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re: Potential first time home buyer in search of any and all advice
Posted on 3/31/16 at 3:56 pm to Weekend Warrior79
Posted on 3/31/16 at 3:56 pm to Weekend Warrior79
quote:
Jump on Zillow and check for recent sales in the areas.
Just an FYI Zillow is only accurate if your state discloses the selling price. Texas does not, thus Zillow is an estimate and can be all over the place. If needed, your Realtor has access to the actual sales price.
ETA: This applies to the free Zillow information. You can pay for the real sales price in states that don't allow public disclosure.
This post was edited on 3/31/16 at 3:58 pm
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Posted on 3/31/16 at 8:57 pm to GenesChin
Thanks for the response. I am closing on my current house at the end of the month and will be looking for a new mortgage soon
Posted on 3/31/16 at 9:39 pm to thegreatboudini
quote:
Saints streets / downtown.
Gentrified may not be the word, but culture rich (not new Orleans type culture) is more of what what I'm meaning.
I haven't lived in Lafayette in years, but didn't think Lafayette really had any areas that fit gentrified.
I'd just describe those areas as established neighborhoods and not newish subdivisions, which shockingly Lafayette doesn't seem to have a lot of compared to other places of similar size (for example, Shreveport has South Highlands and Broadmoor which dwarf Lafayette's established neighborhoods).
I consider (considered?) West Bayou / Bendel Gardens the nicest neighborhoods/best place to live in Lafayette.
This post was edited on 3/31/16 at 9:40 pm
Posted on 4/1/16 at 12:45 am to thegreatboudini
If you're buying new/newer subdivision, I would make sure that the neighborhood is almost built out. You don't want to have construction going on in the neighborhood for the next 3-4 years, or worse, have the builder go bankrupt and selling lots to someone who puts lower quality homes in the neighborhood, or not building out the promised amenity areas for the neighborhood.
Beware of hidden expenses if buying new. We saved probably 40k in landscaping/hardscaping/blinds/in ground irrigation costs by buying a house a few years old (prior owner put all that in, and didn't recoup the cost when selling to us).
Beware of hidden expenses if buying new. We saved probably 40k in landscaping/hardscaping/blinds/in ground irrigation costs by buying a house a few years old (prior owner put all that in, and didn't recoup the cost when selling to us).
Posted on 4/1/16 at 6:34 am to Ric Flair
Buying in a an almost built out subdivision guarantees you will pay more for your home than almost any other owner in the neighborhood. This is because the prices increase as available lots and homes become more scarce.
Case in point: I built for X dollars, closing in May of 2013 when the neighborhood was less than 50% built out. Someone I know bought the last lot in the subdivision and paid X + 15% of my home's current principle balance. This is an appraised value and the bank also had to sign off on this valuation as well since they were the source of the builder's construction financing as well.
Your mileage may vary, but because of my timing, the rest of the homes in the neighborhood generated a natural appreciation of 10-15% during the first 24-30 months of ownership.
No offense to the previous poster but his advice could easily cost you hundreds of dollars in monthly mortgage cost and a significant amount of equity over the life of your financing. Concerns about the financial stability of the contractor are overblown, especially if you rely on a local team of home inspectors and mortgage brokers who can give you background and context on the viability of various builders in the area based on their previous experience ce working in real estate finance, etc.
Case in point: I built for X dollars, closing in May of 2013 when the neighborhood was less than 50% built out. Someone I know bought the last lot in the subdivision and paid X + 15% of my home's current principle balance. This is an appraised value and the bank also had to sign off on this valuation as well since they were the source of the builder's construction financing as well.
Your mileage may vary, but because of my timing, the rest of the homes in the neighborhood generated a natural appreciation of 10-15% during the first 24-30 months of ownership.
No offense to the previous poster but his advice could easily cost you hundreds of dollars in monthly mortgage cost and a significant amount of equity over the life of your financing. Concerns about the financial stability of the contractor are overblown, especially if you rely on a local team of home inspectors and mortgage brokers who can give you background and context on the viability of various builders in the area based on their previous experience ce working in real estate finance, etc.
This post was edited on 4/1/16 at 6:41 am
Posted on 4/1/16 at 5:28 pm to GFunk
quote:
Buying in a an almost built out subdivision guarantees you will pay more for your home than almost any other owner in the neighborhood. This is because the prices increase as available lots and homes become more scarce.
Case in point: I built for X dollars, closing in May of 2013 when the neighborhood was less than 50% built out. Someone I know bought the last lot in the subdivision and paid X + 15% of my home's current principle balance. This is an appraised value and the bank also had to sign off on this valuation as well since they were the source of the builder's construction financing as well.
Your mileage may vary, but because of my timing, the rest of the homes in the neighborhood generated a natural appreciation of 10-15% during the first 24-30 months of ownership.
No offense to the previous poster but his advice could easily cost you hundreds of dollars in monthly mortgage cost and a significant amount of equity over the life of your financing. Concerns about the financial stability of the contractor are overblown, especially if you rely on a local team of home inspectors and mortgage brokers who can give you background and context on the viability of various builders in the area based on their previous experience ce working in real estate finance, etc.
you both have valid points. any market worth buying in should be appreciating year over year, so 10%-15% appreciation in 2.5 years isn't a bad track record to discourage buying. Any new development will typically use that finished community as comps if construction is similar, so pricing will be a wash. Living through construction can be a pain in the arse for many also. Anyone trying to price existing construction with new construction available will have a hard time in my market. The HGTV generation wants to pick their own finishes. But once that last house is built, that equity is immediate.
No offense to your old world or home inspectors but i'll put my knowledge of builders in my market up against any lender or inspector. This week alone I had 2 lenders call me with questions about builders.
This post was edited on 4/1/16 at 5:30 pm
Posted on 4/2/16 at 5:34 am to GenesChin
Doesn't seem to line up. That 15% would be approximately a $400,000 home which even in most big cities is still a nice home
In Los Angeles that doesn't even get you a 2 bedroom condo
Posted on 4/2/16 at 5:36 am to DaStain
quote:
Advice for first time home buyer:
1. be very skeptical if the disclosures list is very short, particularly in a house that is not "new". Most houses have issues and you need to find what they are.
2. Get a GOOD home inspector. Not all home inspections are made equal. It is worth the money to really understand what you are buying.
Agreed, especially if the home is old and the guts are out of code and outdated. Bad plumbing and archaic electrical can be a nightmare.
Posted on 4/2/16 at 6:47 am to 632627
People forgot to factor in repair/maintenance cost into home decision.
If the water heater is 20 years old, that can be a $1000-1500 install missing from the cost. Roofs are some $10k I've heard
If the water heater is 20 years old, that can be a $1000-1500 install missing from the cost. Roofs are some $10k I've heard
Posted on 4/2/16 at 7:40 am to thegreatboudini
quote:
I am searching for any and all information you guys can provide me with
Contact a local non profit housing counseling agency in your area. They can help at no cost, and can also help find you down payment and closing cost assistance programs you qualify for.
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