More great responses. I am pretty handy and I enjoy DIY projects so I plan on doing a lot of things myself and saving money where I can. I'm not sure if I mentioned but the sellers are family friends and the house hasn't been put on the market because they wanted someone they knew to get the house. They are selling it WAY below value so I believe I should have a bit of equity from the start. I was over there today and meet one of my possible future neighbors. Real nice older guy and sounded excited for me and the fam to be moving in. He also mentioned a few other neighbors and that they had been in the neighborhood for quite some time. I'm still not rushing it but as time passes I'm feeling better and better about this. Thanks again for the input guys, I will be using quite a bit of what's been suggested.
First time home buyer
- Thread starter mrkrausen
- Start date
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bosdave
Well-Known Member
This is only partly true. Put everything on credit that you can, but don't buy something that you couldn't pay for in cash.
Make your money work for you!
Erroneous
Well-Known Member
Sorry didn't realize anybody got interest anymore 
True enough though if you can make money off cash in hand make it until your payment is due. Get a better credit rating to boot. I just know even my crappy savings account gets no interest.
True enough though if you can make money off cash in hand make it until your payment is due. Get a better credit rating to boot. I just know even my crappy savings account gets no interest.
Make sure you love the house before you buy.
Get the biggest garage you possibly can. The only thing I would change about my house is for it to have a bigger garage.
Check out the city you're moving to before you buy. I love the city I live in. All my utilities except gas are on one bill. My power has never gone out for more than a few hours because the city has it's own linemen. Free brush pick up. I need to get a tree cut down and since it's in the parkway the city will take care of it for free!
Never buy a condo or in a sub division. I didn't but I personally don't want to deal with a homeowners association. My inlaws lived in an area with a homeowners association and it sounded like a total pain in the ass for them.
Get the biggest garage you possibly can. The only thing I would change about my house is for it to have a bigger garage.
Check out the city you're moving to before you buy. I love the city I live in. All my utilities except gas are on one bill. My power has never gone out for more than a few hours because the city has it's own linemen. Free brush pick up. I need to get a tree cut down and since it's in the parkway the city will take care of it for free!
Never buy a condo or in a sub division. I didn't but I personally don't want to deal with a homeowners association. My inlaws lived in an area with a homeowners association and it sounded like a total pain in the ass for them.
Erroneous
Well-Known Member
HOAs are good and bad. They can help keep home values up by preventing owners from destroying their homes, but on the other hand they can be a pita. If it has a HOA check their rules and fees first so you know what you're getting into. Ask the owners or neighbors what they think about it. That said my neighborhood doesn't have an HOA
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broadbill
Well-Known Member
....and that right there would be a big warning flag for me. Call me a cynic but there is any number of ways this deal could go bad for you. Family friends? Selling WAY below equity? Why? If that house meant so much to them, why are they selling? Why do they care who ends up in it?
Emotion has not place when making the largest financial decision of your life. At least protect yourself and get an inspection, appraisal, and a home warranty. Cheap insurance in case somebody has decided to take you for a ride. Just my 0.02
rifraf
Well-Known Member
broadbill said:
+1000
Darwin18
Well-Known Member
Well said. This is a major financial decision for yourself and the current homeowners. Emotion really shouldn't come into play here. The fact that they are selling it below current value as a "favor" for you is something you should be suspicious of. They may be great family friends but most people will not give away equity during a sale...You need to ask yourself why they are doing this and have a very thorough inspection done. It really does throw up a lot of red flags.
Your neighbors may also be happy you're moving in but I guarantee you that when they find that the current owners are selling well below value that they will not be pleased.
I agree with you 100%. I don't let emotion shape my decisions and am somewhat cynical myself. I have been pouring over this for some time now looking at the facts, mainly what could go wrong and have had many of them put to rest. I just meant that I'm feeling more like this is a safe decision. The bank requires an appraisal so I'm covered there and I am definitely getting a thorough inspection before the deal is done. The family friend that owned the house passed away earlier this year and her children said they just wanted to sell the house quickly because having to deal with the house is making it difficult to move forward at this stage of the grieving process. They said with the price where it is they could pay off the rest of the house and each of the children would still get a decent amount to put away. All that said, I am still moving forward cautiously. Hopefully it is all what it seems and we can all benefit from the situation. Again, I appreciate all the discussion. I think multiple viewpoints are necessary especially on a big commitment like this.
rifraf
Well-Known Member
Woops wrong thread
autobaun70
Well-Known Member
All good advice so far. My biggest advice, ship for items such as appliances, major tools, etc. on Craig's list.
On major tool purchases that are inevitable, Go high quality from the start. Getting small engine tools from lowes or hd is a waste, go to a reputable small engine shop or hardware store, and get brands such as Stihl, Echo, or Husqvarna. Slightly more expensive, but they last forever and have good warranties. The instances where you have to use these tools sucks bad enough, no need to making it worse by fighting a tool that won't start.
Once you get to know your neighbors, figure out what services they can offer, and ones that you can do in return. Trading favors is a way to plow through big projects.
Oh, and the biggest advice of all, pick the spot for your kegerator now......and put one there. If your wife/girlfriend ever gets accustomed to using a particular spot for anything, no matter how unimportant, it is going to be a battle.
On major tool purchases that are inevitable, Go high quality from the start. Getting small engine tools from lowes or hd is a waste, go to a reputable small engine shop or hardware store, and get brands such as Stihl, Echo, or Husqvarna. Slightly more expensive, but they last forever and have good warranties. The instances where you have to use these tools sucks bad enough, no need to making it worse by fighting a tool that won't start.
Once you get to know your neighbors, figure out what services they can offer, and ones that you can do in return. Trading favors is a way to plow through big projects.
Oh, and the biggest advice of all, pick the spot for your kegerator now......and put one there. If your wife/girlfriend ever gets accustomed to using a particular spot for anything, no matter how unimportant, it is going to be a battle.
One thing I wish I had considered more is property taxes. Of course it varies from state to state, but for me it added about 50% to my monthly payment. A general rule of thumb is that you will pay about 1% of your home's value each month for mortgage, taxes, utilities, and maintenance.
Erroneous
Well-Known Member
Btw, don't know if Missouri has this but in Florida we have a homestead exemption property tax. If this is your primary residence they knock 25k off your assessed value of your home for tax purposes.
VinceF said:
+1 look @ what the house assesed for prior to the housing collapse. If the house has lost a lot of value since 2008 your escrow could end up crippling you financially if/when the market bounces back and the county reasses. Especially if you make improvements.
I just want to thank everyone that has replied with advice and suggestions in this thread. A lot of useful information has been offered and came in handy during the whole process. Just figured I'd give an update. I just closed on my first house yesterday and got the majority of my stuff moved in. I got to wake up in my own house for the first time and I gotta say it felt damn good. Now to get everything settled so that I can try and fit a brew in this weekend :rockin:. I've got a Maris Otter/Cascade SMaSH from my first year growing hops on deck. It's gonna be a big day. Thanks again all!
Erroneous
Well-Known Member
mrkrausen said:
Congratulations!
Live in the house a few months before deciding to do major remodeling. You may find that what you initially thought was, for instance, a horrid kitchen layout actually works well, and you could save some cash by getting away with just new cabinets instead of gutting the entire thing.
But above all, this:
But above all, this:
DavidinTexas
Active Member
If no one has told, get a quality home inspection and follow that if it leads to other issues.
In other words, pay a little money to find out about any potential and perhaps not obvious issues with the house. Often the seller will pay to make such repairs - unless a large issue is discovered.
Of course, if a large issue is discovered you will likely want to bail unless you really know what you are doing - and if you knew that you would not likely have started this post.
Relax, take the time to understand all that is happening, and ask everyone lots of questions. Everyone is getting paid to "help" you out - so go to school with all of them. It is amazing how much money is paid in one type of fee or another.
Good Luck,
David
In other words, pay a little money to find out about any potential and perhaps not obvious issues with the house. Often the seller will pay to make such repairs - unless a large issue is discovered.
Of course, if a large issue is discovered you will likely want to bail unless you really know what you are doing - and if you knew that you would not likely have started this post.
Relax, take the time to understand all that is happening, and ask everyone lots of questions. Everyone is getting paid to "help" you out - so go to school with all of them. It is amazing how much money is paid in one type of fee or another.
Good Luck,
David
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