Buying first house - advice?

[RustedBeef]

I've been preapproved for 105k and just got back from the real estate agent for our first meeting. Going smoothly so far.

Got any advice for buying a place in Stillwater?

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[Dr. HK]

My recommendations: Buy the cheapest house in a neighborhood, by the cheapest house you can afford. For example you might be pre-approved for $105k but I would try and find something cheaper. Buy cheaper because things break (water heater, AC, heater, pipes, etc). Also if you can find a place that could use some elbow grease but cheaper then do the work yourself (paint, landscape, etc).

 

[Dr. HK]

I should have mentioned it but location location location. Also if you buy cheaper, you can later move up and rent this house out in the future.

 

[MacFromOK]

Beware of cracks in outdoor bricks & indoor sheetrock. These may indicate a foundation problem.

Have someone inspect the roof (and stomp around all over it to make sure the decking is ok). Have the house inspected for mold and termites.

Check out things in the attic crawl space. If it's a pier & beam foundation, check out things in that crawl space as well. Or have them done.

Look for freshly painted/patched spots (indoors and out) which may be a quick cover-up of larger problems.

Make sure there is proper drainage for the yard and surrounding areas. Don't buy anything in a flood plain.

Just a few thoughts. Luck.

 

[John6185]

Make sure it is insulated well, this cold spell should forewarn you that insulation is important.

 

[kirk1978]

I agree with the buy cheaper, get a payment that you can add extra too and get that 30 year down to 10. My wife sends 1.5 (or a little more) payments every month and I think we will be clear and free in 9.5 or 10 years. We are at year 7 so Ill have to ask the boss when she gets home.

 

[RustedBeef]

That's the plan, but we'll have to see how it works out. Im expecting roughly an 800 dollar payment on a couple of the places we're looking at. Nothing concrete so far.

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[kirk1978]

Also if you have PMI (think that's what its called) insurance, get paid down enough to get rid of that asap.

 

[RustedBeef]

Also if you have PMI (think that's what its called) insurance, get paid down enough to get rid of that asap.

Yep. Apparently you can pay it up front and it's way cheaper that way.

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[SnowCamo]

I should have mentioned it but location location location. Also if you buy cheaper, you can later move up and rent this house out in the future.

This.... You can update/improve the house. You can’t do that with the neighborhood.