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Started By
Message
First time home buyer
Posted on 2/1/16 at 10:59 pm
Posted on 2/1/16 at 10:59 pm
Wife and I are purchasing a 2000sq ft home together in March. Since we are first time home buyers, we understand there's so much to learn about this time. The home were purchasing is in a good neighborhood in the Dallas area for around 200k. What advice would you give a first time home buyer about general ownership, the process behind the purchase, etc? We are all ears!
25
Posted on 2/1/16 at 11:01 pm to FrancisCostello
Money biard
Posted on 2/1/16 at 11:05 pm to FrancisCostello
quote:
200k house
The OT ballers are about to jump on you
Posted on 2/1/16 at 11:06 pm to FrancisCostello
Congratulations! Only thing I would suggest is having a nice nest egg for repairs. I guarantee something will happen you haven't considered yet.
Posted on 2/1/16 at 11:09 pm to FrancisCostello
I don't have advice about the transaction, as that is just a damn mystery...honestly, you can work your arse off trying to read it and understand it, but I am not sure anyone but an attorney can really understand what you are signing...
now, as far as the actual home ownership is concerned....first off, as cool as it sounds, there is nothing magical about home ownership. having a house will try your patience, as shite is constantly needing to be fixed or updated.
my one piece of advise would be to either buy a house in the country that has space between you and your neighbor of a house in a nice subdivision with damn strong covenants...if you end up with a bad neighbor in an apartment complex, you just move. however, if you wind up with a shitty neighbor in a subdivision, you are stuck.
I would look for strong rules concerning noise (dogs barking, etc.) as well as rules against renting out houses....
now, as far as the actual home ownership is concerned....first off, as cool as it sounds, there is nothing magical about home ownership. having a house will try your patience, as shite is constantly needing to be fixed or updated.
my one piece of advise would be to either buy a house in the country that has space between you and your neighbor of a house in a nice subdivision with damn strong covenants...if you end up with a bad neighbor in an apartment complex, you just move. however, if you wind up with a shitty neighbor in a subdivision, you are stuck.
I would look for strong rules concerning noise (dogs barking, etc.) as well as rules against renting out houses....
This post was edited on 2/1/16 at 11:11 pm
Posted on 2/1/16 at 11:11 pm to FrancisCostello
Did you get prequalified? Got your down payment? Insurance quotes?
Posted on 2/1/16 at 11:12 pm to FrancisCostello
Lol 2000 SF
Posted on 2/1/16 at 11:14 pm to FrancisCostello
Do you have 6 months worth of emergency funds on top of at least $20,000 in the bank? With a maxed 401K plan?
Cause that's like, step 1.
Cause that's like, step 1.
This post was edited on 2/1/16 at 11:17 pm
Posted on 2/1/16 at 11:19 pm to RileyTime
Ask the seller to provider a one year home warranty. Will take out any sting if a major appliance, AC, etc goes out. Just a little piece of mind.
Posted on 2/1/16 at 11:22 pm to FrancisCostello
I'd advise you to go back to 2009 when Obama gave us all 8 grand to take the plunge.
What an idiot!
What an idiot!
Posted on 2/1/16 at 11:25 pm to FrancisCostello
Is the house brand new? If not, hire a reputable roofer to inspect the roof, and maybe an electrician to look at the electrical system. You can't always rely on home inspectors to do an adequate job. Have you seen the house after a heavy rainstorm to see if the water drains away and doesn't pool against the house? It's times like this that it pays to have a friend or relative who is a general contractor. Good luck.
Posted on 2/1/16 at 11:37 pm to Clyde Tipton
Neighborhood is everything. Fixtures and flooring can be changed but bad neighbors are forever.
Don't buy near rental property ever.
Realize that in addition to your down payment you will need most likely another 3-5% in closing related fees, appraisals, and inspections.
PMI is a pain. Put down 20% to avoid it if possible.
Have an emergency fund in place before you buy of at least 4 months worth of expenses. Do not use it for home improvements or down payment.
Try to get the current owner to do as much repair work as possible post inspection before you sign off on the work.
Home repairs are a given. depending on the age of the house and the improvements you want to make, place a certain amount of money in an envelope per month to maintain or fix up the house so you don't overspend.
It's really tempting to over furnish or remodel right when you move in. Do not exceed your budget you set before hand. You'll be thankful when the next house payment comes due.
Don't buy near rental property ever.
Realize that in addition to your down payment you will need most likely another 3-5% in closing related fees, appraisals, and inspections.
PMI is a pain. Put down 20% to avoid it if possible.
Have an emergency fund in place before you buy of at least 4 months worth of expenses. Do not use it for home improvements or down payment.
Try to get the current owner to do as much repair work as possible post inspection before you sign off on the work.
Home repairs are a given. depending on the age of the house and the improvements you want to make, place a certain amount of money in an envelope per month to maintain or fix up the house so you don't overspend.
It's really tempting to over furnish or remodel right when you move in. Do not exceed your budget you set before hand. You'll be thankful when the next house payment comes due.
Posted on 2/1/16 at 11:39 pm to Eightballjacket
Tough crowd with the down votes
Posted on 2/1/16 at 11:47 pm to FrancisCostello
You are going to be in a house for years. Don't try to change it over night.
Burn out is a bitch and takes away from the joys of new ownership.
Burn out is a bitch and takes away from the joys of new ownership.
Posted on 2/2/16 at 12:05 am to xrockfordf150x
quote:
Home repairs are a given. depending on the age of the house and the improvements you want to make, place a certain amount of money in an envelope per month to maintain or fix up the house so you don't overspend.
Right next to the tobacco you use to barter with.
Posted on 2/2/16 at 1:13 am to FrancisCostello
If you are prequalified, do NOT go out and buy a bunch of stuff (furniture, linen, towels etc) before closing.
They will probably pull another credit report at the closing and you may no longer qualify.....
They will probably pull another credit report at the closing and you may no longer qualify.....
Posted on 2/2/16 at 1:29 am to FrancisCostello
quote:you sound like a responsible person, and yet, you come to the OT for one of your biggest decisions ever - go to the money board and wait for daylight and repost.
Wife and I are purchasing a 2000sq ft home together in March. Since we are first time home buyers, we understand there's so much to learn about this time. The home were purchasing is in a good neighborhood in the Dallas area for around 200k. What advice would you give a first time home buyer about general ownership, the process behind the purchase, etc? We are all ears!
Posted on 2/2/16 at 1:32 am to FrancisCostello
You pay a majority in interest the first several years. That was a crazy to me.
Posted on 2/2/16 at 1:50 am to djangochained
Posted on 2/2/16 at 1:59 am to xrockfordf150x
quote:
Don't buy near rental property ever.
Lol. The $450/mo multi-family, sure.
The $1700/mo 3/2 and $2200 4/2's...
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