Advice for a potential first-time home buyer

And go into the attic and crawl spaces with the inspector. Plumbing, wiring and structural condition should be assessed along with major appliances/heating and air conditioning systems. If the seller has an inspector lined up, be wary.

 

I've dealt with a number of Realtors. They all sucked.

Other people, however, swear they had great experiences with their Realtors.

I expect the truth lies somewhere in between.

 

In regard to paying extra on your mortgage payment, be sure to specify that the extra amount goes toward the principal and not the interest.

 

The only house I've ever bought was the one I'm in now, but my experience with my realtor was not the best. She did a walk through with my wife a few weeks before closing and my wife jokingly asked if the sellers would throw in the step machine they had in the basement. Realtor said she'd ask, then we found out that she did a separate walk through with her daughter and asked the seller's agent if SHE could have it. After that, everything she said and did was suspect, so we just tried to get through the process as quickly as possible.

 

It may have been said in the first four pages but I will say don't borrow as much as they approve you for. It's easy to see a house with your heart rather than your brain.

Also, think about saleability. When I bought my house in 2007, I never imagined I'd be laid off in 2012, find work elsewhere and suddenly find myself unable to sell my house. Two mortgages sucks, I'll tell you what.

 

One other thing with the home inspector. Make sure they're not also a contractor. If they start trying to offer you estimates on repairs, find another inspector.

 

The good thing regarding house inspectors is I've got connections there, both through my step-dad and other channels. Same goes for a Realtor. I just started talking with one who several people I know have gone to in the past, and he's willing to help me out as much as he can. The people I know he's helped have told me they had no unexpected major issues pop up, and the minor ones that did he was able to get the seller to agree to take care of it.

Thanks for all the advice. I'm looking at a few houses right now in my area, and three of them are affordable. The other is a bit out of my price range at the moment.

 

KYsw,

Not sure if this was mentioned yet, but.... Location, location, location.

Best advice I got from my dad was be sure to go to the house and drive to work from there at times you normally would, and do the reverse during your commute home. If the commute sucks, better to find that out before you buy and before you lock yourself into years of a sucky commute.

Of course, sportswriting commutes can be off peak, off rush hour, but the advice is still sound.

Sometimes one side of town versus the other can make a huge difference in how much of your life is spent driving when you add it up over years.

 

The houses I'm looking at will only add a few minutes to my commute to and from work, which is usually about 20 minutes. And they're all in pretty good neighborhoods, too.

 

Factor in mortgage insurance, property taxes, and repair costs into your budget. Don't want to be left without a pot to piss in if something breaks and you don't have savings to dig into.

For a good Realtor, find one that has been in business for several years. High turnover industry, and you don't want to deal with someone who have or doesn't care about their reputation in the community.

 

I've already talked with two banks about what they can offer, and both of them have told me mortgage insurance and property taxes would be included in my monthly payments. Both of them offer 15- and 30-year fixed rates, as well as the adjustable-rate stuff.

One of my best friends recently bought a house with an adjustable rate. She says it's one of the biggest mistakes a person can make when it comes to buying a house.

 

This is a great point. The people who buy your mortgage don't care if you can afford it.