First time home buyers

[iRONic]

Originally posted by: MrBond

Originally posted by: iRONic

Originally posted by: MrBond
Quick question. If I want to move into a house in mid July-early August, should I be seriously looking now? Does it take a long time to close on a property?

Pre-qualify yourself for a mortgage and you could knock 3-6 weeks off the whole process.

Pre-qualify - you mean talk to my bank and get them to tell me just how much they'll loan me? So if I get pre-qualified for a loan, what am I looking at as far as timeframe?

Should I go see a bank as soon as possible? I don't start my new job until 5/13.

Yes, go to your bank, credit union, or a mortgage broker now. Speak to a mortgage officer and tell them exactly what you want to do. Timeframes will vary state-to-state, situation-to-situation, but the sooner you start the process the better.

As far as resale values, that's just a crapshoot but the general scenario is that the real estate market is cyclical.

Best of luck!

 

[radioouman]

Wife and I moved into our first home 4 years ago this July. (Wow, has it really been that long???)

It is 1700 sq. ft. built in 1975, 4 level split, two car garage, 2.5 bathrooms, 3 bedrooms with den or 4 bedrooms.

We tore down the deck and put in a paver patio. Totally remodeled two bathrooms, and updated the third. We painted the exterior two years ago, and have painted much of the inside. It is a really nice home now and we love it.

Picture when we bought it.
Picture now

 

[SuperNaruto]

Originally posted by: MrBond
Quick question. If I want to move into a house in mid July-early August, should I be seriously looking now? Does it take a long time to close on a property?

I found a nice looking condo online and while I really don't want to live in a condo, it's a good price, location, and it's practically new. The monthly mortgage will be well under what an equivalent rent payment would be, and that NYTimes rent vs buy calculator said I'd break even after two years, which is perfect.

I requested more info and have already had two realtors call me. I hope I don't regret giving them my cell phone number.

Usually it takes about 1-1.5 month to close.. survey, appraising, inspection and if they need to fix something.. etc..

I did mine in around 28 days.. the seller was rushing and my lawyer was going on vacation the 3/29, so either it was 3/29 or end of april... extra months.. they got it done fast...

 

[patentman]

Originally posted by: nakedfrog
I've been a homeowner for just about two years... 1600sq ft, built in 1890. Yard is a decent size, but the back yard isn't quite as level as I'd like

sounds like a bostonite....

 

[Fiat1]

Originally posted by: SuperNaruto
Closed mine 3/29.. 40x100 in nyc.. too much for my blood.. 1950 home..

Cleaning up is the biggest.. throwing out old stuff..

junks in the basement

backyard - cut all the old branches down

power - did a little electricial work.. snake power for new lights.. removing that wall ac unit
power
power
power

adding cat5 - Adding 4 cat5e per room and 2 rg6 per room.
adding cat5
adding cat5
adding coax
adding coax
adding coax

insulation - Sound proof the room for the "inlaw" so she can't hear jack.. hahah

family room - remove all the junk...

front - removed the trees out front.. need to get a new door

Done - electricial, all new lights using energy efficient CF bulbs..

Other things to be done, refinish the wood floor, need new door, new storm door, more yard work, finish the cat5e wires, install the relay rack, install the server rack, etc.. wont be moving in for another 2-3 months

You have a code violation in pic #4 of the power. Remember to close the unused 1/2" ko

 

[AkumaX]

bout 3 months

new attached townhome (condo)

comes with cat5 everywhere

 

[Svnla]

Originally posted by: mikej007
where are all you guys buying that it's so cheap? I live in NY and all the houses are so overpriced it's scary. $250k for a 40 year old 1000 sq ft place that needs a ton of work....

I can only speak of my Southern areas (TX, LA, AR). For 250K, you can get a brand new house with 3 to 4 beds, 2 full baths, 2 cars attached garage, at least 2000 sq. ft., at a brand new suburban area with brand new elementary school.

 

[SuperNaruto]

Originally posted by: Fiat1
You have a code violation in pic #4 of the power. Remember to close the unused 1/2" ko

empty slot ?? a new switch is going in there when the lights come...

 

[alkemyst]

Originally posted by: ViviTheMage
bought our condo, pretty cheap closed 2 days ago.

still in the process of moving in .

edit :

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

20% for the downpayment, so you dont have to pay PMI insurance. closing depends...

you can get by without having to pay PMI for less.

They have various products. I qualified for a lender-paid PMI loan designed for first-time homebuyers.

 

[alkemyst]

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon
How much did you pay for that?

very low 200's

What is low 200s? It's about to be public record at closing, so you can tell us.
Were talking sub 210?

I know its public record 215, but the seller is paying all closing costs.

Wow, almost 200/sqft, but that's your Florida market.
Sellers concessions are nice. Have fun with the new house.

Yup - but its the lowest priced in the neighborhood, its a graet deal, just hope the market doesntcontinue to go down!

Search for houses in florida, by Lennar

Lennar is selling townhouses in WPB for 199,990 for a 2story, 2/2.5 1100sq to 240k for a 3/2.5

You can buy a 3/2/2 in Ft Pierce for 210k with 2178 sq ft.

I just purchased a built in 1970 home for $265 with the seller covering all closing costs. I didn't want a townhouse, wanted to be east and able to walk to shops and the beach. I also wanted CBS construction and no HOA. With 2.27% for property tax and insurance around $3k...it adds alot to the monthly payment.

The biggest plus was most of the things I wanted (mexican tile, french doors, upgraded countertops and applicances/fixtures has been completed. The current owners spent alot of time on it.

The downside is my first house in 1995 in Wellington (a more desirable area) was $115k, a 3/2/2 with over 500 more total sq ft, a pool with full enclosure + 1/2 acre.

closing is 6/4

Pics
Backyard
Bar
Bedroom2
Bedroom3
Bedroom4
Dining
Family, Left
Family, Pano
Family, Right
Front
Guest Bath
Kitchen
Living
Living, Pano
Master Bath
Master Bedroom
Master Bedroom, Pano
Patio

 

[WannaFly]

Originally posted by: alkemyst

Search for houses in florida, by Lennar

Lennar is selling townhouses in WPB for 199,990 for a 2story, 2/2.5 1100sq to 240k for a 3/2.5

You can buy a 3/2/2 in Ft Pierce for 210k with 2178 sq ft.

WPB or west palm is WAAY further then i'm willling to go. I dont want a condo or a townhome, im currently in one and its horrible - might as well have an apartment, our HOA went from 200/mo to 300/mo - its rediculous. I can hear my neighbors, and i wanted a yard and garage. It's pretty much known that single family homes keep theirvalue better then townhomes/condos also, especially with as much market over saturation that there has been.

I'm quite happy with my purchase, thank you

 

[CorCentral]

Originally posted by: alkemyst

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon
How much did you pay for that?

very low 200's

What is low 200s? It's about to be public record at closing, so you can tell us.
Were talking sub 210?

I know its public record 215, but the seller is paying all closing costs.

Wow, almost 200/sqft, but that's your Florida market.
Sellers concessions are nice. Have fun with the new house.

Yup - but its the lowest priced in the neighborhood, its a graet deal, just hope the market doesntcontinue to go down!

Search for houses in florida, by Lennar

Lennar is selling townhouses in WPB for 199,990 for a 2story, 2/2.5 1100sq to 240k for a 3/2.5

You can buy a 3/2/2 in Ft Pierce for 210k with 2178 sq ft.

I just purchased a built in 1970 home for $265 with the seller covering all closing costs. I didn't want a townhouse, wanted to be east and able to walk to shops and the beach. I also wanted CBS construction and no HOA. With 2.27% for property tax and insurance around $3k...it adds alot to the monthly payment.

The biggest plus was most of the things I wanted (mexican tile, french doors, upgraded countertops and applicances/fixtures has been completed. The current owners spent alot of time on it.

The downside is my first house in 1995 in Wellington (a more desirable area) was $115k, a 3/2/2 with over 500 more total sq ft, a pool with full enclosure + 1/2 acre.

closing is 6/4

Pics
Backyard
Bar
Bedroom2
Bedroom3
Bedroom4
Dining
Family, Left
Family, Pano
Family, Right
Front
Guest Bath
Kitchen
Living
Living, Pano
Master Bath
Master Bedroom
Master Bedroom, Pano
Patio

You're a Nut to buy a home in Florida now!

I used to live in Clermont, FL (Central/FL) and it's getting bad bad bad!
My thought on this FL crap now=......... If you want to move to FL and like Congestion up the a-hole, buy a home there and get raped!
Florida can take highways 50 & 27 and shove them!!!!!!!!!!!!!!!!!!! I'm talking from experience here. I got out and moved to TN

No traffic here........ It's GREAT!............... A home here will cost you about 1/4 of what a cookie cutter mexican home will in FL!

 

[slsmnaz]

Originally posted by: iRONic

Originally posted by: slsmnaz
On May 1st it will be 1 year since I bought my first house (Picture). Built in 1934 with 2bed/1ba and a completely unfinished attic. I have added a 1/2 bath off the kitchen and we are about to finish the attic into a master suite. When finished it will be 3bed/2.5 bath around 1700sq ft.

I knew it was the one I wanted as soon as I walked in the door and couldn't be happier!

Sweet corner lot house! Congrats.

Thanks man. The lot was one of the reasons I bought it. That and the 1.5 car detached garage for my workshop.

 

[alkemyst]

I wasn't meaning you should have done something else...I was replying to another above mentioning the market down here.

There is a light at the end of the tunnel for some.

I like working on things so most HOA's would not let me do that. I picked a nice area with like-minded people.

My parents wished I picked something new....but to get what I would need would take me commuting 1-2 hours a day without traffic (heading to Port Saint Lucie or Ft. Pierce).

Just not for me.

You are right about the condo/townhouse market....they are still building them which is insane, there are places with 90% vacany here.

 

[Dulanic]

In the process of closing next month, having it appraised etc. It is still being finished inside, hardwood floors and tile for the kitchen/bathrooms being laid too, so not any interior pics. The downside is I live in MA and so I paid a nice cost of $235k for a 1080 sqft townhouse.

http://www.imagehosting.com/show.php/544633_IMG0453.jpg.html

 

[MagicConch]

my first house, closed about a year ago, built 2006, 4200 sq ft. in carlsbad, CA

 

[Chaotic42]

Originally posted by: MagicConch
my first house, closed about a year ago, built 2006, 4200 sq ft. in carlsbad, CA

Dear God, I can't imagine how expensive that was.

I'm looking at buying a house next year, but the whole 20% thing is going to kill me. By the time I save up 20% of $100,000, the house will be $150,000.

 

[MagicConch]

Originally posted by: Chaotic42

Originally posted by: MagicConch
my first house, closed about a year ago, built 2006, 4200 sq ft. in carlsbad, CA

Dear God, I can't imagine how expensive that was.

I'm looking at buying a house next year, but the whole 20% thing is going to kill me. By the time I save up 20% of $100,000, the house will be $150,000.

the house was expensive, but was a good fit for my needs.

house prices probably won't rise at the same astronomical rate they have, but then that varies throughout country. in fact it may even decrease so the wait may benefit you long-term as far as building equity.

 

[MustangSVT]

closed already.. i got pwned by the chicago property stamps -_-;

took all my money for hardwood flooring!

 

[alkemyst]

Originally posted by: CorCentral

Originally posted by: alkemyst

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon
How much did you pay for that?

very low 200's

What is low 200s? It's about to be public record at closing, so you can tell us.
Were talking sub 210?

I know its public record 215, but the seller is paying all closing costs.

Wow, almost 200/sqft, but that's your Florida market.
Sellers concessions are nice. Have fun with the new house.

Yup - but its the lowest priced in the neighborhood, its a graet deal, just hope the market doesntcontinue to go down!

Search for houses in florida, by Lennar

Lennar is selling townhouses in WPB for 199,990 for a 2story, 2/2.5 1100sq to 240k for a 3/2.5

You can buy a 3/2/2 in Ft Pierce for 210k with 2178 sq ft.

I just purchased a built in 1970 home for $265 with the seller covering all closing costs. I didn't want a townhouse, wanted to be east and able to walk to shops and the beach. I also wanted CBS construction and no HOA. With 2.27% for property tax and insurance around $3k...it adds alot to the monthly payment.

The biggest plus was most of the things I wanted (mexican tile, french doors, upgraded countertops and applicances/fixtures has been completed. The current owners spent alot of time on it.

The downside is my first house in 1995 in Wellington (a more desirable area) was $115k, a 3/2/2 with over 500 more total sq ft, a pool with full enclosure + 1/2 acre.

closing is 6/4

Pics
Backyard
Bar
Bedroom2
Bedroom3
Bedroom4
Dining
Family, Left
Family, Pano
Family, Right
Front
Guest Bath
Kitchen
Living
Living, Pano
Master Bath
Master Bedroom
Master Bedroom, Pano
Patio

You're a Nut to buy a home in Florida now!

I used to live in Clermont, FL (Central/FL) and it's getting bad bad bad!
My thought on this FL crap now=......... If you want to move to FL and like Congestion up the a-hole, buy a home there and get raped!
Florida can take highways 50 & 27 and shove them!!!!!!!!!!!!!!!!!!! I'm talking from experience here. I got out and moved to TN

No traffic here........ It's GREAT!............... A home here will cost you about 1/4 of what a cookie cutter mexican home will in FL!

Huh, I live in florida already...also Palm Beach County is a lot different than the boonies.


I don't know much about mexican homes though...