Buying first house - advice?

inactive · Mar 5, 2019

Parks 788 said:
Also, dependent on your financial situation, how much money you make, if your are compensated with quarterly/yearly bonus', etc, then you may not want to wrap your property taxes into your mortgage. ... wouldn't have my insurance included in my monthly payments either. I prefer to keep it all separated.

I agree with you in that I like the separate as well, but many (most?) lenders require you to pay they into escrow so they can ensure the taxes and hazard insurance are paid. I'm about 99% sure the FHA, VA, and section 184 loans do.

And 30-50 bucks for PMI is what it was maybe 15 year ago. These days after the 2008 bubble burst, the premiums are more like 100-200+ per month. It's ridiculous. The big advantage of my section 184 (Native American) loan is no monthly PMI. That lending program is the single biggest benefit I've ever had for being a tribal citizen.

Catt57 · Mar 5, 2019

I have used http://vaughninspections.com/wordpress/inspectionstandards/ on my last 2 homes. He was there each time for 2-3 hours, climbed in the attic and crawled under the house (Well, the 1st one anyway, 2nd was a slab). Got on the roof and walked the entire house inside and out. Checked doors and windows, tested outlets and lights and was very through.

Now admittedly there are going to be things that no one can see. Ie. junction boxes hidden in the walls, etc. But I was pleased each time and he did bring somethings to light.

Capm_Spaulding · Mar 5, 2019

From my experience with my first house..
Don’t buy a house on a corner or a 4 way stop.
Buy the best neighborhood you can afford.
Drop by the house at different times, 6pm on a weekday, 8pm on a weekend, get a feel of the neighbors and area at peak times. Everything is nice and quiet if you take off work at 2pm on a Tuesday to look at a house.
Take your time, don’t let anyone pressure you on it. If the house you really wanted isn’t for sale right now, give it a few months. Summer is a better time to buy.

I sold my first house soon after buying because I wasn’t happy. I bought way under my budget thinking it was smart, and it wasn’t. I now pay nearly $700 more a month than I was before, but I got everything I wanted. It’s worth it to me since I’m a home body, but it did take a big chunk out of my budget.
Ymmv. Enjoy the hunt! And congrats on not being a renter anymore!

MacFromOK · Mar 5, 2019

Capm_Spaulding said:
Don’t buy a house on a corner or a 4 way stop.

I'd avoid one at the end of a T-intersection too...
:drunk2:

b.allen · Mar 5, 2019

If at all possible, put 20% down. Then you have the option of having an escrow or not. Also no pmi.

Louro · Mar 6, 2019

Like Dave Ramsey says, own your house don't let your house own you. I will go a listen to some of his POD cast, or radio show. I think he give solid financial advice. just my 2 cents........

DavidMcmillan · Mar 6, 2019

Be sure to check out Indian burial grounds, unsolved murders, and stuff like that. I've seen some pretty scary movies!

OKCShooter · Mar 6, 2019

I’ll go against everything I see written so far.

If you only got approved up to $105K, it tells me that your income is modest.

Reevaluate whether or not you should really own a home...nothing wrong with renting until you are in a stronger position.

Cavedweller · Mar 6, 2019

OKCShooter said:
I’ll go against everything I see written so far.

If you only got approved up to $105K, it tells me that your income is modest.

Reevaluate whether or not you should really own a home...nothing wrong with renting until you are in a stronger position.

And I’ll go against this, in my case renting was costing me much more and I was getting way less for my money. I’ve been in my home 2 years made some modest improvements and already have double digit equity in the house. Just don’t buy because you can and don’t buy above your means. I love my little $80K home and would venture its as nice or nicer than some that sold for much more.

RustedBeef · Mar 6, 2019

Cavedweller said:
And I’ll go against this, in my case renting was costing me much more and I was getting way less for my money. I’ve been in my home 2 years made some modest improvements and already have double digit equity in the house. Just don’t buy because you can and don’t buy above your means. I love my little $80K home and would venture its as nice or nicer than some that sold for much more.

I've got a few homes around that price I'm gonna look at. My realtor Ted Newlin said that it's usually better to go with something a little higher priced (100k ish) since I plan to turn it into a rental down the road.

Dunno if he's sincere or trying trick me, but I'm giving him the benefit of the doubt. I'm gonna meet up with him this afternoon to look at our #1 potential buy that's priced at 105k.

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Buying first house - advice?

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