Buying a 1st house....any tips?

[tnpartsguy]

Headline states it, I'm about to try to buy my 1st house... I found a 2 bed 2 bath in town that I really like, but it's OLD, built in 1929, and I have a freind that knows houses that is going to look it over tomarrow, and if his report is favorable, I'm going to make an offer Sat......any tips?

[Sputnik]

Hmm... I've bought two properties (sold one) in the last two years but I guess I can't really say as I have any tips. I hope you have a real estate agent that looks out for your interests. Mine was very good and I recommend him to everyone (and he brings me wine at xmas!). If you trust your friend's advice then it sounds like you're good to go! The only other thing I could offer would be that you should look at a lot of places before buying... see whats out there.

[Kari]

Quote, originally posted by tnpartsguy »Headline states it, I'm about to try to buy my 1st house... I found a 2 bed 2 bath in town that I really like, but it's OLD, built in 1929, and I have a freind that knows houses that is going to look it over tomarrow, and if his report is favorable, I'm going to make an offer Sat......any tips?I've (obviously) never bought a house, but I would have the electrical system checked out very very well before you make an offer, since the house is so old. There are a lot of houses around that age here in Oxford and there have been a few electrical fires from aged wiring that wasn't designed to handle all of the stuff it was running. Just a thought. Congratulations too

[Psychobroker]

Quote, originally posted by Kari »I've (obviously) never bought a house, but I would have the electrical system checked out very very well before you make an offer, since the house is so old. There are a lot of houses around that age here in Oxford and there have been a few electrical fires from aged wiring that wasn't designed to handle all of the stuff it was running. Just a thought. Congratulations too And the plumbing/pipes!

[Toasted7]

Look at one, then look at another... then look at 10 more. You need to look around a LOT before you decide. I think I looked at probably 15 or so different houses before I bought mine and I learned a little more at each one... that helped me pick out exactly what I was looking for. Have the electrical, heating/AC (if it has any) and plumbing inspected for sure... don't want any unexpected problems to come up after you have bought it. Do as much research as you can... online is a great place to look up past info. about a property or the house itself, you would be surprised at what info. is out there for anyone to view.

[tnpartsguy]

the house has been rewired/replumbed in the last 10 yrs. The major problems I have found are really crappy/stained carpet over wood floors, and gas heat...(going to install a new electric heat pump/ac). The carpets will come up and the floors sanded, stained, and urathaned. The backyard seems to be holding a bit of water, going to get that checked....plus I have a freind who builds houses, he is inspecting it tomarrow for me. I would have rater had a brand new house, but I actually have to move sooner than I want to, and don't have time to build, PLUS, it's less than a mile from where I currently live, and I relaly LOVE the neighborhood....near a college, near the library, parks, ect....nice quiet street... and a garage!!

[Toasted7]

A garage is key!!! Gotta have somewhere to keep the Vibe.

[jimincalif]

Real estate practices vary a bit by region. Short of major structural issues like termite eaten lumber or a sinking foundation, most things in a house can be fixed. If you are working with a good RE agent, they should guide you thru the process. Even though you are having a builder friend look at the house first (good idea), any offer to purchase should be made contingent on a home inspection. Assuming you and the seller come to terms, you then have an inspector go in (at your expense), look things over and give you a report. Major items noted on the report can then be the basis of getting concessions from the seller for the cost of repairs. Sometimes for whatever reason, a seller doesn't want contingencies. So then you get your inspection first and adjust your offer accordingly.Be sure to check out recent history of sales for comparable properties in the area, will give you a good idea what you should be paying.Sales contracts are typically standard for a given state and deal with how the funds will be handled, what happens to your ernest money should the deal fall thru, etc. Again, an agent should be able to tell you what is appropriate.If you are going to be making any improvements to the house before you move in, don't do anything to it until the sale closes and you are the owner. Sometimes closings get delayed, and a buyer has a contractor lined up and doesn't want to delay. Not a good situation as the sale isn't closed until it is closed.Be sure you know how property taxes are determined, what you will be paying and when they are due.Check into buying homeowners insurance on the property ASAP. Insurance companies share data, and are making it hard to insure homes with a bad claims history, especially water damage/mold issues.Try to keep a few bucks in your pocket for unexpected items. Learn your way around Home Depot. If you are handy, many things around a home can be handled on a do it yourself basis, a good way to save money.Buying your first is exciting, good luck.

[kostby]

Caveat Emptor!Hard as it often is when we're excited by all the seemingly unlimited possibilities of grabbing our own share of the American Dream, please take a systematic, logical approach to a potential home purchase. In addition to the good advice already presented above, consider the following...1. What is your primary motivation for buying NOW? Is that motivation based primarily on emotion, opinion, or fact? If it's either emotion or opinion, then you're not ready to buy until you have facts in hand to justify your purchase.2. Besides the cost of the mortgage, analyze whether you can truly afford home ownership TODAY. Can you truly afford the heat, electricity, water/sewer, trash pickup, taxes, insurance, maintenance, lawn care, snow removal, and furniture? Eating soup twice-a-day until you get your dream job and can truly afford a house may not be worth the sacrifice! Remember that taxes, utilities, and insurance will ALWAYS INCREASE over time, and sometimes, drastically in a short period of time (Natural Gas up 30 to 75% in the last year alone).3. Do you have stable employment? The costs go on and on and on... for a very long time: 180 months (15 years) or 360 months (30 years). If you're just getting started, that may be a burden you're not yet able to carry alone. 4. Do you have a spouse, significant other, or live-in room-mate? Make sure you include them in your decision-making process. 5. Homeownership makes your life less flexible. If a parent suddenly becomes seriously ill and needs you to come home to take care of them, or if your spouse decides to go back to school or change careers or needs to move to another state, or wants to move closer to her parents when she's expecting your first child, can you sell your home quickly (at any price)? Will you be stuck with a 'white elephant' that will be hard to get rid of?6. Are you ready to make a very long-term emotional commitment? I don't want to scare you, but, in essence, you're getting married to a house. It will occupy your thoughts during many of your waking hours, especially when bills need to be paid, or something expensive needs fixing. The more serious the problem, the more emotion and turmoil involved.You have my sincere best wishes for a successful experience!

[amynoelle]

I second what Jim mentioned about taxes.In NJ, you can call the municipality tax office to check the current year's tax fees on any piece of property. It is public information. I would strongly recommend doing this, as the information your real estate agent provides might not be correct/current. My husband and I learned this the hard way....Good luck with the new investment

[ZubenElGenubi]

Ah, the American Dream! Jim's advice is excellent; read it twice.I can't underemphasize the value of having a certified home inspection. It will provide quite a bit of leverage when negotiating your final offer.Additionally, find a Realtor (aka, a buyer's agent) to work on your behalf. Even if you've done all the looking and believe you've found "the home", that person will be invaluable in assuring that the process is completed properly and that your interests are represented.Also, if you're fortunate enough to get to a closing, don't set the closing date on a Friday. If anything is delayed, you don't want a weekend messing up your plans.Good Luck...and if all goes well, we expect pics of your Vibe in the new driveway!

[millster]

On the note of professional inspectors, do some research with realtors or friends who have used them and find a good one. I got burned very badly on my first home when I went to sell it and the buyer's inspector noticed a few high-dollar issues that were missed on my inspection when I purchased the home. They were problems that were readily apparent but not something I would have noticed until they caused a problem. The inspector should have caught them the first time around.

[tnpartsguy]

After reading many of the comments here and CAREFULLY going down kostby's list, I have decided to wait a while longer, and not buy this house. I passed most of the hurdles, but their were 2 that really, really hit hard that I am not ready for this step. Thanks everyone for the advice. I will buy a house, but only after I take a few other steps 1st.

[ZubenElGenubi]

Now, I KNOW you're ready to buy a house. Being able to walk away from a purchase is actually the "first step". Good Luck in your house hunting!

[lextrix]

In addition to all the other good advice, study maps of the area where you're thinking of buying. Are there schools, churches, niteclubs, etc., where large numbers of people gather or work? What may seem like a quiet neighborhood while you're at the open house on a Saturday, may turn out to be traffic nightmare during rush hour. If you have to turn left out onto a busy thoroghfare to get out of your new street that could screw up your whole morning commute as you line up behind 20 of your new neighbors at the stop sign. Check the parking situation carefully, backing out onto a busy street can suck too...also, will your visitors have a safe place to park. If the church is just around the corner, people may be blocking your driveway every Sunday morning. If there's a school nearby...well, that can suck too for many different reasons. If there're clubs nearby, you may wake to find that some drunk has pissed all over your prize rose bushes or worse yet is there passed out on your porch. If there's all kinds of burnout marks in the street it may indicate that your new neighbors like to drive fast. Once you get zeroed in on subject property, visit it a couple different days at all different times to see what goes on there and in the surrounding area. Could be the guy two houses down is in a rock band and they practice alot. Might be this is the street where...the prostitutes stroll, or the drug dealers hang out, or the kids all streetrace...Just some stuff to think about while you're shopping around.Good luck with that...

[NUBlackshirts]

Try to talk to your neighbors before you make a decision. Especially any that have lived in the area for awhile. They are an invaluable source on any issues related to the history of the neighborhood. Mine informed me that the main sewer line in my house has to be snaked about every 6 months or so do to tree problems. Of course I didn't find this out until after it backed-up the first time. And remember....you can not control who moves in near your house!

[zionzr2]

3rd party inspections are key!!take your time....Good luck!!