Anyone ever buy a home?

[Allant]

So, thinking about buying my first home, rent just keeps going up and I would like to put a stop to that. Also I'd like to be a more responsible citizen and all that good crap. Anybody here have any tips/pointers to share or pit falls to avoid?

Tell me your secrets

Right now I'm planning on going for a 2-3 bedroom and bringing in a roommate so I would be spending less on housing than when I was renting. $10 reduction in rent if they join CN and the Legion.

[Tzar Rob]

If you are handy, or dont mind work, buy a fixer upper. I am handy so I plan on buying the neighborhood I want to live in and making the house my own. If you already plan on bringing in people maybe look at buying a duplex or something similar so you can rent one out. Buddy of mine bought a quadplex as his first house, he never has to pay rent and can put money in his pocket every month from the other three tenants.

Always get a good home inspector, even if it costs more. They will find stuff that could cost you bundles down the road.

I dont own a home, but I look at them enough.

Any specifc questions?

[Allant]

Originally Posted by Tzar Rob

Any specifc questions?

Selecting a Realtor, sure seems to be a hell of a lot of them, do they have any particular certifications or the like to look out for?

Knowing how to make an offer on a place. What I've read online so far is ask the Realtor but is it not in their best interest to go for the highest amount?

[tom the pit leader]

Do you have kids? If you do, or plan to, there's a whole other list of variables you need to look at beyond the house itself.

[Firkinvald]

Think about resale value ... meaning location. Don't buy in a dying neighborhood.

[Tzar Rob]

Originally Posted by Allant I

Selecting a Realtor, sure seems to be a hell of a lot of them, do they have any particular certifications or the like to look out for?

Make sure that they have their real estate license, your state should be able to provide that. Im sure there is a database. Pick a real estate agent like you would pick any other contractor. Understand that a cheaper realtor may come with downsides. You should also know someone understands the market and listens to the feedback you provide. They should be adapting to what you want.

Originally Posted by Allant I

Knowing how to make an offer on a place. What I've read online so far is ask the Realtor but is it not in their best interest to go for the highest amount?

A realtor will know what the fair market value of a home is. This is why picking one who knows the area is important. They will be able to tell you when a home is a steal and when a home is overpriced. You can always lowball an offer, but understand that there is someone on the other side of that. Go too low and you risk turning the seller completely off. Be willing to negotiate.

[Watcher]

Get a good agent. If the agent sucks get a different one.

[Tzar Rob]

Originally Posted by Watcher

Get a good agent. If the agent sucks get a different one.

BOOM

[President Gregory]

A few things to remember.

Make sure that you have enough income leftover each month, a reasonable amount of savings, or affordable credit if something goes wrong that insurance won't cover.

Beware of property taxes. If you are in a state (I am assuming you are in the US?) that doesn't properly fund schools, the property taxes may be high.

Same goes if the local school district isn't fiscally responsible. Tax info on a house is public record, find out what previous years of taxes have been.

I am in St. Louis' southwest Illinois suburbs. Because Illinois state government has always been a fiscal train wreck and won't fund schools well, property taxes in my area are 30% higher than St. Louis city and county.

[Allant]

Originally Posted by tom the pit leader

Do you have kids? If you do, or plan to, there's a whole other list of variables you need to look at beyond the house itself.

No kids, brother can fulfill that biological responsibility

Originally Posted by Firkinvald

Think about resale value ... meaning location. Don't buy in a dying neighborhood.

I'm in Fort Collins and fortunately the city is doing well economically, all the breweries we got in every direction. Also maybe our legal recreational pot.

Originally Posted by President Gregory

A few things to remember.

Make sure that you have enough income leftover each month, a reasonable amount of savings, or affordable credit if something goes wrong that insurance won't cover.

Beware of property taxes. If you are in a state (I am assuming you are in the US?) that doesn't properly fund schools, the property taxes may be high.

I am in St. Louis' southwest Illinois suburbs. Because Illinois state government has always been a fiscal train wreck and won't fund schools well, property taxes in my area are 30% higher than St. Louis city and county.

I have enough saved for down-payment and emergency fund if everything goes to shit. As with Firkinvald's comment the city is in good shape and property taxes are fine.


Thank you everyone. Still hunting for a Realtor but I will be meeting with a lender later this week.