Author Topic: House buying/owning advice (Read 132928 times)

Kat Kid · « **on:** December 12, 2011, 02:16:40 PM »

I am currently looking to buy a home.

This board has a wonderful collection of home owners and I know you love helping people. Home owners in general seem to love dispensing advice, so I'm guessing this will be a super long thread.

Very excited to hear what I should be doing!

Saulbadguy · « **Reply #1 on:** December 12, 2011, 02:21:16 PM »

pay cash!!!!111

bakerman · « **Reply #2 on:** December 12, 2011, 02:23:37 PM »

When you are looking at houses, don't be fixated on what's there right now. A lot of people shut down houses because they can't see the potential of what adding some of your personal touches can do to it.

Also, check into the USDA rural loan. Certain areas can give you a really good deal, but you have to be inside their specified zone. I got my house for no (required) money down and 4% interest thanks to this. I don't know Manhattan's zones for it though.

don't forget to add in taxes and insurance to your monthly mortgage payment when deciding how much you can afford.

yoga-like_abana · « **Reply #3 on:** December 12, 2011, 02:25:35 PM »

the mls site is so much fun to look at if you ever get the change to get on it

pissclams · « **Reply #4 on:** December 12, 2011, 02:27:47 PM »

always spend at least as much as the lender approves you for.

Stevesie60 · « **Reply #5 on:** December 12, 2011, 02:28:06 PM »

Get a 15 year mortgage instead of a 30 year mortgage.

http://www.bankrate.com/calculators/mortgages/15-year-30-year-mortgage-calculator.aspx

ew2x4 · « **Reply #6 on:** December 12, 2011, 02:29:14 PM »

I've owned my house for a better part of 2 years now. Some things I wish I had- 2 car garage. Full master bath.

A full master bath cannot be understated. A 2 car garage isn't awful, but it kinda sucks. Our house is a fixer upper, but know what you're capable of having done. If you're only wanting to paint and get new carpet, make sure you're looking beyond that. Many people just aren't able to look past colors and light fixtures.

And this should go without saying, but don't over spend for the neighborhood. Keep in mind you're most likely going to be selling this house one day.

felix rex · « **Reply #7 on:** December 12, 2011, 02:33:47 PM »

Yeah. Pay cash. Prioritize area over house (i.e. make sure there's a BWW nearby). Also, if you're not good at/don't enjoy home repairs and do-it-yourself kind of stuff, don't trick yourself into believing you will once you buy a house with "good bones."

pissclams · « **Reply #8 on:** December 12, 2011, 02:34:04 PM »

if your lender says, tortuga, we're going to approve you for a $600,000 home. here's what you do, you spend $600,001. always spend more. it shows them that you're the boss and ensures that in future lending negotiations your voice will be heard at the table. everyone wants their voices to be heard. so you sing. sing to the lenders and you sing a loud and beautiful song of money. when the lender responds in the appropriate manner, you will know that they heard you.

jtksu · « **Reply #9 on:** December 12, 2011, 02:37:42 PM »

The Tulia app is pretty cool. If you haven't already, you should check it out.

Skipper44 · « **Reply #10 on:** December 12, 2011, 03:19:07 PM »

If you buy house with a outdated kitchen or bath, go ahead and renovate it sooner than later so you can enjoy it. If the market is good, you will get most of the money back; if the market is bad you will have to have everything right to sell it. This was my biggest regret on my first house.

Also, do the big projects before you start having kids. Even if you are using contractors for everything it is a much bigger pain in the ass to be without a kitchen or bath once you have kids around.

As a

focus more on what you can't change (location, lot size, etc) and less on what you can

puniraptor · « **Reply #11 on:** December 12, 2011, 03:26:20 PM »

Make sure it works with your couch and TV

steve dave · « **Reply #12 on:** December 12, 2011, 03:35:28 PM »

get a really nice house. you will be glad you did.

DQ12 · « **Reply #13 on:** December 12, 2011, 03:38:28 PM »

If this devolves into another HOA thread...I swear...

steve dave · « **Reply #14 on:** December 12, 2011, 03:40:44 PM »

You will want a strong HOA to protect your property value and keep your neighbors from completely filling their yards with christmas inflatable decoration things

EllToPay · « **Reply #15 on:** December 12, 2011, 03:50:30 PM »

go with your 'gut' feeling. if it's the first house you walk into, so be it.

chum1 · « **Reply #16 on:** December 12, 2011, 03:52:44 PM »

property virgins >>>>>>> house hunters

Rage Against the McKee · « **Reply #17 on:** December 12, 2011, 03:56:58 PM »

Quote from: Toupe Tactics Always Fail on December 12, 2011, 02:23:37 PM

When you are looking at houses, don't be fixated on what's there right now. A lot of people shut down houses because they can't see the potential of what adding some of your personal touches can do to it.

Also, check into the USDA rural loan. Certain areas can give you a really good deal, but you have to be inside their specified zone. I got my house for no (required) money down and 4% interest thanks to this. I don't know Manhattan's zones for it though.

don't forget to add in taxes and insurance to your monthly mortgage payment when deciding how much you can afford.

Also, make a mental note of what changes you want to make before you buy the house. Figure out how much those changes will cost you, and deduct that cost from your initial offer. After all, you are about to get rid of whatever is there that you are about to change. . . why should you have to pay for that crap, too?

Dugout DickStone · « **Reply #18 on:** December 12, 2011, 03:58:49 PM »

Quote from: steve dave on December 12, 2011, 03:40:44 PM

You will want a strong HOA to protect your property value and keep your neighbors from completely filling their yards with christmas inflatable decoration things

Also, they will enforce rules against crappy fences and roofing materials.

Dr Rick Daris · « **Reply #19 on:** December 12, 2011, 03:59:49 PM »

my advice would be to ask all of your friends if any of them currently own a rental house in manhattan that they would like to get rid of. my guess is that they would sell it to you for like super cheap and you could live in it for a few years and do simple things like plant grass and paint it and then sell it for a profit.

pissclams · « **Reply #20 on:** December 12, 2011, 04:01:57 PM »

Quote from: chum1 on December 12, 2011, 03:52:44 PM

property virgins >>>>>>> house hunters

i disagree. there's only so much rinomato i can handle. now, has house hunters changed for the worse since suzanne whang left? some may argue that yes, it has. i'm not so sure i agree and actually feel it's better than ever. if given the opportunity, rinomato will drag you through every square inch of toronto while the post-whang house hunters spends more time in the united states. who knows, tough call.

Dugout DickStone · « **Reply #21 on:** December 12, 2011, 04:12:53 PM »

Quote from: pissclams on December 12, 2011, 04:01:57 PM

Quote from: chum1 on December 12, 2011, 03:52:44 PM
property virgins >>>>>>> house hunters

i disagree. there's only so much rinomato i can handle. now, has house hunters changed for the worse since suzanne whang left? some may argue that yes, it has. i'm not so sure i agree and actually feel it's better than ever. if given the opportunity, rinomato will drag you through every square inch of toronto while the post-whang house hunters spends more time in the united states. who knows, tough call.

But either version is better than property virgins. I mean, "Jeff looks for his first slab home in Louisville, KY with his pleutonic lady friend" vs. "some navy dude and his babe hit Ecudoar to find a beachfront chill pad". JFC

puniraptor · « **Reply #22 on:** December 12, 2011, 04:15:05 PM »

Whang was just wasted air time. That show in no way needs an on camera host.

pissclams · « **Reply #23 on:** December 12, 2011, 04:16:02 PM »

Quote from: Kleinstone on December 12, 2011, 04:12:53 PM

Quote from: pissclams on December 12, 2011, 04:01:57 PM
Quote from: chum1 on December 12, 2011, 03:52:44 PM
property virgins >>>>>>> house hunters

i disagree. there's only so much rinomato i can handle. now, has house hunters changed for the worse since suzanne whang left? some may argue that yes, it has. i'm not so sure i agree and actually feel it's better than ever. if given the opportunity, rinomato will drag you through every square inch of toronto while the post-whang house hunters spends more time in the united states. who knows, tough call.

But either version is better than property virgins. I mean, "Jeff looks for his first slab home in Louisville, KY with his pleutonic lady friend" vs. "some navy dude and his babe hit Ecudoar to find a beachfront chill pad". JFC

agreed 100%. well stated. thank you for taking out the trash (rinomato) with the quick yet lethal stroke of your plume.

TheHamburglar · « **Reply #24 on:** December 12, 2011, 04:20:24 PM »

Are you a card-carrying Native American. If you are, get a HUD backed loan, put down 2.25% and have no PMI.