So my wife and I are taking the plunge into house buying. We've read a ton of materials, and took a home buying 101 course to familiarize ourselves with process, but beyond that one pearls of wisdom do you have that could help me through this process?

Views: 139

Reply to This

Replies to This Discussion

Great advice from Will. I would add -
1. Shop around to get the best mortgage rate. This includes being careful of extra fees lenders will try to stick you with. You may get a great rate only to find extra fees attached to it. Read the fine print.
2. Don't use Billy Bob for a home inspector. Some states don't require them to be licensed. You might end up with a handyman out there. Check their references.
3. 20% downpayment is usually the minimum to avoid the mortage premium insurance (MPI).
4. Great advice above on the extra payment a year. You can easily knock off several years of payments if you keep it up.
5. Get several appraisals for the value of the house. Don't over pay. Be careful of appraisers that are friends with lenders. I found this out the hard way.
6. Negotiate to the fullest. This is a buyer's market. If you aren't comfortable with the deal. Walk away. Give it a day or five. The sellers will more than likely be willing to re-negotiate unless there are several people trying to but the house.
7. Try to get the sellers to pay some of your closing costs.
8. Definitely have them pay for any necessary repairs.
9. I'm sure you've heard this a million times - Location. Location. Location. Think long term. You may think today that you'll stay in the house for a long time but something may happen (job change, etc.) that you may want to relocate. If you buy in a bad location, now you have to find someone to take it off your hands. Busy street? Train horns nearby? Fire Station across the steet? It's all about the location.

Best of luck! Lee
Thanks for the advice fellas. We have ended up looking at roughly 50 homes and settled on a house and just got an offer accepted. We were able to negotiate at 20K below asking, seller to pay 3% at closing, and $3000 in moving expenses. The 20% would have been ideal, but we've got a little one coming and wanted to get into a place in time for the $8K first time home buyers tax credit. But we went with a conventional to avoid the 5 year mandatory PMI with a standard FHA. We are likely walking into about 40K in equity so the five year requirement could really have hurt us. Anyway thanks again for the advice.
I'm on the verge of buying one (whoo-hoo!). My wife told me this morning, We need a lead paint test. Deal-breaker. Which made me think: what else am I forgetting?

Here's what we're doing:
* Home inspection including lead paint test. The house is NEXT DOOR to mine, which passed a radon test, so I don't really think we need the radon test but I am not sure --?
Depending on what part of the country you're in, radon levels can vary greatly within just a few hundred feet. I'd go ahead and do a radon test. The ones you can buy at Home Depot or Lowe's and then send off should be sufficient, just to tell you what the levels are like, and then be sure to check your state EPD or the EPA for what the local levels should be.

Mold tests are good, if anything pops up on the inspection or there are unfinished areas in the home. And check the eaves and attic space for tree rats and signs of them. Furry little bastards are driving me nuts.
I would like to add something about the inspections, don't just hire a home inspecter. You can probably get a plumber, an electriction, and a heat and air specialist to come out really check out what is their specilty in addtion to the home inspecter. Our home inspector missed a lot the little things that an expert in that field would have caught.


Latest Activity

Profile Iconali raha, Sean McCartney, Scott Hibbs and 10 more joined Art of Manliness
19 minutes ago
Sir replied to Joshua Paul Hood's discussion How can I help a friend?
"I do. The way to be helpful is to be, or provide, someone she can call when she is thinking of taking a drink.  Not to give advice beyond "OK, so you feel like drinking, but you're not going to, right?" AA is a suggestion too. If…"
22 minutes ago
Sir replied to Naveen's discussion I cannot join the military or the police - but I cant get past that - What should I do?
25 minutes ago
Doug B joined Todd Serveto's group

Growing in Manliness

Men who want to grow in masculinity, develop stronger manly traits, and be more confident in manhood.
1 hour ago
Mongoose replied to Joshua Paul Hood's discussion How can I help a friend?
"Oh, and, incidentally, look at other comments she's made. It may be that she is flirting with you rather than her actually wanting to grow facial hair or other symbol of self-mastery."
1 hour ago
Mongoose replied to Joshua Paul Hood's discussion How can I help a friend?
"The best advice you could give is to encourage her to see a professional. There are people out there who's entire life is devoted to helping others better themselves and helping others gain self-mastery. These professionals in psychology have…"
1 hour ago
Naveen replied to Naveen's discussion I cannot join the military or the police - but I cant get past that - What should I do?
"I could go on and on. 27 is too old to look fondly upon the notion of war. Find another way to challenge yourself and prove your manhood to yourself. I agree, I am not that naive normally, dont know why I was that now. Doesnt matter, I know what…"
1 hour ago
Joshua Paul Hood posted a discussion

How can I help a friend?

Hello fellow men, I have question for any of you that has an answer. There is a good friend of mine that is trying to improve her life. She is wanting to get out of the party life, stop drinking, and get herself back into a Godly lifestyle (She’s Christian). When we get to work together, which is rare now, we usually joke around and sometimes talk some personal stuff. Family, friends, life in general. A while ago, I told her that I keep my beard as symbol of my battle with porn. As long as I…See More
1 hour ago

© 2016   Created by Brett McKay.   Powered by

Badges  |  Report an Issue  |  Terms of Service