First time home buyer advice

[Ttechhunter]

Hey ya'll
I am looking at buying my first home. Is there any advice/wisdom you would like to share so that I dont do something dumb? Would you have done something different when you bought your house? I'm really excited, and cant wait to get a house. Thanks

[dhillis]

take someone with you that actually owns a house. They will see some of the small things that you might not. Patching in drywall, worn appliances, etc...make sure you get something with a yard and a shed. I didn't and might never have it now

[PSD Ryan]

Get the seller to pay closing costs. Give a lowball offer on the house to start off with. Also get some insider info on why the owners are selling. The people who sold my house to me were moving back to korea and had to get rid of it fast. It had been on the market a while, so I lowballed the crap out of them. Practically stole the house.

Most importantly...don't settle. If you don't love it, don't buy it.

[bigbad243]

Do not buy new right now!

[rhester]

Buying new or used is totally different. Buying new I would highly recommend getting into a new neighborhood as it begins. Get in on the deals that the builders throw out there to get the neighborhood started. Plan on staying 5 to 7 years and turn it over for a profit. You can find deals and you can get builders to come off of the sticker price just like a car.

[Mike D]

Go in with at least 20% down and finance for 15 years with your payment at 25% or less of your take home pay.

[Cam-Mac]

If you find a mortgage company that you like dealing with, its like winning the lotto. I would ask all of your family/friends who they used and if they would recommend them or not. The one we used ended up costing us extra money because they jacked around with paperwork. Do your homework- they are not all the same.

[Scout]

Go in with at least 20% down and finance for 15 years with your payment at 25% or less of your take home pay.

The best advice u will get

[rferg84]

Go in with at least 20% down and finance for 15 years with your payment at 25% or less of your take home pay.

Sage advice!

[BigL]

Buying new or used is totally different. Buying new I would highly recommend getting into a new neighborhood as it begins. Get in on the deals that the builders throw out there to get the neighborhood started. Plan on staying 5 to 7 years and turn it over for a profit. You can find deals and you can get builders to come off of the sticker price just like a car.

5 years is usually your break even point. 7 years is when you can usually make a profit. Both I say usually because it depends on what the housing market is doing at that time. If you're going new, ask the builder for a few free upgrades. Get gutters around the house, stained concrete on your patio, etc. Stuff that is easy for them to add on at the end they normally will say OK to.

Go in with at least 20% down and finance for 15 years with your payment at 25% or less of your take home pay.

Great advice. If you're young you can do 30 years payment too but stick with the other 2 numbers given and do conventional. No balloon payments at the end

[El Viejo]

Also, when you set up a payment schedule, make sure your mortgage company will allow you to pay something extra per month on your principle. Then when you make your monthly payments, try to add on as much as you can afford per month and designate it to go to the principle, not interest. Doing this on a monthly basis can cut years off your payment schedule and save you thousands.

[yaqui]

Walk around the neighborhood in the morning and in the evening, talked to as many people as you can who live there. Check the crime stats, any cars on blocks in the yards? do kids walk to schools? What are the schools like?

[morris_mat]

Don't plan on buying and selling in a couple of years. That was my plan and after talking to many people I realized that most sellers have to pay a lot of the closing cost when they sell and that would take up most profits that you would plan make. So buy something that you can enjoy for many years and you won't outgrow to soon.

[Charles]

Go in with at least 20% down and finance for 15 years with your payment at 25% or less of your take home pay.

Excellent advice

[BigThicketBoy]

Look into the USDA loans no money down and no PMI insurance