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First time home buyer, what do you think.

JoshC

Only rolled it once honey
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Well, it's coming that time, getting married in July and i am not renting, that's just a waste of money. My fiancee and i went out today for a couple of open houses and the first one we walked in, we fell in love. I'm 22, she's soon to be 22, she just got a full time job, i'm part time right now until i graduate in may and i'm in the National Guard, so we aren't rich, but we will have a steady income coming in. It's a nice little place, 1560 sq. ft., 3 bed room 2.5 baths, seperate garage, central air and heat, cedar siding, 10 years old, nice front, back and upstairs covered porches. Yard, well there's not a whole lot of yard, but it's a corner lot. They are starting at $84,900, but of course that can be worked down. We are starting a bunch of phone calls tomorrow to get pre approved and all that junk.

Any tips you can give us about the buying process. My dad came up and looked at the house with us, everything with the house is solid, of course it could use some little work like paint and wall paper, but that's what my mom loves, so i'll give her the job. I'm going to take some pictures of it tomorrow, so maybe i can throw one up on here and let you all take a look at it and let me know what you think. Thanks!

Happy trails!!
 



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spiper

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Congratulations and good luck. Because you are a weekend warrior you should be able to qualify for a VA home loan guaranty. Be sure to bring that up when you apply for the loan. You'll need to fill out a VA form 26-1880. BTW corner lots cost more in property taxes.
 






Paul

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Home Inspection

Josh -

Pay for a licensed home inspector to come through and give the property a good once over. Should cost you about $250-$400. Sounds like a lot of cash, but it is well worth it. Even though the house is relatively new (10 years), it could have problems (foundation, roof, electrical, pests, etc.). Make your offer dependent on the inspection, and leave yourself an escape clause in case he finds serious damage. Any repairs that the inspector notes can than be negotiated between you and the seller to get fixed before closing (or used by you to request a lower price).

Might want to also consider having the seller include a home warranty (usually about 1 year) to cover any problems that arise within the first 12 months of ownership. They ususally cover appliances, heating and cooling systems, h20 heater, etc.).

Best of Luck

Paul
'91 Sport
 






Char

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Many times you can get the seller to pay for the inspection. I know that we paid for the inspection for our buyers. It's part of the piece of mind knowing that nothing will come back and bite you as a seller. Ask around and may sure you get a good inspector. Some just walk around the house and don't really do a thorough job. Ours found every little flaw and told our buyers easy fixes for some things and what we should have fixed. Then like Paul said we negotiated on the repairs. Another inspection we had and was required in AZ was for termites. It's a really good idea. In AZ it's a different inspection than the home inspection.

Make sure you find out the time table for inspections and other stuff. If you miss a deadline for soomething it could void the whole deal and you have to start over.

Good Luck!
 






flyguy

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85K for a house. damn. I bet your house payment will be less than my POS apartment.
 






JoshC

Only rolled it once honey
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Wow, thanks everyone.

Spiper--yeah, that's the first place i am calling today. I'm hoping that they will give me the best rate and i won't have to worry about being turned down since i'm in the military.

Paul & Char--thanks for the advice, i hadn't thought about getting and inspector, just the ol' parents! Haha. We have a few conections in the company that is selling it, Century 21, and the lady we know is going there first thing this morning and is going to check it out for us and she will let us know what she thinks, so that will put us at easy a little more. I'll also keep the warranty in mind, never thought of that either.

flyguy--haha, i know how you feel. We are hoping to get a payment under $530 plus we'll have to throw in taxes and insurance but that shouldn't add up to more then $40 a month, so we'll see. I'll keep everyone posted on my "first time" process! Thanks you all!

Happy trails!!
 






flyguy

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500!?! I hate you! :) I pay $900 for my POS one bedroom. I doesnt even have a dishwasher... man.... I gotta move.
 






Lifted95X

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Originally posted by Jot017
. It's a nice little place, 1560 sq. ft., 3 bed room 2.5 baths, seperate garage, central air and heat, cedar siding, 10 years old, nice front, back and upstairs covered porches. Yard, well there's not a whole lot of yard, but it's a corner lot. They are starting at $84,900, but of course that can be worked down.
Happy trails!!

MAN...a house that size would be around $200k up in these areas...did you forget to mentioned that they are placed on a cliffedge overlooking the Gauley river or something??
 






JDraper

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Congrats on going for a house. One thing to avoid if at all possible is mortgage insurance. Mortgage insurance is a policy that basically guarantee's the lending institution that it will get it's money if you default on the loan. It's of the biggest ripoffs around. If you default on the loan, they take your house, so what's the purpose of the policy?? Most of the time it is required by lenders if you put less than 20% down on a house. It is expensive, and sometimes very hard to cancel even after you do have enough equity in the house to drop it.
 






FORDisKING

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Our house has a seperate garage as well! Boy I love it, insulated the walls and panelled it. Rewired it completely as well! Good Job and Good Luck to you both.

Jason
 






Bionc Marsh.

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Josh,

Congrats on both levels!

I have purchased 10 houses (so far) and everthing Paul has said is very good advice. I have built and remolded houses for over 25 years and I STILL get a Home Inspection done. What he says about the home warranty is also a great idea. It generally costs the seller about $300 to $400, which is a 1 year warranty.


Hey, by the way, I haven't seen your name on the list for TELLICO. What gives?

Rick
 






TPLYNCH

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Originally posted by Jot017
It's a nice little place, 1560 sq. ft., 3 bed room 2.5 baths, seperate garage, central air and heat, cedar siding, 10 years old, nice front, back and upstairs covered porches. Yard, well there's not a whole lot of yard, but it's a corner lot. They are starting at $84,900, but of course that can be worked down.
Happy trails!!

That's a $350-$400K house here, and depending on what town you are in $3,500 to $10,000 in taxes!
 






JoshC

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Wow, thanks for all the support everyone. I talked to the morgage company today and everything looks good for my credit and everything. Tomorrow i'm going to go check on some loans with a couple of places and hopefully that will fall through. I've not heard much on the inspections, i don't guess that's a big thing in my area.

Wow, i can't believe that this house would go for that much in some of your areas. I'm lucky to get it for that to tell you the true, houses are expensive in my area, at least i thought they were!

Rick--i thought Tellico was in june, so i was going to hold off on that thread and i got started on the Paragon trip which is the weekend after you all, then i just happened to see the tellico thread a couple of weeks ago, but i couldn't do 2 weekends in a row, i'm lucky to be going 1 weekend with this house thing now!

Here is a picture of the back side of the house. No one has lived there for several months so it looks run down, as with any pre owned home, it needs some work, thanks for the help!

Happy trails!!
 

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leenjen

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good luck with the house. we're also looking for a house to buy. we looked at a few, but none seemed right. there was one that i really liked, but it was the property (5 acres) and not the house that i liked.
 






88vert

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Did it used to be a apartment?
 






JoshC

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No, an old lady had it built and she lived there for 10 years and the morgage company had to kick her out because she couldn't afford it any more, so no one has been there for 3-4 months. That's why it looks run down. But i like it, hopefully tomorrow i'm able to make a bid, pending i can get a loan, but i think i can get one.

Happy trails!!
 






88vert

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The house looks real nice,its the garage that makes it look run down,tear that down and put a 30x40 up.
 






JoshC

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I wish i had the money to do that 88vert!! I think if all goes through i'll just put up some new wood and then paint of course, i'll also have to tear down the garage and make it "taller" so i can get my explorer in there with my rack and hopefully a lift in the future, so that's already been talked about and seems to be good to go!

The more i look at the picture the worse it looks, but it really doesn't look that bad, it's just a nasty day here today and the wood is darkened cause it's not been cleaned, so hopefully when the nice weather comes back it will look better!

Happy trails!!
 






espnfreak

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That house looks real cool. Is that like a enclosed glass balcony on the 2nd floor? I think for that price and the size of that house, it seems like its a real good deal
 



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JoshC

Only rolled it once honey
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Culloden, WV
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97 4d OHV
Thanks buddy, i think it is a decent deal too. Especially for only 10 years old. Actually that balcony has little built in bench and is screened in. Solid as a rock too, i like it, just kinda wish that was the master bed room. Oh well, can't have your cake and eat it too!!

Happy trails!!
 






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