Buying a home - experiences?

If it's new construction, things you might want to splurge on are the things that will make selling the house easier and/or get you top price if you ever need/want to sell.

That means high-end countertops and cabinets. Crown moulding. In Florida it means nice ceramic tile flooring. Of course, those are nice to have when living in the house, too.

Had I splurged $5,000 or so on those things when I had my former South Florida house built in 1996, I would have likely gotten $230,000 for it when I sold last year instead of $213,000. And I had to install tile at a cost of $5,000 just to get the $213,000. Of course, by following Rule No. 1 (worst house in best neighborhood), I was able to sell the house in only 8 days.

 

Depends on what "nowadays" means, I guess. We got our house two years ago with no down payment. Not one penny. I think it was one of the benefits of going through whatever "first-time homeowner" thing, though. The person asking isn't a first-time homeowner, if I read correctly, so it wouldn't apply anyway.

Maybe that's changed in the past couple years. I have no idea. But it was certainly possible then.

Good luck.

 

I have little useful to add here, other than my observation that selling a house involves a hell of a lot less paperwork than buying one.

Well, maybe this: When you reach the point where the seller, no matter how motivated, isn't going to budge on price, that's when you may be able to leverage some goodies. We bought one of three new "cottage-style" homes in 2010 and the builder was really locked in on his final price - after much wheeling and dealing on our part - so he could hold up the value on the other two.

We got him to buy us a new refrigerator, washer and dryer, a couple thousand dollars worth of built-in bookcases from the guy who did his cabinet work and a few other things like that. Win-win.

Never hurts to ask.

 

Read everything. Ask questions. Get the answers in writing. Hire a lawyer if necessary; think of the money you're spending on the attorney as an investment in not getting screwed later.

 

Oh, do the home inspection. Do not let them talk you out of that. And see if you can hire your own person to do it.

 

Anything that involves a mortgage = a mountain of paperwork.

The house I'm in now cost $70,000 less than the one I sold, so I paid off the $8,500 mortgage on the old one, paid cash for the new one, pocketed the difference, and it was an amazingly easy transaction without any lenders sticking their hands in everywhere.

Anybody who let themselves be talked out of paying $300 to inspect a six-figure investment has no business buying a home.

That being said, do not expect the inspector to find much beyond what is readily visible. The good news is, theoretically, they at least know what to look for. He may be able to spot loose roof shingles, but if the roof underneath those shingles is compromised, he likely won't see it.

And while I'm usually not a fan of home/appliance warranty services, it might be a good idea for the first year, just for the peace of mind in case something falls through the inspection cracks. Costs between $300 and $600, depending on thoroughness of coverages. After a year you'll have a good idea what kind of shape the house is in and whether it's worth renewing the policy.

 

I wish. But since they're fastened underneath the overlap from the row above it, he'll never see it.

Sincerely,

woman who had to buy a roof after her "new" roof started falling off seven months after she bought the house.