Hello,
We are looking to buy our first home sometime in december of this year and have not a clue where to begin. I have already contacted a real estate agent and also a lender. Monday I will find out what we have been pre-quailfied for. I am so unsure how the buying process goes, that its actually frightening me in to not wanting to go threw with it. Also another question in the back of my mind is the economy, and if it continues to go down we may end up oweing more then what our future home is worth. Honestly I am looking for some online wesites that could help educated me in the buying process and also some first hand experince from other moms buying their homes. I just hope we are making the right choice in buying then to continue to rent.
Thanks in advance for the much needed advice,
T.
It is definately a buyers market. Home Builders are lowering their prices to sell homes just sitting there ready to be moved into. So even if the economy is not good it definately a good time to buy a home.
Personally, I think buying is a lot better than renting. If you rent you can be tossed out at any time with no where to go. If you buy, it's yours as long as you pay your taxes. I have owned three homes now. My first two homes were in Michigan. I bought the first one and lived in it for ten years and sold it for what I paid for it. I got the second home lived in it nine years and sold it for what I paid for it. And now I have my place here in Florida in which I have lived for fourteen years. My advice would have been not to contact a real estate agent. They are to pushy. I would have suggested going to the bank and finding out what kind of interest I could get. Wells Fargo is a great place to deal with. Then I would have went on line and found homes for sale and looked at them. I purchased my first two homes through a real estate agent. My last home I found on my home and used a lawyer. I saved almost five thousand by using a lawyer. Sit down with your husband and make a list of things that are important to you in a home. Then start looking. Don't buy on impulse. If you find one you think you want go back a couple times after and look it over good. Make sure you check closets for leaks and mold damage. Check the breaker box. Look at the foundation. Look around sink, shower, and tub for damages. Look at the roof good. Check windows and doors. Look in cupboards for signs of damage, insects or rodents. Turn faucets on and off. Check burners on the stove. Look in the over, is it clean, does it work? Check the ceiling for fresh paint. Lots of people paint to cover up damage. When outside find out where the septic is if there is one. You can go online and just put in, what should I look for when buying a house. Lots of good web sites will come up. Don't buy in dry season. If you find a home you think you want make sure you go back on a rain day to see how the water drains. Lots of homes here in Florida are prone to flooding. Talk to the schools. Meet the neighbors before maknig the purchase. Good neighbors are important. Before buying find a friend to go and look at the house with you. Also a contractor or repairman if possible. Better to find all the problems before making the big purchase. Right now if you can find a good interest rate it is a great time to purchase a home while the prices are down. Just make sure your not over paying for a home. For example I looked at a home a month ago. It is forty five years old, the kitchen tile was cracked. The foundation was uneven. The wiring isn't up to date and they still wanted $150,000 for it. It is worth about $75,000 at the most. Be careful when making a decision. Take your time. There is always another house down the road for sale. Be sure to check into the schools and talk to them before making the final decision. I always asked the seller to show me the electric bill and tax statement. Have fun house hunting and don't get in a hurry. I live in a mobile home that I purchased new. I was a single Mom at the time and got the land. Lived in a RV for a year and then put my home in. There are lots of options out there. Especially when you have time to shop around. Good Luck and have fun house hunting.
Hi T.,
I work for a homebuilder and am very familiar with the homebuying process. This is a great time to be buying your first home. It is a buyer's market, which means that conditions are much better for buyers than they are for sellers. And since you don't have to worry about selling a home, you are in a great position to take advantage of the favorable market. Just don't spend more than you can afford, read everything before you sign it, and you'll be in great shape!
If you have any specific questions as you go through the process, feel free to send me a private message.
Good luck!
J.
I think you are definitely making a good decision to buy instead of rent. I rented for about 9 years and when I added it all up, I spent about $80,000 and had nothing to show for it. A good site for information is lendingtree.com, as it tells what to expect in closing costs, and all about the buying process. Was very helpful for me when purchasing and re-financing. Just be sure you are getting a good deal, get an inspection, etc. Then I am sure you will not regret it. Good luck
Hi T.,
My advice is to find a realtor that you are very comfortable with and they will walk you through the whole buying process. Stick to a budget that is comfortable for you and your family and make a list of the things that are most important to have in that home. Always remember location, location, location, because when it comes time to sell, that is always most important to a buyer. Another thing, cosmetic things, paint, flooring etc can be changed but location and structral problems could be huge issues. I am 28 yrs old and I'm living in my 3rd home. We started out in a condo, sold it made money on it, built a home 1695 sq ft home(haven't sold that one, but if you're interested its on the market LOL) and now I'm in a 2500 sq ft home and I didn't get here by throwing my money away in rent. Best of luck to you dear.
T.:
There is a lot of info on the web about the buying process and some good deals for first time buyers - depending on where you are looking you can check the areas for programs to help save you money on your down payment, closing costs, etc.
www.realtor.com has listings plus info on buying/selling as well as www.zillow.com.
Right now is a great time to buy you should get some great deals. Selling is difficult right now as I've had my house for sale off/on since last summer - if you're interested in buying in a nice neighborhood in the Plant City, FL area let me know.
Good luck - it's a great investment.
Another thing to keep in mind is that you're going to likely qualify for way more than you can actually comfortably afford. You want your payment (remember that will include taxes and insurance) to be no more than 25-30% of your take home pay each month. If you go in for more than that then things are going to get tight at some point and you're more likely to fall behind and cause yourself more stress, then. Also, make sure you have a decent down payment, so you're not stuck paying PMI or points.
Hi T.. I don't have any websites to refer but I did Google the questions we had during our home buying process. We purchased one year ago. Despite the slight decline in the market, we do not regret our purchase. We definitely are not upside down in our mortgage. More importantly we did not throw away another $21,000 in rent plus we now have an investment and tax credits. My advice, if you can afford to get in then purchase but don't buy more than you can comfortably handle. It is easy to get carried away with wants versus needs. Best of luck!
