First time homebuyer

[motorcy90]

Spend the amount you're pre-approved for.

Seriously though, don't do that. Lenders pre-approve you for way more than you'll be able to afford. Factor in taxes, insurance, and HOA dues (if applicable) in your mortgage payment.

Make sure you have some reserves left over after you buy your home (I'd recommend 5-10k). Stuff breaks down when you're a homeowner, so it helps you sleep a little better at night knowing you have some cash for those kind of things.

HOAs are the devil.I don't get why anyone would ever agree to one of those.

also just stuff in general like painting and redoing a room can add up easily, I think I'm at close to 3k for painting the living room, kitchen/dining room, and small hallway. As well as redoing one room for the nursery. and I'm looking for a lawn tractor/snowblower combo now that can handle snow removal duty during the winter. That's another $3-4k at the least for a good used unit to handle what I need it to

 

[CloneGuy8]

HOAs are the devil.I don't get why anyone would ever agree to one of those.

Yeah, I'm glad I'm not in one. If you're in a good HOA, it has benefits though.

 

[BWRhasnoAC]

Research the builder. See what kind of lawsuits they have against them. Ask around to get some testimonials on their street cred. I have been in construction for 10 years now and I have seen some insanely horrible quality and decisions made.

 

[motorcy90]

Yeah, I'm glad I'm not in one. If you're in a good HOA, it has benefits though.

all it takes is a busy body neighbor or a change to the board and they can become nightmares. and is there really any increased value from them when it comes time to sell vs the association fees/dues every year? I know more people who won't even look at a house with an HOA, then I do people who would consider one.

 

[BWRhasnoAC]

all it takes is a busy body neighbor or a change to the board and they can become nightmares. and is there really any increased value from them when it comes time to sell vs the association fees/dues every year? I know more people who won't even look at a house with an HOA, then I do people who would consider one.

They are EVERYWHERE in Florida, and believe me, there's ALWAYS a busy body neighbor. They love that kind of community. It just empowers that kind of person. Your only saving grace is pitting them against each other, and staying out of the collateral damage.

 

[NoCreativity]

First thing when you walk in, go to the basement. If the foundation has any issues, or it smells musty and shows signs of moisture find something else.

If the A/C-Furnace is older than 15 years try to negotiate a $2,000-3,000 price drop, if they wont budge ask for a 1 year home warranty.

If you live in a hot market be prepared to get into a bidding war and pay over the asking price.

 

[motorcy90]

First thing when you walk in, go to the basement. If the foundation has any issues, or it smells musty and shows signs of moisture find something else.

If the A/C-Furnace is older than 15 years try to negotiate a $2,000-3,000 price drop, if they wont budge ask for a 1 year home warranty.

If you live in a hot market be prepared to get into a bidding war and pay over the asking price.

the A/C Furnace will depend on the brand/ condition. really. there is some truth to they don't build em like they used to there.
and my experience with a home warranty for the year so far is its not worth it.
granted I am a little concerned about the A/C condenser as it looks rough ( about the same condition as my neighbors though) the furnace besides being inefficient, I don't expect much in problems from it. but have kept the possibility of replacing both open in my head if needed.

 

[Sigmapolis]

They are EVERYWHERE in Florida, and believe me, there's ALWAYS a busy body neighbor. They love that kind of community. It just empowers that kind of person. Your only saving grace is pitting them against each other, and staying out of the collateral damage.

Florida is the worst for that -- so many retired biddies with nothing else to do.

That and chain-watch Judge Judy reruns.

 

[IceCyIce]

For first time homebuyer, assume your getting an older house:

1. Independent inspection, have the most anal retentive friend look at the house.
2. Negotiate into the price, the homeshield warrantee or equivalent. If they don't budge, pas on the house or buy it yourself.
3. Look for water issues, bad gutters, stained ceiling tiles/drywall.
4. pull the cover back a little, meaning does the electrical and plumbing look professionally installed.
5. Make sure you understand the tax burden on your payment.
6. 15 year note with payment not to exceed 25% net pay.

 

[Shawker]

Buy a house with an unfinished basement so you can throw a couple of kick ass keggers before you finish the thing.

 

[CloneSt8]

I just scanned a few of the replies and saw some good advise but did not see this: Remember the seller's realtor is paid by and represents the seller. YOUR realtor is paid for and therefore legally represents THE SELLER - not you!

This will most likely be the largest financial transaction of your life ( at least so far until you buy again). YOU are not an expert in contracts, most likely and have no idea what the language means. Hire a LAWYER to represent your financial interests! Yes it will cost you a few hundred dollars but that is small change on a purchase worth a couple hundred thousand dollars!

 

[cyclonesurveyor]

As a person who has moved 4 times in the last 8 years (work related) and sold 3 houses, LOCATION is key, besides condition of the house obviously. Everytime we thought it was going to be our last house with our young family, start remodelling and boom - time to move.

Only our starter house sat on the market for longer than a week and that was because it didn't have central air in Des Moines.

Find a desired elementary / middle school and scour the surrounding neighborhoods for something, probably a fixer upper since the neighborhood will more spendy. Great chance to build equity. Be prepared to wait until something comes up. My advice isn't necessary the best for a first timer but young families like to be able to walk their kids to school and has been a big reason for our house selling success.

Good luck.

 

[CtownCyclone]

Make sure to get a survey! It's good to have in your back pocket for when your neighbor decides they want a fence or a pool or something and puts it on what they think their land is.

Good fences make good neighbors.

Make sure you get a good inspection of electrical, plumbing, HVAC, and roof. If doors stick, and you love the house, make sure to get a structural inspection, otherwise I'd pass.

 

[NoCreativity]

the A/C Furnace will depend on the brand/ condition. really. there is some truth to they don't build em like they used to there.
and my experience with a home warranty for the year so far is its not worth it.
granted I am a little concerned about the A/C condenser as it looks rough ( about the same condition as my neighbors though) the furnace besides being inefficient, I don't expect much in problems from it. but have kept the possibility of replacing both open in my head if needed.

Yeah, our A/C is from 1988 but is still running fine. We negotiated the price down by a couple thousand though, knowing the unit might need to be replaced at some point. If you have an older unit is worth asking for in negotiations, win-win situation.

 

[Walden4Prez]

You wanna head my way? I've taken apart our POS Samsung dishwasher about three times in the past week. Still no luck. Have one more "simple" fix to try and after that I'm tempted to buy a real appliance.

What's the problem with it?

 

[ArgentCy]

They are EVERYWHERE in Florida, and believe me, there's ALWAYS a busy body neighbor. They love that kind of community. It just empowers that kind of person. Your only saving grace is pitting them against each other, and staying out of the collateral damage.

Never, ever shall I buy into a HOA. Crazy people do not need a vote on my house.

 

[ArgentCy]

What's the problem with it?

Wish I knew. Took it apart again last night and cleaned out the drain tube. Last thing I can find. There was a lot of limescale white crud. It was giving the flood error indication and quitting about 5 mins into the first cycles. There was a little bit of water in the bottom but not enough to find. All the tubes and connections look fine. Going to re-hook it up again this morning and cross my fingers.

 

[oldman]

Make sure your driveway slopes to the street and not to the garage. Make sure your driveway faces in a south or west direction. Your back will thank you.

 

[HGoat1]

Some great advice in here! Thanks guys.

Will definitely have a third party inspector take a look at the home before I buy. I've got some extra money saved for closing costs/expenditures after I own. I am not in a real rush, my apartment lease ends in February so that is my deadline, although I could easily just re-sign. So i'm hoping that I will find the perfect fit.

As to own vs rent, I just decided that it made more sense to have my money going towards equity on a home vs monthly payments to a landlord. I'm settled in nicely to a job I love and plan to be here for awhile.

 

[BCClone]

If you are single, find a neighborhood that has a group of 28-40 year old people in it.

Like this,