1st time House Hunter - I feel so clueless and lost!

DH and I are looking in buying our 1st home. We just started looking online this week and we have some appts this weekend, open houses also. I just feel so confused and stupid! I dont wanna come across that way though. Any tips on how to make me seem like I know what I'm talking about a little bit? I would just hate to be taken advantage of. DH knows more than me but I dont even know what to ask to know more about house hunting. I dont even know any lingo! What should I be looking for in the houses? Will we be totally taken advantage of for saying we're 1st time homebuyers? Is this like a car dealership where the less you say the better? I'm just in a whole other ballgame here! Someone educate me a little bit!

Message edited 6/4/2010 2:30:53 PM.

Re: 1st time House Hunter - I feel so clueless and lost!

I think the first thing you should do is come up with a list of things you want in your home (finished basement, # of bath and bedrooms, etc.) then as you start to look at houses you'll decide what is a deal breaker. You should also get preapproved because it helps you understand what you can afford. When we first started looking we just assumed we wouldn't be approved for a specific amount so we looked at lower priced homes and when we got the preapproval we couldn't believe how off we were. Just remember the preapproval shows what a bank/mortgage company would lend you, not what can afford.

Re: 1st time House Hunter - I feel so clueless and lost!

Here's a few things I learned when house hunting:
Ask about taxes and village taxes
School district
When was the last time the roof was updated? If its the original roof and you run into a problem, they are able to put a second layer on it. If there is a second layer on and you run into a problem, the whole thing needs to be redone.
Heating - gas or electric
Any flooding?
Electric Amps
When were the windows installed or replaced?

I'll add if I can think of anything else

Re: 1st time House Hunter - I feel so clueless and lost!

make a list of must haves, and No's. and start there

we only looked in areas we would send kids to school when we eventually have them.

we didn't want to live on a busy rd or next to power lines

we had to have 2 or more bathrooms, a garage and a basement and at least 3 bedrooms.

Everything else, we were flexable about. and if you can spend 500K you don't have to look at houses that cost 500K. look a little above and below. sometimes people are looking to move quick so they price it right, and other times people are asking more then they should.

Have fun with this part because everything else is really stressful.

Its really hard but don't get to attached to any house until you are about to close-if possible.

And DON'T think because you have an accpeted offer that you are actually going to buy that house. so many things can happen and go wrong that its not a done deal until you walk into closing!

Good luck and enjoy the house hunting!!

Re: 1st time House Hunter - I feel so clueless and lost!

We all have to start some time. The first replay you received was correct. Make a list of your must haves, and what you would like to have.
Pick a couple of towns you like and go to open houses. I think setting up appointments to see homes is a little early. Some agents show you three homes and say which one you want to buy? Go to Open Houses on the weekend if possible. Sign up for a product called "Listing Book" if you know or are working with an agent, if not I can send you the info just FM me.

Take your time. Talk to a mortgage company you trust for a pre-approval. Know how much you can afford. You should not have to pay for one.

Most of all, enjoy hunting and if you ever have any questions, their are a couple of agents on LIF who would be glad to help you.

Arthur

Re: 1st time House Hunter - I feel so clueless and lost!

Re: 1st time House Hunter - I feel so clueless and lost!

THank you everyone for your honest input and suggestions! I will definitely be asking more questions as we move forward.