well-Known Member

    We kept one for a couple of years, mainly to make sure nothing escaped the inspection and all that. We wound up using it when our chimney sprung a leak during a big rainstorm.

    Another bit of advice, make extra payments when you can. Or even round up your mortgage payment. Any extra money you can pay will help in the long run.
  7. cjericho

    cjericho Well-Known Member

    Try to put down 20%. Get a good home inspector, especially if you aren't that good at repair/remodeling. Get a good lawyer.
  8. MisterCreosote

    MisterCreosote Well-Known Member

    Don't be afraid to walk away after the home inspection.
    cjericho likes this.
  9. Mr. Sunshine

    Mr. Sunshine Well-Known Member

    I've bought six houses. Don't buy too many houses.
    doctorquant and YankeeFan like this.
  10. Baron Scicluna

    Baron Scicluna Well-Known Member

    Get a good lawyer to represent your interests. Mine sucked and didn't explain a few things that we were unaware of until just before closing, which caused considerable stress.
  11. novelist_wannabe

    novelist_wannabe Well-Known Member

    Some notes from my experience: 1.) My next home, unlike my first one, will have a covered front porch/stoop to keep water off the front door and frame. Current one is rotting away and it's going to cost a couple grand to replace. 2.) Which brings up this point: Before you get to Inky's advice of throwing extra money at your mortgage (great advice, BTW), set aside a chunk of money for repairs. (This might be a good use for your first full-year tax refund courtesy of the mortgage interest). There will be repairs, and they can quickly escalate to thousands of dollars. 3.) If they mention an HOA, do not walk, run away. 4.) If it's in a neighborhood and you get a lot in front of a pond, be prepared for people cutting through your yard to get to the water. If you're the "get off my lawn" type, skip to the next property. 5.) Don't scrimp on storage space. Even if you think you don't have much stuff now, you will accumulate it over time. A place to put it is crucial.
  12. WriteThinking

    WriteThinking Well-Known Member

    The best advice I can give is the best advice I got (from my dad): Establish an impound account.

    This is so vital that the finalizing of my mortgage was held up, briefly, at my request, until this was done. It assures that your property taxes will be paid, easily and on time, without you having to worry about actually saving up separately each quarter or twice a year for them. I can't tell you how de-stressing that has been over the years. Especially for someone in a low-paying industry, this is important.
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