Thinking of buying a home...questions for the crew here

[astrocreep96]

Hi everyone,

Wife and I are thinking of buying a home, I'm curious to know what other first time home buyers' experiences were and what they would have done differently.

It is just my wife, son, and myself. We were initially interested in a few key, sort of trendy areas in the city, but have come to the conclusion that we would be out of our comfort range price wise unless we wanted a fixer upper. I don't necessarily mind the idea but I think I will be busy enough at work that I might not have the time to dedicate to renovations for the next few years. We have found a couple of homes in the surrounding area, one older neighborhood, one in a newer subdivision with an HOA.

Anyone have any regrets buying one or the other? How long did you look for a home before you found one you were willing to put an offer in for? I don't want to jump at the first house I like but I also don't want to miss out on the right house if we come upon it.

We have been seriously looking for a couple of weeks, have had 4-5 private showings with our real estate agent, visited 10-12 open houses, and have 3 more tomorrow.

 

[TorchMach]

I would think after that many houses viewed you would have chose one or got a better idea of what you wanted. See which fits your needs but is practical as well.

I just got a house for a client and it was the first house I showed her. You'll know when you find the right house. It also takes a good Realtor.

Good Luck,

Ruben

 

[thepizz]

Unfortunately, i bought in 06 when the market was still high. Didnt have many choices at that time. Prices were crazy and kept going up, so i jumped in.

The market and interest rates are on your side, so take your time and find exactly what you want and need. Dont be afraid to make a low offer.

 

[Niko_Fx]

Go for it.

I bought a 4-bedroom house in Deerfield Beach in 2011 for the same price that I paid for my 1-bedroom apartment in 2006. I can pretty much rent this house for more than what my mortgage +hoa is... it truly is the time to buy. The apartment, unfortunately, is being rented... and what I get from it doesn't even cover the mortgage payments, but me and my wife wanted to get out of it regardless.

We checked out about 8 houses and ended up buying the very first house that we saw. Invested about $20k the first month here re-doing the restrooms, floors, new appliances, painting, etc.. and loved it, it feels great to have your own place and shape it into exactly what you want.

Make sure you don't discard houses that look somewhat crappy... As long as the important / expensive things are ok (AC Unit, roof, etc)

The house that we bought had potential but it truly looked like crap, here are some pics so you can get an idea of what we did. They're a bit old, we've done a lot more and added a lot of paintings / decor / furniture.

BEFORE (PREVIOUS OWNER, OLD FLOOR):

AFTER:

BEFORE:

AFTER:

BEFORE (YES THEY HAD THAT WALL PAINTED ORANGE):

AFTER:

I don't have any good pics of the finished bathroom, but here's a BEFORE:

AFTER:

 

[truefiveo]

Niko that's awesome!

 

[Moparkidd]

Look for a foreclosure, you can get a good deal, dont mess with HOA, you will find horror stories.

Dont mess with a short sale, you will wait months to find out that you are still waiting on the bank.

 

[astrocreep96]

Thanks for the advice guys. The home in the HOA is very nice and there isn't much we would need to do to it, but it has a small yard (0.16 acres). The house is nice enough that it may compensate, but it is a factor we are mulling over. The older home is on about 0.4 acres, has no HOA, and has a ton of character, but it would need more work (although it is definitely livable), and the yard would need a lot of upkeep (nicely landscaped but looks like it would be a chore to maintain).

I would jump on the home in the HOA if not for the yard size, but we may make an offer on it anyway.

 

[Jibber]

Im way out of the game on this one as I bought back in '92. I did see a few existing homes during our search but ended up going with new construction. I am glad that we chose what we did. I occasionally drive by those other homes and they don't look so good now.
You will know when you see that right house. Always keep an open mind. I looked at my house with the future in mind. Large chunk of land, Room for expansion, and accross the street from conservation land so noone can build on it.
Good luck with your search. It can be a fun and rewarding time in your life. Make the most of it.

 

[astrocreep96]

I like the idea but we are going to be at this home for about 5 years max, so long term development isn't our biggest concern. We would like a place that is mostly finished and won't need any major repairs (both homes have recently replaced roofs, the older home has all new windows, etc).

I will say I'm not a huge fan of HOA subdivisions, but if it helps maintain the neighborhood and surrounding property values, it may work to our benefit given that we will be selling in 5 years.

Niko I like what you did with our place, it looks great inside.

 

[Screw-Rice]

I'm in the same boat as you. Will be in my current location for another 4-5 years. Debating on if I want to buy, or rent for the duration. Just get sick of burning money on rent and not making improvements. I like doing house projects and have extended periods of free time to accomplish suck task. So I have been looking at fixer uppers and turn key, doesn't seem to be much of a price difference between them.

Biggest concern is losing money on a house in the short time frame I will be in the area. Although I do like the area, and could possibly remain here longer.

 

[beeradd]

Regrets that I can share are not getting the sewer lines inspected. Tree roots caused a backup the week after I moved in.
Also don't buy a house with a pool, it was awesome for the first few years, now it is tedious maintenance item to deal with...