Home Buying & Real Estate Thread

Discussion in 'General' started by will0827, Jul 13, 2012.

  1. will0827

    will0827

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    Im in the process of saving every bit i can and looking to the future to buy a home, i wanted to see what tips and ideals and knowledge current and future home owners and people involved in the real estate market. Also tips for first time home buyers. Any books or guides to read and questions. Im sure many people will be interested and it would be cool for everyone to see different views on the matters.
     
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  2. diceloveme

    diceloveme

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    Bumping, Thread has potential. I'm interested too.
     
  3. lazyj10

    lazyj10

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    The more analysis you do, the better off you'll be.

    Don't buy a home, just to buy a home. Yes, there's some benefit with the mortgage tax deduction (which, depending on the area you live and that cost) which may or may not trigger the threshold for you to itemize deductions (if not currently doing so already) which related more so to buying power.

    However, certain areas the barriers to entry are higher than rental markets so doing breakeven analysis is key. Meaning, if things were to go to hell for you financially, are the costs you're putting into the home recouped through rental should you have to?

    Knowing the county/state property tax laws so you can adequately plan.

    Hindsight is 20.20, I bought my first place in 2007....RIGHT as the !+!@ was starting. I should have backed out of the deal. Living w/ my parents after college I had saved something like 10% down and wanted to move out. My parents generation is one that thinks buying is great...well that may be true, but the dynamic of that has certainly changed for us.
     
  4. crcballer55

    crcballer55

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    Most finance companies will encourage you to only put down what you need to (3.5% for FHA loans) to qualify for a home. It's best to buck that trend and get as close to the full 20% as possible to avoid PMI (private mortgage insurance) which is basically foreclosure insurance you're paying them in case YOU can't make the payment and foreclose.

    ActiveRain.com is a great source of information from realtors and their experiences. A lot of the blogs will be insider stuff since they're mostly writing to other people in the industry, but there are also many blogs specifically written for a certain area and type of buyer.

    You should also be aware that dollar for dollar, buying a home is nowhere near the same cost as renting. Even if you'll be paying the same or slightly less for a mortgage you should keep in mind that you'll have to do your own repairs, pay the property taxes, and do general maintenance on the property. If you think you'll be saving money over the first 10 years buying a home (even with the mortgage deduction), chances are you're not, until you are able to cash out the equity.

    I'm in a similar boat to LazyJ10 except I bought the year after, RIGHT before the financial meltdown. Just remember that there's a home on every corner so don't let emotions get the best of you. There's not just one perfect home. If you're willing to sit back and be patient then a great deal will likely fall in your lap.
     
  5. jmansmc23

    jmansmc23

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    I recently purchased my first home in April of 2011. Best decision of my life. Right now it is still a buyers market and you must always remember that. I truly got a STEAL on my house, and it was move in ready besides painting and a few sick replacements and upgrades. Many sellers are paying double mortgages due to them not being able to sell their homes, and are just looking to get rid of the house on the market.

    My advice is to take your time, do not rush, and get exactly what you want and can afford. When it comes to a house its so many additional expenses you dont account for, so do not try and purchase something that you cant afford. Make sure you can pay the note, taxes, and utilities and still have some savings for unforseen occurences. Good luck though!
     
  6. tengoeljugode

    tengoeljugode

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    Take it from someone who bought a short sale that needed a lot of work. BUY SOMETHING THAT IS MOVE-IN READY! Unless you have folks on folks on folks who know how to do renovations (luckily I did) you will be absolutely screwed.

    My home purchase was part necessity (getting married) and part availability. I found a house for a very good price in a nice neighborhood and it had a front porch. The biggest selling point was that it backed to woods, a stream and a railroad track. I wanted to get sort of a secluded feel while still being right by a mall.

    And the most important thing to understand about buying a house. Save 25% more money than you THINK you need. There are always expenses that pop up that you simply didn't plan for/ couldn't have foreseen. So if you need $20k for a down payment and closing costs or whatever, save around $25k before you pull the trigger.

    If you need any specific pointers feel free to PM me.
     
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  7. rightguard

    rightguard

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    if you live in the DMV check out www.270realestate.com I worked with one of the agents on this team and I was able to find a really good loan without paying the PMI. Also, I signed up for the listing book and I was able to query a search to find local homes for sale once it hit the market. Buying a home was the most stressful experience in my life but having a real estate agent that finds you the best loans and homes is what makes the process a tad bit less stressful
     
  8. hybridsoldier23

    hybridsoldier23

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  9. jschue

    jschue

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    Bought my home almost a year ago. Learn from my mistake- shop LOCAL for your lender. I got lured into a great rate through lendingtree.com and the lender turned up being awful. My builder was getting so pissed about the delays (my home was a semi custom new construction) basically said if I wanted to keep the house I needed to find a different lender. Ended up closing 1 1/2 months late.

    But having your own place? [​IMG]

    Only other words of advice is think of where you see yourself 5 years from now. Truly think about it. Once you have a house its not like a lease, you can't just up and leave. I've turned down some job opportunities because I don't want to go through the hassle of selling and moving.
     
  10. crcballer55

    crcballer55

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  11. gagjr

    gagjr

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    good thread [​IMG]
     
  12. monstar

    monstar

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    Any NTers bought a house recently? Im saving up like crazy and advice yall can share in the new market would be appreicated

    hope to get this going again
     
  13. johnnel

    johnnel

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    Make shure your mortgage rate is fixed for the hole term of the loan. Get a home warranty it covers alot of the things that can fail in the house. Two years ago in the middle of summer our ac unit went out we called them they had someone there to fix it all we had to pay was 50.00.If it can't be fixed they pay to have what ever it is replaced
     
  14. r-man jam

    r-man jam

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    Just closed on a house January 3rd.

    Stack that paper son.

    Live below your means to be on the safe side.

    Get a Fixed rate.

    Have 2-3 months of mortgage payments saved.

    Get those monthly bills situated.

    Get that credit score up.

    Pay off any debt.

    No more $150 kicks. You have more important things to worry about.
     
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  15. omgitswes

    omgitswes

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    Anyone know if it'll be really expensive to remove popcorn ceiling? In the process of renovating a rental my parents own that will be mine if I can find a job here.
     
  16. paulprince3730

    paulprince3730

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    nah man, i wanna know the best way to go about acquiring capital and what kind of capital should i be throwin around to make some money flippin

    yes i know its a buyers market right now
     
  17. htg designs

    htg designs

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    In for the thread equity
     
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  18. paulprince3730

    paulprince3730

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    have that
     
  19. carver

    carver

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    All I can say is down 20% and avoid the PMI

    And get a fixed rate.
     
    Last edited: Jan 22, 2014
  20. secretzofwar

    secretzofwar

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    Bought a condo in October. You will encounter things you didn't know needed repair, so just keep that in mind.

    Honestly, I wouldn't dump all my money into my place, as is the typical American strategy. In fact, it's my 4th or 5th largest investment. There are A LOT better returns on capital that owning a place, but with interest rates so low, it almost seems not to take advantage of this cheap money.

    See a ton of places, do research on not just the city/neighborhood, but YOUR BLOCK. Also, if you can, find a friend who is a real estate agent and tell them to throw you some cash back.