Your first time home buying mistakes?

[werepossum]

One thing that got me was FHA loan insurance. I did not know until after the transaction that had I put down 20% rather than 10%, I would have saved the cost of the loan insurance which runs for the length of the loan. That's 20+ years ago, so it may or may not apply today.

 

[Doppel]

Buy the biggest fridge you can fit in the space. Don't cheap on it, buy large.

The older the house the more likely unforeseen expenses WILL pop up, from burst pipes to furnace to roof.

DO NOT buy a house that is susceptible to water. Get one on a hill (it can even be a very small one), and properly graded. Water flowing toward a home's foundation is the number one cause of foundational problems and brutally expensive. On the plus, if you get an old house and its foundation is good, it will stay good as long as you don't do anything to it to upset the balance (e.g. messing up the grading).

If you remember nothing else make sure you remember about the grading. I have people in my immediate neighborhood who have had to move out of their house in one case due to a severe foundation issue, and others who's sump pumps are running damn near all the time, simply because of grading. They do live on hills, but the water run off from the neighbor's house after enough years causes problems. Tons of houses on the market have these issues, just tons, and inspectors don't seem to mention it much. Finding out you need to drop $8k on having part of your yard dug out next to the house and drainage installed and regraded isn't fun.

 

[dabuddha]

• Bought a home with a single AC unit. Really sucks with 3 floors (and it's underpowered)
• One car garage but it barely fits my car so we don't even use it to put our cars in
• Kitchen is too small. This is one of the bigger pet peeves of mine. We use our kitchen a lot
• The bedrooms are just too small (except for the master bedroom). I can fit a twin bed and maybe a desk and that's about it. The closets are small for each of the bedrooms

That's all I can think of off the top of my head right now.

 

[RearAdmiral]

Buying a house that burns oil, while natural gas is <200 ft away

 

[WiseUp216]

Just a minor bump... we were pre-approved today!

They offered much more than we had anticipated or had asked for. We are still keeping our goals really modest for our first house but it is nice to know that lenders think we are in such great shape.

 

[HumblePie]

Just a minor bump... we were pre-approved today!

They offered much more than we had anticipated or had asked for. We are still keeping our goals really modest for our first house but it is nice to know that lenders think we are in such great shape.

Despite what they offer, don't go above your budget. Better to have a cushion for saving faster than living paycheck to paycheck.

 

[brad310]

I havent read the whole thread, but i have to strongly advise that

1) you buy a house within your means.
2) assuming you do #1, do a 15 year mortgage, not your standard 30 yr

I dont know the principal amount of the loan, but you will thank yourself in the interest you save, and the equity you build. Even if it is not your forever home you want to die in, building equity on a 15yr will come in quite useful when you sell...opposed to a 30 yr that will take you 10+ years to start to gain equity.

 

[MrSquished]

hire your own home inspector, not the one the real estate agent recommends.

disagree with that. i'm sure some agents don't have good recs but i know a lot of good agents, including myself, that want the best for the buyer period. because you know why? it's not just about closing that one deal and getting a commission - it's about getting your referrals down the road. that's the single best way we build our business. referrals. from you. by showing you we are good guys.

there are countless stories amongst good agents i know how one sale ended up turning into 3-4 referrals within a year or two. and more. because you the buyer saw we had your interests in mind, not just about 1 paycheck. that's what being a good agent is about.