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I think most of you have had experience on buying a house at some point your life.
I haven't made my final decision whether I am buying it within the next 6 month or not.
I am looking for any advice to assist me being first home buyer.
Any input/tips will be appreciated, if you don't think that's a good idea for me to buy now, please let me know as well.
I am looking forward to hearing of your precious advice!
my advice: Dont buy now... wait for another 12-36 months. To have to assume that you may want/need the option to sell within the first 5 years after purchasing a home. If that happens, with the way the market is now, you will end up selling for less than you bought it for... very frustrating.
We are at the beginning of a trend that we have seen before. This may last for 7 years or so. The good news is that it wont likely go a WHOLE lot lower. But you want to get in when its at its lowest. That will likely be within the next 3-4 years???
youre in grad school right? are you intending to stay in the area? where generally are you located? being in school doesnt mean you shouldnt... i have a friend who owned her first house just out of college, owned again in grad, and has built up some good credit and equity in the process.
get preapproved to understand what you are able to get a loan for, though that doesnt mean you should spend that amount. talking to some mortgage brokers can help you understand whether you can even buy in your market.
maybe some more info is good... why are you compelled to buy now? anything you are interested in?
more advice to follow, but can you tell us more about what you are thinking?
It's a beach city on the east coast...more and more people from NYC, Florida have been moving to my area, the housing price has never gone down.
Hard to decide...
When looking for a house, find a reliable and trustworthy appraiser. Someone who actually does look at the house and foundation and will be truthful in noting things that need to be replaced, fixed, brought up to code, or suspicious. Not someone who walks through the house and calls it good.
Check your neighborhood carefully. Even contact your local police department and ask if there are problems in that area that you personally do not want to live with - such as break in's, robberies, vandalism, etc. See if you can visit the area on different times of the day - note the traffic and noise level and patterns of the neighbors. If you cannot do that, maybe one of your friends could do that for you.
Taxes - comparable taxes for homes in that area.
Problems with the house. Was there any water ever in the house, either through the roof or via the basement? What about the wiring? The appliances in the house? Do they still work? Even the water heater? Check for rust. The appraiser should do those things, that is what you pay for. If not, perhaps you know someone who could check those kinds of things out for you. The pipes in the house - are they up to code?
Just pulling things out that happened to my ex and I when we would be in the market for a home.
VERY helpful! Thanks shy.
I also don't know whether I should get a house or condo ( I am living on my own)...the condos I have looked are much cheaper, and I am pretty sure that I will live in that area for over 2 years, and I have got countable info. on the moving of my current company in 5 years, which means, I will have to sell it in 5 years.
Find a good lender and a good agent. If you know someone who has used an agent before and had a good experience, ask for their name; referrals are excellent.
If the market in your area is stable, it won't hurt you to buy now, especially if you plan on staying where you are for a while. Personally I'd avoid a condo because the fees are insane. My cousin and his wife pay monthly condo/HOA fees equal to a third of their mortgage payment.
Get a home inspection and a pest inspection, a house can look great on the outside, but have some very costly and dangerous problems under the surface (unstable chimney, cracked foundation, moisture in the basement...)
Remember owning a house is much more expensive than renting; if the dryer breaks, you have to fix it. If you have a lawn, you have to cut it. Roof leaks, you have to replace it, and so on. BUT, if you buy a good place with little that needs to be done (newer appliances, newer roof, etc) you can put most of these costs off for a while.
Don't figure you have to sell in five years; since you'll likely be buying a starter house, you can always keep it and rent it out. This is a much more attainable goal if you plan for it over the course of the next five years.
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