Buying a home advice

[cireksu]

I would have loved to build, however the only place I could afford to build was in Gardner and when I researched it the builders were all pretty crap.

but otherwise, of course building is ideal.

[dr00d]

Overall, owning is way, way better than renting because you'll actually get money back when you decide to move.

This is assuming you can sell your house when you decide to (are forced) to move.

Also- buy the correct tools for the job.  Nothing is worse than struggling to do something with the wrong tool.  That IMO is what takes the longest. Spend 40 dollars and get it done in thirty minutes or spend 150 and have someone do it.

Good point.  Be prepared to spend thousands on tools you will rarely use.

Jesus, you are an asshole.  I didn't say spend thousands.  I mean don't waste a bunch of time using needle-nose pliers to strip wire when you can by wirestrippers for 20-30 dollars.

Obviously you don't need to buy some gigantic industrial torch to do plumbing, you buy the small 30 dollar tank and do it yourself.  Why are you such a dumbass about these things?  Did your daddy leave you at age 3 and never teach you to be self-sufficient?

[steve dave]

Overall, owning is way, way better than renting because you'll actually get money back when you decide to move.

This is assuming you can sell your house when you decide to (are forced) to move.

Also- buy the correct tools for the job.  Nothing is worse than struggling to do something with the wrong tool.  That IMO is what takes the longest. Spend 40 dollars and get it done in thirty minutes or spend 150 and have someone do it.

Good point.  Be prepared to spend thousands on tools you will rarely use.

Jesus, you are an asshole.  I didn't say spend thousands.  I mean don't waste a bunch of time using needle-nose pliers to strip wire when you can by wirestrippers for 20-30 dollars.

Obviously you don't need to buy some gigantic industrial torch to do plumbing, you buy the small 30 dollar tank and do it yourself.  Why are you such a dumbass about these things?  Did your daddy leave you at age 3 and never teach you to be self-sufficient?

Don't let Rusty fool you, he rocks the TOP OF THE LINE DYSON around his place like it's nothing.....nothing at all.   

[pissclams]

Fairway is a nice area, good decision.  It certainly is a buyer's market right now, especially for first-time home buyers.

[PCR]

First of all: buy a home ASAP.  Being able to itemize your deductions more than makes up for the difference between renting and owning. 

Second: think about buying a newish townhome if you are worried about maintenance.  You can pay someone else to take care of your landscaping, etc.  Of course it's probably not much more than that to pay someone to mow the smaller yards up in north Joco.  I would just worry about other unexpected big expenses in an older home. 

A lot has to do with what you can afford.  There's really no need to pay 20% down on a house--that just cuts into your tax deduction.  You're better off having cash in the bank that you can use for repairs, job loss, illness, etc.  Try not to buy in an area that's about to implode, and you won't have to worry about your investment depreciating.  Location is EVERYTHING--think about crime rate, schools, current and future amenities, noise, traffic.  If you can pay 5% and you've got over 680 credit, you're in really good position to get one of the better loans--over 720 and you can get the "best" loans.  And get a buyers agent--it won't cost you anything. 

[cireksu]

Also when you find one you like, call on utilities, find out what the other houses have sold at in the last year or so and compare what everything else has sold for.  Find out how long it's been on the market.  If over 6 months to a year feel free to offer up to 15% lower than asking.

[steve dave]

And get a buyers agent--it won't cost you anything. 

BS.  The buyer's agent gets a cut from the seller's agent or the seller themself when the transaction closes.  Cuts down on your bargaining power.  Would you rather sell a house to someone for $200k but have to give $5k to his agent or someone for $197k plus nothing?

[cireksu]

And get a buyers agent--it won't cost you anything. 

BS.  The buyer's agent gets a cut from the seller's agent or the seller themself when the transaction closes.  Cuts down on your bargaining power.  Would you rather sell a house to someone for $200k but have to give $5k to his agent or someone for $197k plus nothing?

Never use an agent just to use an agent, get someone that you can trust!  There are good people out there that will look out for you, realitors that are successfull get that way on return customers and referrals.  Find an old lady realitor.

[steve dave]

And get a buyers agent--it won't cost you anything. 

BS.  The buyer's agent gets a cut from the seller's agent or the seller themself when the transaction closes.  Cuts down on your bargaining power.  Would you rather sell a house to someone for $200k but have to give $5k to his agent or someone for $197k plus nothing?

Never use an agent just to use an agent, get someone that you can trust!  There are good people out there that will look out for you, realitors that are successfull get that way on return customers and referrals.  Find an old lady realitor.

Rule of thumb:  Never trust someone working on commision...ever.

[cireksu]

And get a buyers agent--it won't cost you anything. 

BS.  The buyer's agent gets a cut from the seller's agent or the seller themself when the transaction closes.  Cuts down on your bargaining power.  Would you rather sell a house to someone for $200k but have to give $5k to his agent or someone for $197k plus nothing?

Never use an agent just to use an agent, get someone that you can trust!  There are good people out there that will look out for you, realitors that are successfull get that way on return customers and referrals.  Find an old lady realitor.

Rule of thumb:  Never trust someone working on commision...ever.

that's dumb.  Maybe at a furniture store or something, but when you only sell a handfull of things each year you have to be good to make it a career or you are done quickly.

[steve dave]

Rule of thumb:  Never trust someone working on commision...ever.

that's dumb.  Maybe at a furniture store or something, but when you only sell a handfull of things each year you have to be good to make it a career or you are done quickly.

No it's not.  Name one thing a buyer's agent can do that anyone (ANYONE) cannot do on their own with their own self interest in mind instead of what sort of commision they may get.  Do you know that the houses have different commisions and "bonuses" attached to them for getting them sold in certain timeframes and under certain conditions that a buyer's agent can see but you, as the buyer, cannot?  Do you think these "bonuses" are placed on the property for the benefit of the buyer or to motiviate the buyer's agent? 

[cireksu]

Rule of thumb:  Never trust someone working on commision...ever.

that's dumb.  Maybe at a furniture store or something, but when you only sell a handfull of things each year you have to be good to make it a career or you are done quickly.

No it's not.  Name one thing a buyer's agent can do that anyone (ANYONE) cannot do on their own with their own self interest in mind instead of what sort of commision they may get.  Do you know that the houses have different commisions and "bonuses" attached to them for getting them sold in certain timeframes and under certain conditions that a buyer's agent can see but you, as the buyer, cannot?  Do you think these "bonuses" are placed on the property for the benefit of the buyer or to motiviate the buyer's agent? 

dude, you obviously know more than the average person about that, I'm saying that the average person could/would probably screw themselves without the help of a good professional that they could trust.

A friend of mine (dumbass/very average type american) went to buy a house somewhere in Denver, agreed on a price, did inspections etc.  The house didn't appraise and it fell through and he lost the inspection money.

now that wouldn't have happened to you or anyone that has done homework but like I said.  I don't think the average person does. 

And also like I said get to know someone that you can trust.  But Blanket saying that all people on commision are out to screw you or don't care about getting you the best deal available is not true at all.

[ChicagoCat]

Rule of thumb:  Never trust someone working on commision...ever.

that's dumb.  Maybe at a furniture store or something, but when you only sell a handfull of things each year you have to be good to make it a career or you are done quickly.

No it's not.  Name one thing a buyer's agent can do that anyone (ANYONE) cannot do on their own with their own self interest in mind instead of what sort of commision they may get.  Do you know that the houses have different commisions and "bonuses" attached to them for getting them sold in certain timeframes and under certain conditions that a buyer's agent can see but you, as the buyer, cannot?  Do you think these "bonuses" are placed on the property for the benefit of the buyer or to motiviate the buyer's agent? 

dude, you obviously know more than the average person about that, I'm saying that the average person could/would probably screw themselves without the help of a good professional that they could trust.

A friend of mine (dumbass/very average type american) went to buy a house somewhere in Denver, agreed on a price, did inspections etc.  The house didn't appraise and it fell through and he lost the inspection money.

now that wouldn't have happened to you or anyone that has done homework but like I said.  I don't think the average person does. 

And also like I said get to know someone that you can trust.  But Blanket saying that all people on commision are out to screw you or don't care about getting you the best deal available is not true at all.

I used to work on commission.  I was out to screw people.

[AzCat]

Rule of thumb:  Never trust someone working on commision...ever.

that's dumb.  Maybe at a furniture store or something, but when you only sell a handfull of things each year you have to be good to make it a career or you are done quickly.

No it's not.  Name one thing a buyer's agent can do that anyone (ANYONE) cannot do on their own with their own self interest in mind instead of what sort of commision they may get.  Do you know that the houses have different commisions and "bonuses" attached to them for getting them sold in certain timeframes and under certain conditions that a buyer's agent can see but you, as the buyer, cannot?  Do you think these "bonuses" are placed on the property for the benefit of the buyer or to motiviate the buyer's agent? 

dude, you obviously know more than the average person about that, I'm saying that the average person could/would probably screw themselves without the help of a good professional that they could trust.

A friend of mine (dumbass/very average type american) went to buy a house somewhere in Denver, agreed on a price, did inspections etc.  The house didn't appraise and it fell through and he lost the inspection money.

now that wouldn't have happened to you or anyone that has done homework but like I said.  I don't think the average person does. 

And also like I said get to know someone that you can trust.  But Blanket saying that all people on commision are out to screw you or don't care about getting you the best deal available is not true at all.

Rubbish.  According to the Real Estate Buyer's Agent Council these are the reasons to use a buyer's agent (stolen directly from their web site):

• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.

 
Honestly, if you can't evaluate your own wants and needs and find a suitable home you have no business buying one.

• Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.

 
Ditto and there are many income / payment calculators available freely on the 'net that won't demand a 3% commission when your transaction closes.

• Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.

 
"Assist in viewing properties"?  "Accompany the buyer on showings"?!?  Again, if you're so helpless that you're unable to view properties on your own ....

• Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.

 
Useful if an only if the buyer's agent is financially liable for any later-discovered problems and is required to make restitution.  As a practical matter your home inspector already has that sort of liability so this is merely another pocket in which to fish ... at best.  And I'd wager that the standard buyer's agent agreement absolves the agent of all liability for this sort of thing in advance.

• Advise the buyer on structuring an appropriate offer to purchase the selected property.

 
Structuring an offer?  Is this a home purchase or a hostile takeover of a multinational corporation?  Someone care to give me a single example of a buyer's agent "structuring an appropriate offer"? 

• Present the offer to the seller's agent and the seller on the buyer's behalf.

If you really want to go uptown you could just hire a courier ... for way less than an agent's comission though the telephone and mails have worked well in this capacity for many years.
 

• Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.

 
And the agent's commission of course. 

• Assist in securing appropriate financing for the selected property.

LOL - unless the agent is the lender this is almost nonsensical.
 

• Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.

Just in case you've never heard of the Yellow Pages.
 

• Most importantly, fully-represent the buyer throughout the real estate transaction.

... and of course collect a large fee at the end.


What nonsense.  A buyer's agent is merely another toll collector on the highway of life.  Happily there's no need to stop and pay this one.

[cireksu]

Rule of thumb:  Never trust someone working on commision...ever.

that's dumb.  Maybe at a furniture store or something, but when you only sell a handfull of things each year you have to be good to make it a career or you are done quickly.

No it's not.  Name one thing a buyer's agent can do that anyone (ANYONE) cannot do on their own with their own self interest in mind instead of what sort of commision they may get.  Do you know that the houses have different commisions and "bonuses" attached to them for getting them sold in certain timeframes and under certain conditions that a buyer's agent can see but you, as the buyer, cannot?  Do you think these "bonuses" are placed on the property for the benefit of the buyer or to motiviate the buyer's agent? 

dude, you obviously know more than the average person about that, I'm saying that the average person could/would probably screw themselves without the help of a good professional that they could trust.

A friend of mine (dumbass/very average type american) went to buy a house somewhere in Denver, agreed on a price, did inspections etc.  The house didn't appraise and it fell through and he lost the inspection money.

now that wouldn't have happened to you or anyone that has done homework but like I said.  I don't think the average person does. 

And also like I said get to know someone that you can trust.  But Blanket saying that all people on commision are out to screw you or don't care about getting you the best deal available is not true at all.

Rubbish.  According to the Real Estate Buyer's Agent Council these are the reasons to use a buyer's agent (stolen directly from their web site):

• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.

 
Honestly, if you can't evaluate your own wants and needs and find a suitable home you have no business buying one.

• Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.

 
Ditto and there are many income / payment calculators available freely on the 'net that won't demand a 3% commission when your transaction closes.

• Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.

 
"Assist in viewing properties"?  "Accompany the buyer on showings"?!?  Again, if you're so helpless that you're unable to view properties on your own ....

• Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.

 
Useful if an only if the buyer's agent is financially liable for any later-discovered problems and is required to make restitution.  As a practical matter your home inspector already has that sort of liability so this is merely another pocket in which to fish ... at best.  And I'd wager that the standard buyer's agent agreement absolves the agent of all liability for this sort of thing in advance.

• Advise the buyer on structuring an appropriate offer to purchase the selected property.

 
Structuring an offer?  Is this a home purchase or a hostile takeover of a multinational corporation?  Someone care to give me a single example of a buyer's agent "structuring an appropriate offer"? 

• Present the offer to the seller's agent and the seller on the buyer's behalf.

If you really want to go uptown you could just hire a courier ... for way less than an agent's comission though the telephone and mails have worked well in this capacity for many years.
 

• Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.

 
And the agent's commission of course. 

• Assist in securing appropriate financing for the selected property.

LOL - unless the agent is the lender this is almost nonsensical.
 

• Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.

Just in case you've never heard of the Yellow Pages.
 

• Most importantly, fully-represent the buyer throughout the real estate transaction.

... and of course collect a large fee at the end.


What nonsense.  A buyer's agent is merely another toll collector on the highway of life.  Happily there's no need to stop and pay this one.

all that crap is exactly why you don't pay a buyers agent to do it for you.

[steve dave]

all that crap is exactly why you don't pay a buyers agent to do it for you.

wtf 

[jeffy]

I was thankful to have a buyers agent when I bought my first house. 

Having an agent on either the buyers or the sellers side is good insurance against something going wrong.

[michigancat]

Overall, owning is way, way better than renting because you'll actually get money back when you decide to move.

This is assuming you can sell your house when you decide to (are forced) to move.

Also- buy the correct tools for the job.  Nothing is worse than struggling to do something with the wrong tool.  That IMO is what takes the longest. Spend 40 dollars and get it done in thirty minutes or spend 150 and have someone do it.

Good point.  Be prepared to spend thousands on tools you will rarely use.

Jesus, you are an asshole.  I didn't say spend thousands.  I mean don't waste a bunch of time using needle-nose pliers to strip wire when you can by wirestrippers for 20-30 dollars.

Obviously you don't need to buy some gigantic industrial torch to do plumbing, you buy the small 30 dollar tank and do it yourself.  Why are you such a dumbass about these things?  Did your daddy leave you at age 3 and never teach you to be self-sufficient?

Do not buy a home, build a home. Spend some time doing lots of research on homes and contractors (and the subcontractors they use). Most of the newer homes being built that are not completely custom are total crap. Most "flipped" homes are total crap. Building is the best bang for your buck, you get better more efficient technology. If you buy a home that is 5 years or older, you're going to need to redo everything withing 7 years anyway, unless the home was built with exceptional quality to begin with. So, basically your paying for some things twice because you're buying the home, then paying to replace things.

As a structural engineer I would really recommend looking at building a home from cold form steel. No bug problems, no shrinkage issues like you do with wood, and can be much more cost effective compared to wood. Don't be afraid to spend money on insulation and windows. Also, select a HVAC system that brings in a good deal of outside air. Systems that simply recirculate the air inside your home are terrible for air quality and your health.

The most important thing is to take time to plan, don't rush into anything, and don't let anyone rush you into anything. Some contractors will push, push, push, only to cause problems and delays that will end up costing you money.

It's very wasteful to build.  (for the environment)

[Saulbadguy]

I pay $45 HOA fees.  They mow my lawn, "maintain" the sprinkler system, and plow the streets and clear the driveways in the subdivision when it snows.  Money well spent since i'm pretty lazy.

[steve dave]

I pay $45 HOA fees.  They mow my lawn, "maintain" the sprinkler system, and plow the streets and clear the driveways in the subdivision when it snows.  Money well spent since i'm pretty lazy.

  Extremely well spent imo.  That is rediculous low for HOA fees.   

[cireksu]

I pay $45 HOA fees.  They mow my lawn, "maintain" the sprinkler system, and plow the streets and clear the driveways in the subdivision when it snows.  Money well spent since i'm pretty lazy.

  Extremely well spent imo.  That is rediculous low for HOA fees.   

No crap. I know people that pay hundreds and still have to maintain their own yard.  The best I can figure is that the money goes to have somebody call the commitee when you park a car in the driveway over night.

[kougar24]

SD, I have to disagree with you on the buyer's agent. Ours was a godsend, and there's no chance in hell we would have gotten the house we wanted as fast as we did, for the price we got it, without her. I guarantee you the house cost less thanks to her negotiating for us than had we "saved money" on the price by not having an agent of our own.

Java: I also highly, highly recommend you hire your own inspector when you've found a house you want to make an offer on.

[ArchE_Cat]

Do not buy a home, build a home. Spend some time doing lots of research on homes and contractors (and the subcontractors they use). Most of the newer homes being built that are not completely custom are total crap. Most "flipped" homes are total crap. Building is the best bang for your buck, you get better more efficient technology. If you buy a home that is 5 years or older, you're going to need to redo everything withing 7 years anyway, unless the home was built with exceptional quality to begin with. So, basically your paying for some things twice because you're buying the home, then paying to replace things.

As a structural engineer I would really recommend looking at building a home from cold form steel. No bug problems, no shrinkage issues like you do with wood, and can be much more cost effective compared to wood. Don't be afraid to spend money on insulation and windows. Also, select a HVAC system that brings in a good deal of outside air. Systems that simply recirculate the air inside your home are terrible for air quality and your health.

The most important thing is to take time to plan, don't rush into anything, and don't let anyone rush you into anything. Some contractors will push, push, push, only to cause problems and delays that will end up costing you money.

It's very wasteful to build.  (for the environment)

  @ your ignorance Rusty. Steel, which I recommended, is the most recycled product on the planet. Not one piece of scrap would be thrown away from building a steel home, it would all be recycled. Also, new properly designed and installed electrical, mechanical, and plumbing systems use far less energy and water then anything done even five years ago.

[steve dave]

SD, I have to disagree with you on the buyer's agent. Ours was a godsend, and there's no chance in hell we would have gotten the house we wanted as fast as we did, for the price we got it, without her. I guarantee you the house cost less thanks to her negotiating for us than had we "saved money" on the price by not having an agent of our own.

Moral of the story is you could have gotten it for 3% less than you did if you negotiated yourself.  I'm not saying it's for everyone but assertive people who can do a minimal amount of homework will benefit by doing it on their own.  She did her job by making you feel like you got a good deal (which you may have but you still paid 3% more than you had to).

[cireksu]

I paid an inspector 100$ and he covered pretty much everything.  It was a guy my agent recommended but I'm sure they were scamming me.


If you know a lot about everything give it a go yourself.  If not, get an agent. 

[steve dave]

I paid an inspector 100$ and he covered pretty much everything.  It was a guy my agent recommended but I'm sure they were scamming me.

That's a pretty good deal imo

[cireksu]

I paid an inspector 100$ and he covered pretty much everything.  It was a guy my agent recommended but I'm sure they were scamming me.

That's a pretty good deal imo

I don't know what they normally cost but I've heard of people that pay like 5 different people that each specialize in something else 50-75 each.

He came in shook my hand and said "cireksu, I will do this like I'd check my own son's house."

[cireksu]

Also just to clarify, the agent I used normally only does commercial property, is older, has made a career out of it and was also an agent for my grandmother and parents. 

I wouldn't expect the same from Joe shmo realitor that has another job as well as many do.

[steve dave]

Also just to clarify, the agent I used normally only does commercial property, is older, has made a career out of it and was also an agent for my grandmother and parents. 

I wouldn't expect the same from Joe shmo realitor that has another job as well as many do.

d00d, the only one you have to convince that you didn't overpay is yourself.  If you are happy with it, good for you.

[kougar24]

Moral of the story is you could have gotten it for 3% less than you did if you negotiated yourself.  I'm not saying it's for everyone but assertive people who can do a minimal amount of homework will benefit by doing it on their own.  She did her job by making you feel like you got a good deal (which you may have but you still paid 3% more than you had to).

First of all, are you just pulling that 3% number out of thin air? That's highly subjective and dependent on the situation. Secondly, as a first-time buyer who knew nothing about buying a house, with or without doing homework, I promise you I could not have done as well as my agent, or nearly as quick.