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Old 09-24-2008, 08:14 PM   #11
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My best advice is to have the home inspected by a qualified inspector before you make your decision. He may find things you'd never know till too late, or he may tell you that the place is very sound and in great working order.

Also, if you know anyone who has a relative who has been in the construction business for a long time, ask them to come take a peek. My dad was really helpful when we were buying our first house. He saw things and possibilities (and would-be disasters) that we never thought of.
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Old 09-24-2008, 08:19 PM   #12
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Quote:
Originally Posted by jkath View Post
My best advice is to have the home inspected by a qualified inspector before you make your decision. He may find things you'd never know till too late, or he may tell you that the place is very sound and in great working order.
I should also point out that for an unbiased inspection report, the OP should find her own inspector, not the one recommended by her agent.
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Old 09-24-2008, 08:21 PM   #13
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We are definitely going to have whatever place we decide on inspected. It is a regular clause to have in the buying contract that the sale is pending until a successful home inspection is completed.
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Old 09-24-2008, 08:27 PM   #14
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jkath - very sage advice. I would check the inspector out as well. The one that inspected my current house missed that the oven was not working, the bathtub in the downstairs bathroom didn't drain, and that the downstairs bathroom was illegal to begin with. Moved in just before Thanksgiving, Imagine an oven not working for turkey day.

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Old 09-24-2008, 08:36 PM   #15
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first congrats .. buying your first home is a very exciting
and frustating thing ...
get a home inspector (as already said)
and walk through with the inspector ..
check everything .. ask lots of questions ..
and take your time ..
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Old 09-24-2008, 08:46 PM   #16
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I tend to only see the good things when I look at a new house or anything. Purposely try to find some bad points, then take some time to decide whether you can live with them or not. Also, make a list of "must haves" and "like to haves" before checking out any more houses.

Barbara
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Old 09-24-2008, 09:40 PM   #17
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Buy the best location you can comfortably afford and I underline financially comfortably afford. Put down as much as you can - at least 20%. Choose an inspector whose credentials you have checked. In addition, before you put your name on documents that commit you, be sure you hire an appraiser to determine market value and be careful about that - prices are inflated on bunches of houses that won't sell because of the financial condition. That is different from a inspection of the physical house.

Against my advice my daughter paid top dollar for a cute little house - not terribly expensive but inflated in price - this about five months ago. Guess what, the hospital is now cutting back on her nurse's hours and she is starting to feel the pinch. She just told me that a real estate agent is coming by there tomorrow to talk about listing. Is she going to lose money? Yes.

You said it yourself - you are about to overpay because you are competing against buyers who are putting zero down. That is what has inflated prices over historical fair market values so you are about to over pay only to see the market value of your dwelling decrease as soon as there is no more zero down or 5% down financing. Be careful!

Good luck!
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Old 09-24-2008, 09:53 PM   #18
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just want to say, do the prudent thing and then just enjoy the process. it doesn't need to be a chore. buying a house is a happy thing . and it is very exciting!
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Old 09-24-2008, 09:55 PM   #19
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Just one basik thing, make sure that payments are no more than a 1/4 of your income.
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Old 09-24-2008, 10:10 PM   #20
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In the words of my maternal grandfather, "Take it easy; make it nice."

Go slowly and enjoy the process. Look at lots and lots of properties. Evaluate the pros and cons of them all and see how they measure up to what you want/need. Begin as modestly as you can. Build equity, which will allow you to move up next time. Rome wasn't built in a day.

And, as CharlieD already said, DO NOT get in over your head. Don't set yourself up to work just to pay your mortgage. There's more to life than that.

Have a great time and best wishes on your adventure.
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