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  1. #11
    Senior Member King sns's Avatar
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    Quote Originally Posted by Jenaphor View Post
    The 1% is low for first time home owners since they typically buy in the lower range which include fixer-uppers or less well maintained homes. They also lean towards major renovations, wanting to adapt the place to their preferences since they're very home proud.

    Home inspection is worth every nickel, prior to buying. They can find unremoved oil tanks set into yards, all kinds of funky issues with homes. Buyer had better beware.
    I actually thought of that.. I figured buying a lower priced home might mean the house is smaller, with less things to fix, but also may mean that is has more to fix in relation to the price since the lower price home may be a fixer upper. The article did mention that a first time buyer may spend 3 percent in the first year, though. How much is an average home inspection, would you think?

    (Edit: Oh, never mind. Looked it up, answered my own question )
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  2. #12
    pathwise dependent FDG's Avatar
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    Don't do it unless you can buy cash. Home prices in the future are...uncertain, to be optimistic. The likelihood of being underwater is high. Unemployment might still be high, thus any type of mortgage might not be easily payable.
    ENTj 7-3-8 sx/sp

  3. #13
    nee andante bechimo's Avatar
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    Quote Originally Posted by shortnsweet View Post
    I actually thought of that.. I figured buying a lower priced home might mean the house is smaller, with less things to fix, but also may mean that is has more to fix in relation to the price since the lower price home may be a fixer upper. The article did mention that a first time buyer may spend 3 percent in the first year, though. How much is an average home inspection, would you think?

    (Edit: Oh, never mind. Looked it up, answered my own question )
    Do you really want a single family detached house for your first home, considering the cost of utilities like gas or electricity?

    That's one thing to be very careful of. If you live somewhere where the winters are cold and your house isn't well insulated or windows aren't energy efficient, this will be a major output. At least with condos or townhomes, you're sharing either walls, floors, ceilings or all, which lends itself to lower energy bills.

  4. #14
    Senior Member King sns's Avatar
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    Quote Originally Posted by Jenaphor View Post
    Do you really want a single family detached house for your first home, considering the cost of utilities like gas or electricity?

    That's one thing to be very careful of. If you live somewhere where the winters are cold and your house isn't well insulated or windows aren't energy efficient, this will be a major output. At least with condos or townhomes, you're sharing either walls, floors, ceilings or all, which lends itself to lower energy bills.
    I don't know. A condo is not out of the mix either, for all of the reasons that you mentioned. I would really rather have a detached home, but I think it may be smarter to wait a while on that one. If I wait, I'm stuck here. And I'm kind of antsy in the pants to get out, so, a condo may not be a bad option either.

    (By "stuck here" I mean, I have a roommate who I get along with, the only "upward" and "better" move for me will require me to live alone. Which will require me to pay a rent that is similar to that of a mortgage with utilities. The smartest move right now seems for me to stay here and save money until I've figured out an optimal home buying situation, rather than throw a bunch of money away on rent just to live alone, and never be able to save enough to buy a house.)
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    06/13 10:52:19 RiftsWRX: You two are like furbies stuck in a shoe box

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  5. #15
    Anew Leaf
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    Quote Originally Posted by shortnsweet View Post
    I don't know. A condo is not out of the mix either, for all of the reasons that you mentioned.
    I have a townhouse and I love it. I am not very handy with repairs or the lawn mower (I am kinda a klutz).

    I have an end unit which gives me tons of natural lighting, while still sharing one big wall with my neighbor.

    I also have a yard!

  6. #16
    Senior Member King sns's Avatar
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    Quote Originally Posted by Saturned View Post
    I have a townhouse and I love it. I am not very handy with repairs or the lawn mower (I am kinda a klutz).

    I have an end unit which gives me tons of natural lighting, while still sharing one big wall with my neighbor.

    I also have a yard!
    Haha. I don't know how to mow a lawn either. I couldn't figure out a broken furnace to save my life. I would always have to pay someone.
    (Or I can just find an icky husband and let him and all his icky cooties into my life to help me.)
    06/13 10:51:03 five sounds: you!!!
    06/13 10:51:08 shortnsweet: no you!!
    06/13 10:51:12 shortnsweet: go do your things and my things too!
    06/13 10:51:23 five sounds: oh hell naw
    06/13 10:51:55 shortnsweet: !!!!
    06/13 10:51:57 shortnsweet: (cries)
    06/13 10:52:19 RiftsWRX: You two are like furbies stuck in a shoe box

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  7. #17
    nee andante bechimo's Avatar
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    Quote Originally Posted by shortnsweet View Post
    I don't know. A condo is not out of the mix either, for all of the reasons that you mentioned.
    Just to add to that, houses have yards that need to be maintained. Unless you can afford for it to be taken care of, you're going to have to do all the yard work yourself. This would be on top of regular home maintenance on the inside or any fixer upper renovations.

    Condos have monthly maintenance fees which should be reviewed, in combination with the size of their contingency fund as well as at least a year of strata council meeting minutes. This way, you don't get swacked up the head with an astronomical special levy. One indicator of "known" special levies is the disporportionate number of suites for sale within the complex.

  8. #18
    Senior Member King sns's Avatar
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    Quote Originally Posted by Jenaphor View Post
    Just to add to that, houses have yards that need to be maintained. Unless you can afford for it to be taken care of, you're going to have to do all the yard work yourself. This would be on top of regular home maintenance on the inside or any fixer upper renovations.

    Condos have monthly maintenance fees which should be reviewed, in combination with the size of their contingency fund as well as at least a year of strata council meeting minutes. This way, you don't get swacked up the head with an astronomical special levy. One indicator of "known" special levies is the disporportionate number of suites for sale within the complex.
    Well, the bolded is obvious. However, regarding the condos, I always wonder if the fees are worth it (instead of maintenance on a house.) Whether or not the fees are comparable. Probably. I also would kind of like any property purchase to be an investment on my part. Do condos tend to go up or down in value?
    06/13 10:51:03 five sounds: you!!!
    06/13 10:51:08 shortnsweet: no you!!
    06/13 10:51:12 shortnsweet: go do your things and my things too!
    06/13 10:51:23 five sounds: oh hell naw
    06/13 10:51:55 shortnsweet: !!!!
    06/13 10:51:57 shortnsweet: (cries)
    06/13 10:52:19 RiftsWRX: You two are like furbies stuck in a shoe box

    My Nohari
    My Johari
    by sns.

  9. #19
    nee andante bechimo's Avatar
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    Quote Originally Posted by shortnsweet View Post
    Well, the bolded is obvious. However, regarding the condos, I always wonder if the fees are worth it (instead of maintenance on a house.) Whether or not the fees are comparable. Probably. I also would kind of like any property purchase to be an investment on my part. Do condos tend to go up or down in value?
    From personal experience, house ownership is more work and costly to maintain on a monthly basis. But you gain in space and privacy.

    Depends on the real estate climate in your area.

  10. #20
    RETIRED CzeCze's Avatar
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    Depending on what kind of area you look in, you might want to consider a condo, particularly in a new building. The buying and maintenance process is much easier than buying a stand alone house. Also, the process is not nearly as overwhelming as it may seem, maybe because I bought a condo, but after getting approved for a loan, the rest was a breeze compared to what I had expected.

    I agree that you should have patience and a timeline (though if you are not pressed to move in anywhere, that is best) and shop around for your mortgage, your agent, and your property. When it comes to your realtor, you have to trust them. When it comes to your mortgage loan, un/fortunately your agent may be a dick, but as long as the rate is low and it's from a legit lender Brokers have the most access to different loans and more likely to get you the best deal. I found a wonderful lending agent who I personally liked but he couldn't offer the same rate as this other guy who was always getting "sick" and not returning my emails on time. It was purely about numbers.

    Become an expert, or as much of an expert as you can, in the areas you want to live. That just means go to a lot of open houses, speak with realtors, and homeowners if you can and look online. As an EP it won't be a challenge for you to chat people up and glean info from them.

    When it comes to mortgage, get pre-approved and have that letter with you when you shop around. It will help immensely once you find a house you want to buy and realtors will take you more seriously.

    I personally really enjoy real estate and even studied to become a realtor, so I had seen a lot of properties over the years helping friends househunt and also on rental hunts for myself, and then I went into high gear when I was ready to buy. So I had a very good idea of a fair price ranges for properties and when I stumbled upon a great deal, I took it.

    After you've done all your preparation and you find "the one", jump on it immediately. Express interest and have your realtor draft an offer right away (after figuring out a good price) or put down the deposit to 'hold it' if it's a condo. The market in most places is still down so there is wiggle room. If they can't come down on price, you can ask for improvements/repairs to be done or money towards closing costs or even some of the furniture or window treatments to stay if you like them.

    Find a realtor you trust who is experienced but don't sign a contract with them binding you to paying them even if you find a find a place on your own. Overestimate how much you will spend in total, cash, for closing, move-in, and first month's expenses, but get exact figures for your estimates. Like Spirilis said, find a good title company. Legally, you are not bound to a property's "preferred lender list" or title company.

    And good luck! Exciting times! You will figure out your real "Must haves" and "dealbreakers" as you shop around and when you find "the one" for your first home, you will know!
    “If you want to tell people the truth, make them laugh, otherwise they'll kill you.” ― Oscar Wilde

    "I'm outtie 5000" ― Romulux

    Johari/Nohari

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