First time home buyer tips
 
 

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First time home buyer tips

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        06-23-2014, 03:29 PM
      #1
    Foal
    First time home buyer tips

    Hi!

    Well, my boyfriend is tired of renting. So he's buying a house. It's his first time buying and we're (I'm helping him look) finding out the housing market here in Texas is quite well. We're not interested in a new build at all. Most of those come with HOAs - I think I'd rather still be renting than deal with an HOA.

    So we're looking at older homes and we certainly don't mind having to do a little modernization/fixing up. Apparently, everyone else and their mother has the same criteria as us - homes will receive MULTIPLE offers the first day they're listed. I will admit, most of those are super under-priced and do need a lot of work, but there will be some homes that are about 1/2 way upgraded and priced way higher and they'll go within a week.

    We're not even getting a chance to look at the homes

    We saw one that was a great contender. It had been listed for about 4-5 days and when our realator asked about a tour, a contract had been put in just hours before.

    Another issue is getting my boyfriend to actually go look at a house. We saw a house a few weeks ago that was perfect - it was in great condition, with a big lot and pool and trees, but needed some serious upgrades (floor to ceiling wood panneling. Yuck). It was around 1700sqft, 3/2, under budget and under priced for the neighborhood because it had no upgrades. It was just perfect. Of course, after some further digging, it was already under contract. Ever since then, he's been comparing EVERYTHING to that one house. It it's not 1700sqft - nope! If it can't be upgraded - nope! It's not way underpriced compared to the homes around it - nope!

    I want him to go out and just look at 2-3 homes, even if they're 5 miles further than what we'd like, or maybe even a little bit smaller. I'm not saying to look at a place that's 5x the budget, or only 1 bathroom... just go and at least look to get an idea of what's out there.

    It's just frustrating because I don't even feel like we're making any progress. And to top it off, we're moving in with his parents for a month-month and a half because our lease is up.

    Any tips?
         
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        06-23-2014, 03:44 PM
      #2
    Trained
    We're currently under contract, should be closing next month, maybe earlier IF all goes well.

    We got pre-approved first, so we knew what to look at, then sat down with the realtor and told her what we wanted, like how much land, which area(radius), size of the house etc, what we could do without and what was absolutely necessary, and she started pulling up places. We looked at about 20 before we decided on the current one. But we also have a plan B, I.e. Another place, should this one not go through.
    It is stressful, and there will be disappointment, be prepared. I fell in love with one in particular but hubby wouldn't do it, it was in floodzone A. But you'll eventually find the right one
         
        06-23-2014, 03:45 PM
      #3
    Super Moderator
    .

    Zillow: Real Estate, Apartments, Mortgage & Home Values in the US is a good place to get comparables, look up taxes, get pictures and see what else is going in the surrounding neighborhood, what others paid for their houses and the ups and downs in pricing for the house you may be looking at.

    Foreclosures can be risky as sometimes they tend to get trashed, but sometimes they are great.

    Investors seem to be snatching up underpriced houses fast.... so that means you have to look fast and act fast.

    Get a Home Inspection clause in the contract so you have a way out and get your deposit back if something is bad wrong with the house.

    Get pre-approved for a Loan, that always helps on those multi-offers, sellers like when someone is pre-approved for a loan.

    Avoiding HOA's can be a good idea, I have seen some of them that go so far as outlawing you flying the American Flag....

    Owning a Home can be a good Tax benefit as you can get a Credit for Interest paid on a Home Loan when you file your Taxes.

    Good Luck.......


    .
         
        06-23-2014, 04:42 PM
      #4
    Showing
    Will the BF be the one who's doing the housework? It seems he's willing to be a slave to a big mortgage. Reno's are costly because it doubles the labor cost. How much say do you have in this?
         
        06-23-2014, 05:02 PM
      #5
    Foal
    Quote:
    Originally Posted by Saddlebag    
    Will the BF be the one who's doing the housework? It seems he's willing to be a slave to a big mortgage. Reno's are costly because it doubles the labor cost. How much say do you have in this?
    I'm not sure how much say I do have in this...It is HIS house and even though we live together currently, and will live together in the future, I don't want to take over - and I for sure don't want him to think I intend for name to appear as an owner. I don't mean that in a bad way - but in a logical - we're not married and I have have student debt to pay off way.

    But part of what is making this difficult is our budget is pretty low - although he's been pre-approved for a lot more. We're pretty conservative when it comes to money and We're shopping at the lower end so we're not slaves to our mortgages. He actually WON'T look at houses that are just 5-10k over a certain amount...even though it's still almost 80-90k less than what he qualifies for.

    It's the price range we're looking in that is selling like hotcakes. If we were to increase our budget by several, several thousand...20-50k+ we'd probably be able to find a house pretty quickly. But he wants to avoid a big mortgage. We're just in our mid-20s.

    By 'Housework' do you mean the repairs/remodels? If so, then yes. My boyfriend is skillful in those areas - he's work as a sheet-rocker, placed dry-wall and an electrician by trade.

    If you mean actually washing the dishes, maybe if I cook him a good dinner. Hahaha. But he's a keeper. He cleaned the kitched for me last night after I slaved away baking him a cake. So I can't complain.
    deserthorsewoman likes this.
         
        06-26-2014, 04:44 PM
      #6
    Foal
    Update:

    We went to see a house last night. A little too expensive and a little too cozy. We found a house that was exactly what we were looking for later that afternoon. We scheduled to see it this afternoon at 1pm. By 10am the buyer had accepted a contract. This is the 3rd or 4th house this has happened. It's very frustrating.
         
        06-30-2014, 06:32 PM
      #7
    Weanling
    Quote:
    Originally Posted by hornedfrog89    
    I'm not sure how much say I do have in this...It is HIS house and even though we live together currently, and will live together in the future, I don't want to take over - and I for sure don't want him to think I intend for name to appear as an owner. I don't mean that in a bad way - but in a logical - we're not married and I have have student debt to pay off way.

    But part of what is making this difficult is our budget is pretty low - although he's been pre-approved for a lot more. We're pretty conservative when it comes to money and We're shopping at the lower end so we're not slaves to our mortgages. He actually WON'T look at houses that are just 5-10k over a certain amount...even though it's still almost 80-90k less than what he qualifies for.
    My unsolicited advice to you: if you intend to put any money or labour into this house and you are not on the title, request equity and have a lawyer help you with this. The last thing you want is to put money into someone else's asset while ending up with nothing for yourself. It happens all the time.
    deserthorsewoman likes this.
         
        07-01-2014, 04:10 PM
      #8
    Foal
    Quote:
    Originally Posted by plomme    
    My unsolicited advice to you: if you intend to put any money or labour into this house and you are not on the title, request equity and have a lawyer help you with this. The last thing you want is to put money into someone else's asset while ending up with nothing for yourself. It happens all the time.

    The most that I would do is probably paint. My boyfriend might be handy, but I certainly am not! I also don't have much money to contribute, anyways. Poor broke college grad... I've already told him that everything I save goes into my loans. That's my priority right now.

    Edit: my main purpose in this is helping him find a place. We're finding out we need all the eyes we can get to find listings.... NOT to do repairs or help out financially.
         
        07-01-2014, 05:06 PM
      #9
    Weanling
    Quote:
    Originally Posted by hornedfrog89    
    The most that I would do is probably paint. My boyfriend might be handy, but I certainly am not! I also don't have much money to contribute, anyways. Poor broke college grad... I've already told him that everything I save goes into my loans. That's my priority right now.

    Edit: my main purpose in this is helping him find a place. We're finding out we need all the eyes we can get to find listings.... NOT to do repairs or help out financially.
    Okay, good! I had two friends break up and of them had to walk away from the relationship having put tens of thousands of dollars and countless hours into a home they lived in together but only one of them owned. The break up happened a month after the house was finished. And it's especially terrible because the owner made SO MUCH MONEY on that house while the other is living with her cats in a studio apartment.

    Anyway, buying houses is so exciting but can be so emotional. Before I bought mine I lost many houses in multiple bid situations so I definitely understand the frustration. I cried, I said 'let's just live in a tent!' But something will come along. I finally got this place because I put in a bully offer within 5 hours of the listing going up.
         
        07-01-2014, 06:11 PM
      #10
    Showing
    In Canada, live common-law for two years, with proof, and property is divided as tho married. A local fellow passed away suddenly and his common-law, who'd supported them at times, became his beneficiary after a number of us signed documentation that they'd lived together for over five years.
    waresbear likes this.
         

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