We're now beginning the process of trying to find a house. I know that several of you have recently purchased homes and we were hoping you would share your knowledge with us.
Some questions:
What things do we need to look for that don't automatically come to mind?
What questions should we be asking?
Are there any warning signs we should look for?
Feel free to unload all information/horror stories on me. If you don't want to leave a post, you can email me instead. If you don't have my email address, leave a note with yours and I'll send it to you. We're taking our first tour tomorrow, so any help would be greatly appreciated!
Thursday, January 17, 2008
A Plea for Help
at 7:32 AM
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8 comments:
*If you can, get a realtor! Find one that you don't pay too much, such as someone in the ward who knows you're poor (well, we were poor anyway) but will help you out. They know what to look for, so that totally helps.
*Make a list of things you'd ideally like- ex: flat top stove, counter space, a big master bathroom, etc and look for a house that can fill your requests without going overboard. *Negotiate! Have the seller pay the closing costs, as they are relying on you to buy the home- so they can do you a favor and cut your out-of-pocket costs.
*Are you tired of me commenting yet?
*If you're not using a broker for your mortgage loan (which I do NOT suggest because your loan will be sold to 4 diff companies in 2 months) then go with a credit union for your loan. They offer better rates, better service, and you know right where you can go to with questions.
*Get an inspection! It's SO worth the extra couple hundred bucks, because it may save you thousands in the long run!
*Don't forget to pray about your decisions. I don't know what the closest Temple is for you, but you know, the Celestial Room is pretty close to speaking with God directly. Involve Him in your decision making.
*When we found our house, it felt like when I knew Scott was the one I was supposed to marry. If you can totally imagine your little family waking up there, eating snacks in teh front room there, and making memories- you'll just know it's the one. If "something doesn't feel exactly right," then move on. You know you've found the one when all you can do is smile when you're in it!
*Ok, I'll stop.
We're gonna be buying ahouse sometime in the next hour and a half ... :(
Get a Realtor, you as a buyer pay nothing for the Realtor but it helps a great deal. Call Holly or I tomorrow and we would be more than happy to answer any questions.
Or you can just move to Utah and I'll build you guys a house.
I just realized I wrote "sometime in the next hour and a half." No, Kurt and i did not buy a house yesterday. We will be buying a hour sometime in the next YEAR and a half. The moral of the story? Don't comment on friends' pages when you're at work and brain-fried. Yay.
Call me! You can negotiate, i.e. have counter offers on the purchase and sale agreement--you can ask the seller to pay a certain percentage or amount towards your closing costs, but in return the seller will usually raise the purchase price--in my mind, I wish we knew this when we bought our place because I would have done it. To raise your loan amount by, say 3,000 dollars does not make a signifant difference in your payment whereas coming into closing with closing costs (at LEAST 3,000, I have no idea what it would be out on the east coast, plus if you're putting any money down, can be a bit of a hit all at once).
Be sure to ask about government loans, I know Federal Housing (FHA) and here in Idaho we have Idaho Housing (IHA) which is attactive to first time homebuyers, it generally offers a lower interest rate. There are definitely pros and cons...find a lender that explain things to you...
Ask about the first time homebuyer programs....this may be a good option, it may not...usually with those loans you are required to have mortgage insurance for the life of the loan, whereas a conventional loan will drop the mortgage insurance once your loan reaches a 78 percent loan to value...
I promise this will make more sense when you get going...
Be so picky and observant when you walk through places...there were times when I felt like I couldn't open a cupboard or look in the closet when we did walk-through in fear of invading someone's privacy, but they (the sellers) know people are in their home, so be fully aware of the place by being as thorough as you can...
Definitely pay to have an inspection....
Call me....I'd love to talk to you about this and much more...I don't know what your phone number is, but mine hasn't changed, please call!!
I have never bought a house. But... make sure it has laundry hookups and a dishwasher... oh yes, and a bathtub. These are the three essentials we are currently living without!
Like a couple of other people have said - pay to have an inspection! The inspector will find things (ones that you probably wouldn't notice - I didn't, anyway) that need to be fixed and that way you know what to talk to the seller about.
Definitely find out what appliances are staying or going with the seller, because you don't want to be stuck without a frig or whatever later on (without realizing it first).
It's not a bad thing to be picky. Be really, really observant. If the house smells like animals or smoke... that's not something that's going to go away!
Get a realtor because they will help you find places that are in your budget. They'll also try to work you up to a little higher price range, but that may not always be a bad thing (since there might be something a lot better that's just a little higher than your original range). They won't tell you about the neighborhood, so you might have to talk to people in your ward about that.
Be aware of deed restrictions and things like that. I don't know about older homes, but one thing we ran into when we were looking in our area was that there was housing in the lower part of our price range but it was also deed-restricted, which meant that the property value couldn't appreciate above a certain percent. If that doesn't bother you, then that's fine, but for us that was something we didn't want to deal with.
I can't think of anything else... :) Good luck! House hunting can be fun in a way, but really frustrating after a while.
My mother advised us to make sure all the toilets flush as you go through on your tour.
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