First time home buyer!

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Rachelle10211
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First time home buyer!

Post by Rachelle10211 » Sat Jul 11, 2015 11:20 am

Does anybody have advice for a first time home buyer? I am not quite ready yet, but I am anticipating starting the hunt within the year. I have a large sum saved up to put as a down payment, but I know that is the least of my worries. Any advice on things to look for, things to avoid, mortgages, realtors? Things I may not think of? (I live in Canada if that makes a difference)

Any information would be appreciated! :love2:

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Re: First time home buyer!

Post by bubblegumbitch » Sat Jul 11, 2015 3:38 pm

I've never bought a home but I've seen family members who I have. (I'm from the US but I assume a lot of this is the same):
- anticipate weird things like appliances, HOA fees, landscaping, completely random stuff that you may need to cover.
- put as big of a down payment as possible. Like seriously big
- know exactly what you want but don't be too picky, just don't make sacrifices on things that are a big deal. Most cosmetic things can be changed, but know the neighborhood, schools in the area (just in case), yard sizes/property sizes, stuff like that.
- look at trends in the neighborhoods you're looking at, like are prices at a high or low? Will the prices raise in the future so you can profit when you sell this house eventually?
- make sure that the house has good structural integrity, know when things were last updated (like the roof, etc.) because any structural changes are REALLY expensive and it would not be easy to replace the foundation within a year of buying it

That's pretty much all I can think of atm. Good luck!!!!! <3

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Re: First time home buyer!

Post by Nesoi » Sun Jul 12, 2015 5:23 am

Look at resale value- compare similar properties in that zipcode and research what local realtors are selling similar homes for to get a good idea.
Always get a more experience home buyer to view the properties with you and they can list the faults they see (my friend found 30 faults that I didnt see and I saved a load of money :D )
Close to shops, amenities, etc highways
Not too remote...unless u like that
Taxes you may have to pay and hidden fees
Don't be pressured into buying something, by realtors or friends and family.
As the previous poster said...have a good look into structural aspects, any renovations/ changes other owners have done, were they dont well? so that you wont have to fork out money later down the line
Find a good mortgage rate
Get value for money ie. more space maybe by compromising location a bit or something similar. Dont buy a shoebox in the middle of the city when u can maybe have a small garden for the same price

It pays todo your research and just be knowledgeable about buying, even if u dont like reading about it, it makes you more prepared. Get some property books :D

Good luck :tu:

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Re: First time home buyer!

Post by Memememe1 » Mon Jul 13, 2015 5:36 pm

My husband and I bought our home last year in America and the first thing we did was to get pre-approved with the bank so that we knew exactly how much we could spend on our home.
The main thing after that would be finding a good agent making sure they are proactive in finding homes in your budget and location. Ours was great in showing us the pros and cons in every house we went to but we had to do a lot of the house hunting work ourselves :|

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Re: First time home buyer!

Post by Beautifulammo » Fri Jul 17, 2015 9:25 am

Rachelle10211 wrote:Does anybody have advice for a first time home buyer? I am not quite ready yet, but I am anticipating starting the hunt within the year. I have a large sum saved up to put as a down payment, but I know that is the least of my worries. Any advice on things to look for, things to avoid, mortgages, realtors? Things I may not think of? (I live in Canada if that makes a difference)

Any information would be appreciated! :love2:

Get a 15 year fixed if you can. Interest rates are lower and you'll pay it off faster. If you can't swing it (payments will obviously be higher) and go for a 30 year fixed (only get fixed!) then do you best to budget at least (1) extra mortgage payment a year (making sure it's applied to the principal). That will shave quite a bit of time & interest of your mortgage.

As much as it sucks to do this if you don't get the house - never skip the home inspection. It's worth the $3-400 for piece of mind and for ruling out potential money pits. Hopefully you only have to pay for one and you get your home, but there's a chance that you could have a few homes fall through after an offer's been accepted. Also, unless your agent is a close friend or family member, don't just take their word on a recommendation for a home inspector. While your realtor is supposed to be working for you, they are not all honest and they don't get paid until you close on a home.

A good home inspector will almost scare you away from your home because it's their job to find every infinitesimal thing that's wrong with the home. Make sure you have someone that is handy that can tell you what is a minor repair that you can do yourself in 30mins & trip to Lowe's vs. something that will cost thousands to fix.

Make sure you put things that you want fixed on your inspection report to the seller. They may not do everything, but don't be afraid to ask.

Make a list right now of things that are must-haves, deal-breakers, and things you want but could live without and make sure you communicate this list to your realtor. Make your must-haves realistic; I'd stick with location, size, number of rooms/bathrooms, garage, basement, price, type of dwelling (house, condo) etc. I'd put the cosmetic things on the "want but could live without" list (like granite counters, hardwood floors, etc). Unless you *REALLY* can't live without something like that. Also note if you want something that's move-in ready or a fixer-upper. Move in ready meaning only cosmetic changes needed to make it your own. If your realtor starts showing you properties that completely ignore your must-haves/deal-breakers, don't be afraid to fire them and find someone else.

If you can't strip away the current owner's possessions to see the house for what it is, find a friend/relative who can. It would suck to dismiss a great home because the owner has so much furniture or odd furniture placement in a room it looks small, but it's really huge. When I bought my first place the owners had a couch almost blocking the front door and a double bed in the dining room (??!) and when I showed pictures prior to owner ship people thought it looked cramped. After I moved in, no one could believe it was only 1500sq ft. It was seriously like a friggin' Tardis.

Along those lines, like a poster above said, ignore cosmetic changes. But be aware of which cosmetic changes are easy/cheap to fix and which you can live with. Wall colour? Easy and fairly inexpensive to change yourself. Cabinets, flooring, counters - not so cheap, but easily done. So if a kitchen is outdated or the flooring is carpet but you'd prefer hardwood - can you live with it for how many years it would take to save up to change? Or do you have the money to update it right away?

Be realistic with what your money can buy by doing research in your preferred locations. This may change your preferred locations :)

In the states you generally have a 10-day inspection period during which you can back out and get your escrow deposit back for no reason at all. Use this time to get the inspection (obvs), visit the home as much as you can without being obnoxious to current residents, drive the neighbourhood at all hours of the day, and see if you can manage to catch one of your potential neighbours outside and talk to them about the area/house. They may know valuable information.

Be prepared for frustration and disappointment. Pictures on listings can be very deceiving. Oh, and unless you have time to kill - don't go for any short sales; the process can take 6+ months. Don't worry about viewing foreclosures you can find some real gems, just be aware that they are usually sold as-is. Still get an inspection, just know that the bank generally won't fix anything. My husband & I bought our house as a foreclosure and it's a better house than we thought we would find and was in move-in ready condition (excepting appliances, which I don't think count).

Good luck! I love shopping for houses - too bad I'm not rich and can buy multiple properties. :(

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Re: First time home buyer!

Post by himmaing1992 » Wed Oct 25, 2017 1:42 am

Hi
Some tips you should consider that are
A few things to think about:

1) Make sure that the cable is Category 6A. Copper data standards change, but the odds you're going to rewire the house are minimal - get the best rating you can now. Don't worry about "Category 7" for now as it's tough to find the real thing.
2) If you're going to be doing any duct work whatsoever, make sure it's Plenum rated. Toxic smoke is no fun, especially in the air system.
3) If the coax plate locations make sense, sure, run them together, but... run more than one. You won't be able to easily fix a bad cable later, so run at least a few extra ones, even if you don't terminate them all at the plate. I ran 4 cables to each plate, which was barely enough in one case.
4) Think about where you're going to terminate all these cables. Chances are that you'll have enough that you should set up some patch panels somewhere.
Thanks

himmaing1992
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Re: First time home buyer!

Post by himmaing1992 » Thu Oct 26, 2017 1:19 pm

Rachelle10211 wrote:Does anybody have advice for a first time home buyer? I am not quite ready yet, but I am anticipating starting the hunt within the year. I have a large sum saved up to put as a down payment, but I know that is the least of my worries. Any advice on things to look for, things to avoid, mortgages, realtors? Things I may not think of? (I live in Canada if that makes a difference)

ozark mo homes for sale

Any information would be appreciated! :love2:
Oops, I don't have any information. :HK: :HK:

Perfectbxtch
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Re: First time home buyer!

Post by Perfectbxtch » Sun Nov 26, 2017 9:40 pm

My biggest advice is do you research on the area. Is it convenient? Are the people... unsavory? Drive around it for awhile and really get to know the location. So many people move because they like the house but the area sucks.

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