Home Ownership (misc.consumers.house)

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1   Report Post  
Posted to misc.consumers.house
 
Posts: n/a
Default Getting ready to purchase my first home

Hi guys,

I'm a new comer at this. I'm thinking about purchasing my first home
what are some of the future problems I need to consider before I rush
into this hugh investment.

From scared out of my mind


  #3   Report Post  
Posted to misc.consumers.house
tmo
 
Posts: n/a
Default Getting ready to purchase my first home

I second what John said. When we were looking for our first house we
attended a couple of free first-time home buying seminars that we found
listed in the real estate section of the Sunday paper. Both had both a
real estate agent and a mortgage broker who spoke about their role in
the home buying process. Obviously they are hoping to generate a lead,
but there was no pressure to sign with them.

Also, the real estate agent is invaluable. A good agent will work with
you and get a sense of what kind of home you are looking for. With our
agent, every week we spent with her she got a better sense of what we
were looking for and screened out a lot of homes that she knew we
wouldn't like so we got to a point every time we were out we were
looking at promising possibilities instead of dogs.

I don't know where you are geographically and what the RE market is
where you are, but we were actively looking for almost 6 months,
viewing homes most weekends and sometimes during the week. It can get
intimidating, but don't panic.

Buying a home is one of the biggest investments you'll make so take the
time to do your research. Talk to a few real estate agents until you
find one you are really comfortable with.

good luck,
tmo

  #4   Report Post  
Posted to misc.consumers.house
tmo
 
Posts: n/a
Default Getting ready to purchase my first home

As for problems:
Mortgage: take some time to learn about points and the different types
of loan packages out there. There are pros and cons to different
options. No down payment sounds great but there are drawbacks. Some
mortgages are only good if you're planning to stay in the same house
for more than 5 years.

Obviously a house that needs some fixing might be cheaper, but if you
don't know how to use a hammer or have a busy hectic schedule that
you'll never have time to fix things, you might not be saving all that
much (or be living with a plastic tarp for a roof for years).

A good real estate agent and mortgage broker should take the time to
explain these things to you. If it sounds too good to be true, there is
a possibility that it is. That's all fine with a small purchase, but
something that comes with a 30-year mortgage is a different story.

Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Home purchase question MiamiCuse Home Repair 7 January 6th 06 09:26 PM
Worst Case Scenario ("As Is" Home Purchase) [email protected] Home Repair 30 November 29th 05 12:42 PM
Desperate for advice on replacing dead 255K BTU furnace in 3200 sq foot house magichappens Home Ownership 6 November 15th 05 07:47 PM
Home Inspection Listings Patrick Glenn Home Repair 0 April 25th 04 09:05 PM


All times are GMT +1. The time now is 10:56 PM.

Powered by vBulletin® Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.
Copyright 2004-2023 DIYbanter.
The comments are property of their posters.
 

About Us

"It's about DIY & home improvement"