Buying first home questions?

**chevy_chick95** · 05-17-2011, 10:03 PM

Since everything is going well I'd like to put buying our first home on the extended, extended plan. However I am a planner and have a lot of questions and do not want to make a mistake. so my question to you all is,

What questions do you wish you would have asked your first time around?

What things do I need to know?

very basic to expert would be very appreciated.

**MissSeetonFan** · 05-17-2011, 10:52 PM

We haven't bought a house yet either, but a book that was recommended to us was 100 Questions Every First Time Home Buyer Should Ask by Ilyce R. Glink. I may not have the title exactly right but her name is correct.

I'm not sure whether I agree with everything in there but her advice will take you from deciding to buy, through the entire process, to the very end of the process. It was very nice to see the whole thing laid out from checking out neighborhoods, to how to find a good agent, to using a home inspector to different problems that can arise when x date is reached but buyer or seller hasn't done y.

I enjoyed reading the book. Maybe it will help you out too.

**mndtrp** · 05-18-2011, 01:26 AM

I talked to just about everyone I knew prior to buying a house, read several books, as well as researched online for hours.

Home Buying for Dummies was helpful.

If possible, buy a house that you're able to support with one income. I saved until I had 20% to put down, in order to avoid having two loans or PMI. Remember that paying for a house doesn't stop with the house payments. Taxes, insurance, utilities, furnishings, tools, repairs, landscaping, all of those things will keep you busy and spending money.

**Greebo** · 05-18-2011, 08:19 AM

First question to ask is - ARE YOU READY?

Are you out of debt?
Do you have a fully funded emergency fund?

If no to either of the above, then my own advice would be wait - get your finances fit first.

**Telephus44** · 05-18-2011, 09:00 AM

Talk to people you know who actually own a house that similar to the one you want to buy. It's easy to find lots of info online about "average" utility bills, maintainence costs, etc. but you really get better info from someone who has been there, done that, in your area. For example, I asked my parents about how much they spend on oil - they live 2 towns away, and have about the same size house/same age furnace/insulation/etc. That's much more accurate than looking online.

So find someone with a similar house and ask them. You'll get better info than an internet message board.

**Libby** · 05-18-2011, 11:17 AM

One thing I have noticed - people buy a much larger house then they need and sometimes end up giving it back (or end up concocting some sort of other drastic measure) b/c they can't afford it - mortgage payments and/or maintenance/upkeep.

Pick a house that suits you NOW and not for your future when you 'plan' to host dinner parties, have family and friends sleepover and/or have kids. If you're able to entertain now in an apt why would you suddenly need a larger home to do it? Think about it. Be practical. It may seem like a pain but buy small and work your way up. This way you'll know if you're able to truly own a home.

Bottom line, make sure you can afford it - have all your EF's and Anti-Murphy Funds fully funded b/c life will continue to happen regardless if you have a mortgage or not.

When the time comes to buying your home - do not buy w/o home inspection AND do not use one recommended by either realtor. Research and find one that YOU trust that has no affiliation to anyone related in the purchase/sale of the home.

And lastly, if the listing states (or its obvious when viewing the home) that it was updated or renovated - ask if there were permits pulled to do the work to ensure the modifications were done up to code and that your home is 'safe' and has been inspected once the work was completed.

As per Mike Holmes, don't base your decision to buy a home based on the lipstick & mascara - look at the structure and deep within.

This is just my take on things - I have not personally gone through buying a home myself but have had friends go through HECK b/c they weren't prepared or bought a huge 'dream' home and as a result couldn't afford furniture to fill it.

**heartofmine** · 05-18-2011, 12:19 PM

Don't buy more house that 1 budget (not 2) can handle. Even if both of you are working you never know when 1 will be laid off, get sick etc.

Pay down other bills and then start saving for a down payment.

When considering houses also consider what you are able to do yourselves and what you would have to hire out to do. Sure a house might be a few thousand + cheaper but if you have to hire someone else to do the work your not going to be any better off.

Have the home inspected...by someone "you" hire.

**chevy_chick95** · 05-18-2011, 11:25 PM

awesome advice everyone. Thank you. like i meantioned, this is a long term goal. I'm still working on every other aspect of my life, but 6 months ago this wasn't on my radar... now it is a blip.. I'm doing tons of research and really want to make the right decision when the time comes. long long term goal. just wanted some frugal advice on the subject. thanks everyone!

**Chevelle72** · 05-18-2011, 11:31 PM

Rule of thumb: Your monthly mortgage payment including escrow for taxes and insurance should be no more than 20% of your gross monthly income. Your lender will probably tell you you qualify for a whole lot more! don't listen!

**greekislandgirl** · 05-19-2011, 02:16 AM

I'm in the same place as Chevy_Chick95, this is really good advice, keep it coming! I'm storing it all away

**Telephus44** · 05-19-2011, 04:00 PM

[QUOTE=Libby;1521061]Pick a house that suits you NOW and not for your future when you 'plan' to host dinner parties, have family and friends sleepover and/or have kids. If you're able to entertain now in an apt why would you suddenly need a larger home to do it? Think about it. Be practical. It may seem like a pain but buy small and work your way up. This way you'll know if you're able to truly own a home.
QUOTE]

I just wanted to disagree with this a little - you should buy a home with your future needs in mind. I'm not saying that everyone needs to buy a mansion, but if you are planning on homeschooling your 10 kids, then don't buy a cute little 700 sq foot cottage. It's a lot harder to just trade up when you have a house than you do when you have an apartment. Plan on being in the house at least 5 years after you buy it.

**Libby** · 05-19-2011, 04:20 PM

Telephus - totally agree with you which is why I put in the 'be practical' comment. Some people see that homeschooling their 10 kids = mansion. I was just trying to re-iterate the 'you can get by on less then you think' mentality. IE: need vs want type thing.

Also didnt mean to imply 'trade up' as an easy thing either - a house is a huge investment and sadly a lot of people don't give enough thought about purchasing one.