Tuesday, April 17, 2007
Calling all home owners
As I've said before, we are currently making plans for after graduation. We are really hoping that we will have the opportunity to buy a house wherever we end up. We've always lived in apartments and are ready for our own four walls and some grass of our own! If anyone has advice on the home buying process, we would love to hear what you have to say. We really are very uneducated in this area and it certainly can seem overwhelming with all that is involved.
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The biggest home buying/owning lesson that we learned the hard way is to research the neighborhoods homeowner's association (if there is one!). We learned a lot about ours after buying that might have made us think twice about our purchase. So research the history of the homeowners association and the company that manages the association.
Thanks!
My advice would be this:
(1) Get pre-approved for your mortgage before you start looking. You'll be able to make offers a lot easier knowing what you can afford.
(2) Think down the road! When we bought our place, we said, "Oh, it's big enough for the two of us." Well, it WAS. (Note the past tense.) Babies have a way of shrinking your space big time! We're not going to get rid of baby stuff until we're done having kids, so now we have a storage issue.
(3) Check out homes that are in pre-forclosure. Owners will often want to get out of the mortgage before their credit is ruined.
(4) Be patient! The process always takes longer than you think it will, and your closing date may change several times. Also, if you're not desperate, you can make a level-headed decision about a property.
(5) Negotiate EVERYTHING when you're putting in your offer. If you see dirty carpet or walls that need painting, use that as a tool to shave money off the price.
That's my 5 cents!
Hey! I'm so sorry that I missed you due to my sickness.
The pre-approved mortgage advice is great. I totally have a friend you should go through that I trust completely (we just re-financed through him), so let me know if you want his contact info!
I always have fun looking on realtor.com. That's how we found our house. However, the local realtors will know of more options, so make sure you get a realtor, too. If you're clueless, it's worth paying them the money.
I second Becca's recommendation to consult a realtor, especially since you will be in a new area. We didn't when we bought our house, and I regret that. Love my house, but still regret not having the realtor to provide the extra info.
Don't be afraid to rent for a little bit if it's possible, just so you can get a feel for the area a little better. We lived in an apartment for a year, and it worked out great.
This is Becca's sister, btw...
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