Home buying first time, humbly asking advice

[EAGLE5]

Talk to a couple other mortgage people. See what their "If I locked a loan RIGHT NOW, what would the rate and fees be" prices are. Brokers can be good resources, too. Sometimes they know a company that just does better pricing, and sometimes not.

Your first home will likely not be your forever home.

Get a home inspection, but expect to discover more problems later.

Consider renting out a room early on to help you make the bills.

[humfrz]

Originally Posted by ZionsWrath

Been planning this for like 5 years and done a lot of research and such but the time has come. I already moved my stuff in storage and renting at a temp job right now.


Working with a lender now to get pre-approval. Will be doing a conventional mortgage with 20% down as that is what the market dictates currently.


Don't really have a specific question just looking for any advice, hints, tips, tricks, etc. as I don't have a mentor to guide me through this

Hello ZionsWrath -

Before I retired (the last time), I was a real estate broker with Coldwell Banker for 10 years.

I have a couple questions for you. What geographical area are you looking at? How much of a loan are you qualified for and how much of a loan are you comfortable with?

You mentioned that you "are renting at a temp job right now". Does this mean that you are working at a temporary job?

Are you married? Do you have children living with you? If you have a spouse/SO, does she/he work out of the home?

Come back and we can go from there.

[gtpvette]

Of course I can't speak to the market you're in,, but it's on fire here. Has been for a few years and prices are well,,, insane. As rates go up,, and I believe they will the market should cool some. There's a trade off there. Cheaper rates versus cheaper homes. If there is a market correction in the next few years it could be quite pain full for those that bought at the top. See the folks that bought in 2005-6.

As for advise,, if you're young stretch as far as you can price wise. Try to buy something you'll stay in. Fixer uppers are better,,, more house less money as most don't want them. Home improvements aren't that tough to do,, and I know because I've renovated 5 homes over the years. Good Luck!!

[ichitaka05]

Originally Posted by gtpvette

Of course I can't speak to the market you're in,, but it's on fire here. Has been for a few years and prices are well,,, insane. As rates go up,, and I believe they will the market should cool some. There's a trade off there. Cheaper rates versus cheaper homes. If there is a market correction in the next few years it could be quite pain full for those that bought at the top. See the folks that bought in 2005-6.

As for advise,, if you're young stretch as far as you can price wise. Try to buy something you'll stay in. Fixer uppers are better,,, more house less money as most don't want them. Home improvements aren't that tough to do,, and I know because I've renovated 5 homes over the years. Good Luck!!

Cheaper rates vs cheaper homes is the forever battle of the buyer. I've bought a house recently and wasn't expecting this expensive house, but monthly payment is realistic number due to lower interest rate.

[strat61caster]

goddamn I've typed too much about this but here's the short version.

It's not the 60's, we're not baby boomers, you're not buying a magic money tree that will double, triple, or quadruple in value over 10-20 years like the days of past. You're buying a home, which in the long run may make you happier/more financially secure then renting, may not. Financially you'd be better off living as cheap as possible (rent a dump, you're not responsible for fixing/maintaining it) and putting every dollar you can spare into the S&P 500 or some other trusted index fund or some blue chips and not looking at it for 50 years.

But that's a boring way to live.

[NWFRS]

Something that bit us: Despite buying new, and getting a comprehensive pre-purchase inspection, there were a few small pipes under the house that were never sealed-up. The inspection company made no mention of it. Normal foundation, built to 2012 specs, but within a few years we had a rat infestation. Our property borders a greenbelt. There was one year where the whole neighborhood had a rat problem, and they took hold before we could hear or smell them. Had to have the underside of the house sealed-up and re-insulated by a local specialist. Some animals are covered under homeowners but not rats.

Also: Whether you buy new or used, try to find a property with a furnace/hot water tank located in the garage. A lot of older or remodeled homes have hot water tanks that are buried in the guts of the house, in closets, and can cause a lot of damage when they fail.

Also: It’s nice to have your master bedroom facing away from the sun.

Also: Try to visit your potential new neighborhood on a Saturday before you buy. You may want to get a feel for what kind of neighbors you’ll be sharing the ‘hood with.

[soundman98]

Originally Posted by NWFRS

Also: Whether you buy new or used, try to find a property with a furnace/hot water tank located in the garage.

this is a terrible, no good, very bad idea in the snow belt. cold garage makes for iced pipes

[p1l0t]

I just sold my rental property. (Was my first house we lived there 3 years and then bought the house across the street because it had a big garage). I got almost double what I paid for it. I'm glad I'm building now instead of buying because the market is crazy. Then again, wood isn't cheap right now either though... Part of me wants to wait to build, but with my luck prices will just keep going up for the next ten years.

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[humfrz]

^ nice bush (tree - ).

[WildCard600]

Originally Posted by p1l0t

I just sold my rental property. (Was my first house we lived there 3 years and then bought the house across the street because it had a big garage). I got almost double what I paid for it. I'm glad I'm building now instead of buying because the market is crazy. Then again, wood isn't cheap right now either though... Part of me wants to wait to build, but with my luck prices will just keep going up for the next ten years.

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Gotta run out of people with money to burn sooner or later. Raw land here has jumped 200%+ in the last year. A lot of it is starting to just sit on the market the last month or so instead of selling within days. Steam will run out at some point.

[ZionsWrath]

Originally Posted by humfrz

Hello ZionsWrath -

Before I retired (the last time), I was a real estate broker with Coldwell Banker for 10 years.

I have a couple questions for you. What geographical area are you looking at? How much of a loan are you qualified for and how much of a loan are you comfortable with?

You mentioned that you "are renting at a temp job right now". Does this mean that you are working at a temporary job?

Are you married? Do you have children living with you? If you have a spouse/SO, does she/he work out of the home?

Come back and we can go from there.

I'm pre-approved for 400k 20% down. I told them this amount, I didn't request the maximum they would approve me for. I don't want to worry about the payments. It's nice to not have to check my balances.

It's contract work, so I get new contracts. It's W2 though.

I'm very far from where I used to be. I am interested in east Texas, east of I35, north of I10. I am very flexible due to the nature of my work. Right now I'm in west Texas but I can be in the east if I want in July.

I'm a single guy with no entanglements
No debts, no obligations, free as a bird

Originally Posted by strat61caster

goddamn I've typed too much about this but here's the short version.

It's not the 60's, we're not baby boomers, you're not buying a magic money tree that will double, triple, or quadruple in value over 10-20 years like the days of past. You're buying a home, which in the long run may make you happier/more financially secure then renting, may not. Financially you'd be better off living as cheap as possible (rent a dump, you're not responsible for fixing/maintaining it) and putting every dollar you can spare into the S&P 500 or some other trusted index fund or some blue chips and not looking at it for 50 years.

But that's a boring way to live.

I am not pursuing the rat race or competing with the Jones'

I am only interested in properties 50+ miles out of city center, and these areas are not seeing quite as much fervor

I know exactly what you are talking about bro, we are on the same page, long term everything reverts to the mean

[soundman98]

Be sure to check internet availability before you move-- ask one of the neighbors as many of online availability checkers aren't always accurate

[p1l0t]

Originally Posted by soundman98

Be sure to check internet availability before you move-- ask one of the neighbors as many of online availability checkers aren't always accurate

STARLINK

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[p1l0t]

Originally Posted by WildCard600

Gotta run out of people with money to burn sooner or later. Raw land here has jumped 200%+ in the last year. A lot of it is starting to just sit on the market the last month or so instead of selling within days. Steam will run out at some point.

Eventually yes, but currently there isn't enough building going on to meet demand. So I'm not sure how long it will take before buidling catches up but probably won't be this year. I'm hoping the cost of building materials will come down soon but I haven't seen any signs of that yet even. As long as we keep pumping money into the economy for people to do nothing inflation is going to continue. Everytime they say they are going to pull the plug they chicken out.

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