First Time Home Buyer: Advice

DH and I are setting out to begin our hunt for our first home purchase. I've worked in with mortgages and I've been doing a ton of research on home buying, but I do think there's no better advice than that which comes from people who have been through it. So...please post your best piece of advice for a first time buyer. It doesn't matter what it pertains to (mortgage, down payment, realtors, location, etc) - just think of the things you wish you had known as you ventured in to the process. Looking forward to reading your tips! TIA!

Re: First Time Home Buyer: Advice

I think the best advice I can give is don't settle and don't rush into anything. Always do tons of research - on the house, the neighborhood, the school district, etc. Make a list of your "must-haves" and stick to them. I was starting to get frustrated when looking for a house and I began looking in neighborhoods that weren't so great. Luckily my realtor snapped me out of it! The right house will come along eventually. Best of luck!

Re: First Time Home Buyer: Advice

Keep an open mind as to what your expectations are and what you are finding once your home search has begun. If you know upfront what you are willing to compromise (meaning in terms of condion, price, location) you are in a better position when the time comes. Work with someone you like and trust and have fun with it. This is an exciting time but it will no doubt have some bumps along the way. Just take it all in stride. Good luck!

Re: First Time Home Buyer: Advice

Remember location, location,location!! After a three year search my DH finally closed on a house. Don't settle! Seriously we always wanted a colonial and we made 2 offers on capes and I knew in my gut that it wasn;t right and we backed out. We knew immediately when we drove up to seethe house for the first timw that - this was it!!
We are so happy- we found it a 4 bedroom colonial- master bdrm w/ closets and bath, the three other bedrooms are also on second floor, it has the den/ fireplace, huge eik,foyer, nice lot size, great school and low taxes.

BTW, EVERYONE, I mean EVERYONE will tell you that they live in BEST school district!! I'm so over it! No one says "Oh we live in an OK school district" Seriously I was so tired of hearing it!!!!!!!!!!!!

Re: First Time Home Buyer: Advice

Re: First Time Home Buyer: Advice

My advice would be if you find yourself in a position where you are going to have to compromise (as most first time buyers are), compromise on the house, but not the neighborhood/location. I'm pretty sure my husband and I bought the ugliest house on the block, but it's a house on a half acre in cul de sac less than a mile from Huntington village. We knew before walking into the house that it was going to be our first home and we love it!

That being said, we're now finding it's MUCH cheaper to buy someone else's renovations than to do your own. The trade off there is that it may not be to your taste.

Oh, and having something professionally painted is REALLY expensive!

Re: First Time Home Buyer: Advice

make sure you both have direct deposit and do not do any monetary transfers. Leave your money alone or they will want explanation for every little thing. We used a big portion of our wedding gifts and we had to get copies from the bank of every single check we deposited from guests - it was a nightmare...

Re: First Time Home Buyer: Advice

Don't let your realtor tell you your offer is too low, I did a ton of research on what was selling in the neighborhood before we looked at the houses, what houses were up for, basically I did all my comp research on every house before going to the house, our 1st realtor would tell us the bid would be too low and they would never came back, well a couple owners were trying to give the house away after we changed our minds.
They have to put in your offer no matter what, so offer what you think is good.

Re: First Time Home Buyer: Advice

Re: First Time Home Buyer: Advice

Use a buyer's agent and a mortgage broker if possible! We love btoh of the people we worked with and they made the purchase process SO easy!

Re: First Time Home Buyer: Advice

Know when to walk away. I was about to purchase my first house (from my parents) and when the inspection report came in I get so nervous. There was a lot that would have to be done (especially to the basement). We asked my parents to fix only the problems in the basement and we'd install a french drain. They said no because they felt they dropped the price for us already. I told DH there's so much we need to budget for in the future like updating the electrical system, new roof all the basement work and more. I told him we shouldn't go through with it. Oh there's another tip, don't buy from family!

Re: First Time Home Buyer: Advice

Message edited 1/4/2011 8:34:23 AM.