| First Time Home Buyer Questions? |
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maria123
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 30 Jan 2018
Location: Delhi
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Tue Jan 30, 2018 12:12 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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1. If that realtor did a good job and you liked him, it would be good to stick with him. But don't let him steer you to look at only his listings. Yes, the commissions are standard.
2. I would go to your Bank for your pre-approval.
3. Don't go with "how much can I afford" calculations. Determine for yourself how much you WANT to spend, not a seller''s concept of how much you CAN afford.
When I was viewing homes last weekend, I felt like I had no idea on what to look for or ask. I was just looking at the place to see the size, layout, number of rooms, etc.
4. Start with your needs - do you need 3000 sq feet for a family of 5? Or do you need 1500 feet for a family of 2? Do you need 2 bedrooms? Or 5 bedrooms? Appeal. Do you like 2-story? Or single story? That's especially important as you get older - you probably won't like climbing stairs when you are age 70? Do you like 2-car garages or 3 cars? Big lot, plenty of room - or small lot, less yardwork? But most important - is the house pretty in YOUR view? You'll enjoy a pretty house and you will take good care of it - conversely, you'll always dislike an ugly (in your eyes) house.
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Tue Jan 30, 2018 4:02 pm |
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GardenCat
Full Member
Cash: $ 12.80
Posts: 63
Joined: 07 Dec 2014
Location: Colorado
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Good Luck in your house search!
1. Ask the realtor some pertinent questions: how long have you been doing this,? In this area? Do you know building codes, builders that have worked in this area? Can I get any references?
Also, will the realtor be YOUR agent (the buyers agent)? This is the best position for you as the realtor will be looking out for your interests and not conflicted with working for a seller/trying to sell you one of his listings...
How busy is the realtor - relevant in that if s/he is really busy they may not be as attentive to you and anything you may need.
2. Old Guy is right. Your bank or credit union may have the best rates, or near them, and may have lower fees... How much you can put towards a down payment will affect your interest rate. There also are first-time-homebuyer programs that may be quite beneficial.
3. Right again - pay close attention to what you are comfortable having to pay each month for your mortgage. Better to be very much on the safe side in terms of monthly cashflow and such. You can always pay some towards principal if you have extra and you want to pay down the mortgage balance.
4. You can take a marble with you when you visit homes. Put it on any hard surface floor to see how much it rolls downhill... You can get a circuit tester that you plug into any wall outlet that will tell you if the circuit is grounded or not. Electrical issues can be quite costly to bring up to code.
One trick an inspector told me to do is in any bathroom or kitchen sink, close the drain, turn on the water to get a sinkfull, keep the water turned on and open the drain and see how quickly the sink drains and does it drain faster than the faucet turned on full? Can give you a feel for the plumbing drain system.
Think in terms of the "bones" of the house, not the color of the walls (paint is cheap!). No stains on the ceilings/walls... Floors and windows in good condition and windows functioning properly. What is the functional layout of the kitchen. There is a lot to think about and pay attention to.
Maybe get a good friend who has gone through this to go along with you and help with their opinions and feelings. It is sometimes too easy to feel either good or bad about a place and another trusted persons perspective can be helpful.
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Tue Jan 30, 2018 9:08 pm |
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