I want to buy a home for the first time

[genchan]

I want to buy a home, but this is the first time for me. Can anyone give me some hints or places on the internet that I can go to study up on this?

[PennyPincher]

Good for you! I just bought my first home in the last year, and just did it again on a second home. What information are you looking for? About mortgages, real estate agents, for sale listings....?

[genchan]

I'm looking for all the basic information that I should be aware of. Since this is my first time, I just want to make sure I have all the information I should going into my search. That would include the issues you mentioned (mortgages, real estate agents, for sale listings) and anything important I should keep a lookout for with each of them. I want to know if there are any traps or areas that I need to pay special attention to with each that can end up having a bad effect if I'm not careful. I know this is a little broad, but basically any advice form others on the good points (things they are super happy they did) and bad points (what they would do differently if they did it again) when buying a house.

[terry1156]

You should read through this page from the housing and urban development. It will give you the answers to a lot of the basic questions you probably have:

http://www.hud.gov/buying/index.cfm

[Tree0164]

When we bought our new house 8 yrs ago, I bought the book The dummy's guide to buying a house. It was very helpful in explaining things down to the detail.

I also highly recommend getting a lawyer as well to look over the legal documents. We have several issues like our street being changed over to sewerage from septic system during the time we the time we were waiting for closing. And then a freak wind storm the week before that a tree went through the fence . The previous owners didn't want to cover either one of those thing especially the fence and the tree removal but we could have easily backed out due to specific wording in our purchase and sales agreement.

Also make sure you got a good real estate agent. Our agent was very knowledge and had to do a ton of leg work because the selling agent was a friend of the sellers. He never sold a residential property before just commerical. I guess the rules are different.

[genchan]

Thank you all for the useful information. I will go through it all and let you know if I have any other questions. Please continue to post any essential things you learned that I may not find in a typical guide. It's a great help.

[rsi5915691]

I am sorry if I am late to join this discussion, I hope my experience can be useful. When I bought, I asked my realtor to send me email updates with new houses that matched specific criteria. These emails would come directly to my in-box and allow me to keep track of homes for sale in my area. This was easier than having to log onto some web site each day to hunt for property.

Another important lesson was making sure I had proper insurance. I was not able to close on my property without sufficient homeowners insurance. Again I used the internet to find information on this. I found lots of information and was able to buy a policy at www.insurance.com. I was even able to make sure my auto policy was updated with my new homeowners information and take get lower rates by having my homeowners and auto policy with the same company.

Hope this is helpful.

[asrai]

Be out of debt and have some savings (6 months) on top of your down payment for those "JUST IN CASE" moments.

[jhd815]

I bought my first house 4 yrs ago and I'd like to offer this advice:

1) Don't fall for ads that say you can own for the same price as renting. Many advertised monthly payments only cover the mortgage premium and interest. You will also have to factor in property taxes, private mortgage insurance (pmi) payments if you put down less than 20%, and homeowners insurance just to name a few.

2) If you buy a home which belongs to a homeowners association, be sure to read and understand the rules, regulations, declarations and covenants carefully. Many association communities have strict rules regarding fences, pools, landscape, decorations, parking, etc. Don't believe everything a salesperson tells you such as "if you don't like something the rules can be changed" or "oh don't worry about that, no one really follows that anyway".

3) Check your credit report and your credit score before seeking a mortgage so you will know what interest rates should be offered to you. Someone with excellent credit should be quoted better interest rates than someone who has poor credit.

4) Check with the county office in which the property is located to find out what to expect in terms of property taxes. I've seen people who wound up moving from a beautiful home (their dream) because they didn't realize the property taxes they would have to pay on their property.

Good luck! Owning your own home is one of the best investments you can make for you and your family.

[samson smith]

Originally Posted by jhd815

I bought my first house 4 yrs ago and I'd like to offer this advice:

1) Don't fall for ads that say you can own for the same price as renting. Many advertised monthly payments only cover the mortgage premium and interest. You will also have to factor in property taxes, private mortgage insurance (pmi) payments if you put down less than 20%, and homeowners insurance just to name a few.

2) If you buy a home which belongs to a homeowners association, be sure to read and understand the rules, regulations, declarations and covenants carefully. Many association communities have strict rules regarding fences, pools, landscape, decorations, parking, etc. Don't believe everything a salesperson tells you such as "if you don't like something the rules can be changed" or "oh don't worry about that, no one really follows that anyway".

3) Check your credit report and your credit score before seeking a mortgage so you will know what interest rates should be offered to you. Someone with excellent credit should be quoted better interest rates than someone who has poor credit.

4) Check with the county office in which the property is located to find out what to expect in terms of property taxes. I've seen people who wound up moving from a beautiful home (their dream) because they didn't realize the property taxes they would have to pay on their property.

Good luck! Owning your own home is one of the best investments you can make for you and your family.

Wow!! It is really very useful advice. So, thank you so much for this nice sharing.

[jameswatson1]

You should consult a real estate agent who you feel comfortable with and who can help you find a house within your budget. Also talk to a reputable mortgage banker or broker to find out what you are able to buy and what mortgage would be best for you. For a first time home buyer I always recommend FHA loans.

[snafu]

The American housing market is reported as being in difficulty for several more years. Do you anticipate interest rates moving upward?

You need to buy a house on facts not on emotion or the paint color, appliances etc. that can reasonably be changed. The location can never be changed so it's the most important factor. What's good about the location...find out what's not so good. Get an inspection by a licensed inspector and be there if possible. Ask questions about insulation, mold, plumbing, electricals, and appliances. Ask your agent to obtain 3 months [copies] of utility bills for the three coldest months to have some understanding of operating cost heat, electric, water, trash p/u etc. Know the HOA rules and the financial status of the organization.

Think a bit about re-sale like schools, noise, conveniences.

[mcfroggin]

Great place to start:
RichAsChocolate.com: Home Buying Tips

[Shewillbemine]

Great job everyone! Hopefully the original poster will be checking this thread after 7 years have passed!

[samson smith]

Originally Posted by mcfroggin

Great place to start:

Thank you so much for this link. I have searched on it. It gives the proper information of home buying tips.

[jadet]

Originally Posted by genchan

I want to buy a home, but this is the first time for me. Can anyone give me some hints or places on the internet that I can go to study up on this?

I use RedFin.com and ZipRealty.com

[samson smith]

Originally Posted by jadet

I use RedFin.com and ZipRealty.com

Nice, I hope these sites gives you a proper info.