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  #1  
Old 01-17-2007, 11:42 PM
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LisaDK
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Default Do you have advice for buying your first home?

My husband and I are considering purchasing our first home sometime in the next year or so. What tips/info can you give us about purchasing a home? What are some things we need to know?
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  #2  
Old 01-18-2007, 12:25 AM
selfhelpqueen
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Do you want to build or purchase an existing home?
  #3  
Old 01-18-2007, 09:43 AM
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LisaDK
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Purchase an existing home.
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"I have stored up your word in my heart, that I might not sin against you."
Psalm 119:11

Check out what I wrote in my old Christian Families Blog!

  #4  
Old 01-18-2007, 12:12 PM
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mcmama
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You should look at a lot of homes to have an idea of what is available and what is important to you. Visit open houses. And it is helpful to work with a realtor, because you are not paying a fee unless you are working with one who does buyer representation only, or are using them to negotiate a private sale (fsbo) for you. Usually most realtors are compensated through a cooperative agreement with the sellers agent.

The advantage of using a realtor is that you are not going to be spun in circles looking at stuff that is really not available or has history you don't find out about until you are under contract. They often have access to records of previous sales of the house or homes in the area. They can also show you homes that are available but may not have an open house showing for the public. And they can make suggestions to you that you may not have considered.

I am looking to buy a home next year in the Pensacola area. I looked around on my own, and e mailed and called a few realtors. Finally I chose one. I gave her very specific criteria about type of house, neighborhood, cost, and so on. She sent me a lot of listings that meet that criteria - but also listings from other neighborhoods or with other features that I had not considered. They frequently work with mortgage brokers who can help you get the deal done, and have experience working with different companies and attornies. (where necessary, like NJ - not "required" but in reality nothing happens in NJ without an attorney)

There are a lot of great articles in the real estate blog - I wrote a basic series on buying your first home last year
http://real-estate.families.com/blog...st-home-part-1
http://real-estate.families.com/blog...ing-your-offer
http://real-estate.families.com/blog...me-inspections
http://real-estate.families.com/blog...losing-details
  #5  
Old 01-18-2007, 12:26 PM
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MamaWrites
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Hi Lisa,

I just posted a blog about the three different types of homes to choose from. I hope that helps!
  #6  
Old 01-18-2007, 12:32 PM
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mama2riley
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I agree with mcmama - definitely work with a realtor. They know what to look for and what to avoid and can really help you with deciding on what kind of an offer to put in and stuff like that. Also, give yourself time to shop around. Open houses are great as well as setting up appointments to see homes you are really interested in, which your realtor would help you do. If you do find a home you like be sure to go back a second or even third time to take a closer look at things. Make sure that a home inspection is done when you choose one, because the inspector will be able to find things that you otherwise wouldn't be able to see that might affect your decision about purchasing the home. Also, know that there are a lot of start-up expenses to buying a home - the closing costs alone can run you up to 8-12,000 dollars depending on things. Plus plan on spending several thousand the first year or two, furnishing, fixing, and decorating if you don't buy a brand spanking new home. It's an exciting thing, but can be overwhelming too that's for sure!
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  #7  
Old 01-19-2007, 10:41 AM
selfhelpqueen
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I'm not sure if when you asked about advice on purchasing a home if you also meant how to decide which home to purchase so I'm going to assume that's what you meant since we women like to talk about those things anyway. I would suggest you purchase a home you can grow into. We were so overwhelmed by the cost of the home that we only got what we could "afford" at the time (my husband and I are extrememly conservative when it comes to money) not taking into consideration raises and bonuses so we got into something quite a bit smaller than I would have liked.

Do you know what you want? Rambler, multi-level, two story, split-entry level? How many bedrooms, bathrooms, etc.? Do you want your laundry on the main level, just as you come in from the garage, in the basement or upstairs with all the bedrooms?

How your family likes to spend time together determines what kind of a home you purchase as well. Do you want your home to be one that your kids can bring their friends home to when they are teen-agers? Do you like to entertain? Do you take in a lot of company that stay overnight? Do you like to spend a lot of time outside? Do you like to spend a lot of time in the kitchen? Do you like to spend a lot of time in the family room? This may seem silly but make sure that the home you purchase has a place that you can call your own so you can go there on days when you've just had it.

Extra storage is a must! Do you have so much stuff that you'll need a third or fourth car garage or will a two car garage do? Do you plan on purchasing an RV or other "toys" in the future? That would mean you'd want to see if you can get something with an RV pad on the side of the house or at least have space on the side of the house to add one later. Do you want a shed in the back yard?

Will your home/yard accomadate pets? Is your yard fenced? How much time you are willing to invest in your yard? Some people buy their homes and are so enamoured by their home that they completely forget about the yard and then when they move in are completely overwhelmed - yards can be altered once you move in but sometimes that costs money so is that something you're willing to spend your money on? (I personally would rather spend my money on new furnishings and decorating so that is a big factor to me) Depending on where you live, I would strongly suggest getting a yard with a sprinkling system.

You'll also want to ask things like have they replaced the water heater yet - because it will go out, it's just a matter of when. Ask them how much they spend on electricity and gas a year. I would also ask about their water bill. At the moment I can't really think of anything else but this is something to start with. You just want to make sure you are happy with what you get so the more information you have the better you'll be able to accomplish that goal. One last thing, make sure you get everything that you want in writing!

Good luck, let us know how it goes!
  #8  
Old 01-20-2007, 11:42 AM
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LisaDK
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Thanks so much for all the advice! I know it is an overwhelming process which is why I wanted some advice from other buyers!
Thanks again!
__________________
"I have stored up your word in my heart, that I might not sin against you."
Psalm 119:11

Check out what I wrote in my old Christian Families Blog!
  #9  
Old 01-20-2007, 02:57 PM
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mcmama
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About to do it myself later this year. I think selling is even more overwhelming!
  #10  
Old 01-21-2007, 06:59 PM
mom2b03-2006
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Before you even being to look go to your bank or a mortgage company and see how much of a loan you qualify for so you know what kind of price range to stay within. The banker should also be able to tell you if there are things in your past (late payments, loan defaults ect) that are hurting your credit and chances of getting a lower interest rate.
Also with a prequalification from the mortgage company or bank it will help closing go smoother and take less time.
Good Luck!

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