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Post by deadphishbiscuits on Feb 12, 2020 7:31:35 GMT -7
Sooo....as I've mentioned I'm a be buyin a house this year
And I know some but not much
I know many of yall are home owners and what not so ...
Gimme the skinny
I'm a bring the wook hagle hard , I may be puttin 20 G's down (between savi ng s, borrowing a lil from 401k and IRA etc...)
I want to move in, and hopefully not worry bout shit for bout 10 years
Know the main things of importance (on the house itself ) roof, hot water tank, hvac equipment , plumbing etc... need to be copacetic and what not
So yeah
Holler atcha yer boi an gimme any tips an knowledge from your personal experiences, friends / family experiences etc...
Muchos Garcias Phamilia
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Post by chronicircle on Feb 12, 2020 7:37:11 GMT -7
be prepared for a lot of paper work, especially if you're a first time home owner. expect some unexpected costs, as is pretty normal with moving anyway.
other than that i looked for kitchens and bathrooms that were updated (for the most part) so i didn't have to replace any appliances or bigger ticket items.
good luck sir hopefully you find a nice one soon!
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Post by deadphishbiscuits on Feb 12, 2020 7:40:14 GMT -7
Thank you sir, once back from PR it's own find me a realtor , shop as round for interest rates, ugh cant believe I'm takin the plunge but its guts to be done
F rentin especially where were at currently
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Post by hokiejoe on Feb 12, 2020 7:42:09 GMT -7
You will need a good home inspector and you will want to watch them do the inspection to make sure they are being thorough. Most people can tell that the hot water tank is old or that the furnace is 20 years old, but most people don't know anything about foundations, wiring, roofs, etc... Don't put too much emphasis on shitty carpet or walls painted terrible colors, you can and will change that shit. Talk to whoever is going to finance your house before you start looking. Know how much you can afford and how much you are willing to spend before you fall in love with places. Decide what is important to you before you start looking too. You may have to make tough decision on things like size of the yard vs. an extra bathroom or open floor plan vs. finished basement.
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Post by Don Swifty on Feb 12, 2020 7:47:32 GMT -7
Internet access - if that's important to ya.
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Post by chronicircle on Feb 12, 2020 7:50:09 GMT -7
once you look at a place with a realtor, ask them to send you updated listings in the area within your price range. that's how i ended up finding my place, rather than through a realtor site or something like zillow.
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Post by chronicircle on Feb 12, 2020 7:51:05 GMT -7
also its more about the % of the downpayment rather than actual amount of monies. if you can afford at least 20% down, do it, and avoid paying the useless mortgage insurance.
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Post by deadphishbiscuits on Feb 12, 2020 7:53:06 GMT -7
On loy insurance I'm lookon ro pay for is homeowners not sure what mortgage insurance is but f that
Also cant budge on 3 bedroom 1.5 bathroom
That is my main baseline for size of home(and more than 900 square ft obviously) lol
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Post by chickenpoop on Feb 12, 2020 7:56:35 GMT -7
Home inspectors only do a half assed overview of stuff. Hire a master plumber to look at plumbing/gas lines.
Buy way under what the banks says you can spend. They don't understand our entertainment expenses. They tell you how much house you can buy if you live on ramen and never go anywhere lol
Take your time looking in different neighborhoods. Figure the property taxes into your expense because those can really vary!
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Post by lerner on Feb 12, 2020 8:03:59 GMT -7
protip;
buy the nicest house in the shittiest neighborhood...
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Post by chickenpoop on Feb 12, 2020 8:10:58 GMT -7
protip; buy the nicest house in the shittiest neighborhood... I think it is the other way around. That way everyone is bringing your home value up |
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Post by lordkundalini on Feb 12, 2020 8:13:35 GMT -7
sex shed is key.
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Post by ferd on Feb 12, 2020 8:15:08 GMT -7
Don't forget to set money aside for closing costs!!! Your bank should be able to give you an idea of how much that is.
Also, if you have less than a 20% down payment, you WILL be paying mortgage insurance. It's insurance for the bank in case you default on your loan.
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Post by deadphishbiscuits on Feb 12, 2020 8:16:27 GMT -7
Home inspectors only do a half assed overview of stuff. Hire a master plumber to look at plumbing/gas lines. Buy way under what the banks says you can spend. They don't understand our entertainment expenses. They tell you how much house you can buy if you live on ramen and never go anywhere lol Take your time looking in different neighborhoods. Figure the property taxes into your expense because those can really vary! Hopin ro have all taxes and what not put into the payment Goin for fixed interest no variable Tryin yo get it done by next school year so we dont have to move wee ones once school has started |
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Post by deadphishbiscuits on Feb 12, 2020 8:17:02 GMT -7
Don't forget to set money aside for closing costs!!! Your bank should be able to give you an idea of how much that is. Also, if you have less than a 20% down payment, you WILL be paying mortgage insurance. It's insurance for the bank in case you default on your loan. Wook hagle that shit with seller concessions and what not |
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Post by ferd on Feb 12, 2020 8:18:55 GMT -7
Oh yeah, definitely try for some seller concessions.
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Post by lordkundalini on Feb 12, 2020 8:21:15 GMT -7
definately avoid the variable.
i didnt put any money down. even rolled closing costs into loan. my house is small and wasnt all that expensive,. all i really cared about was could i support the payment
i like to maximize current cash to spend, even if i pay more in interest over the long haul.
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Post by ferd on Feb 12, 2020 8:23:05 GMT -7
Be careful if you go with an FHA loan...if you don't put 20% down, you pay mortgage insurance for the life of the loan...usually you just pay it until you have 20% equity in the house.
We didn't know this and did FHA with little down on our first house and it cost us a good bit of money.
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Post by ferd on Feb 12, 2020 8:23:52 GMT -7
Also, try for a mortgage payment where you can afford to throw extra money at it. Something like 1 extra principle payment per year will knock around 7-8 years off of your payback, saving you TONS in interest.
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Post by ferd on Feb 12, 2020 8:26:36 GMT -7
Oh, and your bank will want to preapprove you for much more than you could realistically afford...they don't take into consideration utilities and other expenses...just your current income and debt.
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