Might be buying a house soon - what do you wish you knew or could have done differently?

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  • Motorsheen
    Motorsheen Posts: 20,492 Member
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    ReverendGym wrote: »
    I'm the most popular guy at the gym and everyone is always coming to me for advise.


    we know.

  • JeepHair77
    JeepHair77 Posts: 1,291 Member
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    I ditto the thing someone else said about wallpaper. OMG. That stuff is the devil.

    And driveway/garage. Jeez. Think about the logistics, seriously, because spending half your life moving cars around because you have a stupidly narrow driveway for a 2 car garage (serving a 3- sometimes 4- car family) is just not worth it. I don't care how much the house is otherwise perfect for you.

    Think ahead. If there's any chance in the world that your mother in law is going to come visit and then just stay for years and years, for the love of Bob, buy a house with enough bedrooms and bathrooms.
  • SomebodyWakeUpHIcks
    SomebodyWakeUpHIcks Posts: 3,836 Member
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    Make sure the house isn't haunted.

  • Timshel_
    Timshel_ Posts: 22,841 Member
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    • Being house rich can make you cash poor. Make sure you can afford the mortgage, the upkeep and all associated costs with enough left over to still save money.
    • PMI is expensive so it is best to put down 20% to remove it. There are some creative good ways to finance the down payment, but research anything they offer. Taking something like a HELOC second to allevaite the PMI will cost a lot more than just paying the PMI.
    • Look for a reputable lender with low costs. Some high origination fees and general BS they rake first time borrowers over that are nothing more than handing them money for nothing. ALL fees are required to be listed upfront in a good faith estimate.
    • Don't be afraid to walk away at ANY point in the process. If it doesn't feel right beyond just general jitters and excitement, don't do it.
  • Merkavar
    Merkavar Posts: 3,082 Member
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    I hear going back and viewing the house with out the realtor is a good idea, especially at night. Not to view the house but the neighbourhood.

    The realtor is trying to sell the house, they will take you or have an open house during the best possible hours to sell the house. You will be living there 24/7.

    You might find it is next door to a nocturnal bikie club house or has a giant flashing billboard nearby that isn’t on during the day.
  • Lean59man
    Lean59man Posts: 714 Member
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    Soul_Radiation wrote: »
    I would suggest to get a home inspector and roof inspector, think seriously and make good choices about the school districts and what their quality is like. That affects your possible kids, and how valuable your house is going to be if you want to sell it later.

    Live within your means. Don't go look at houses you can't afford.

    Excellent advice.
  • dc8066
    dc8066 Posts: 1,439 Member
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    Merkavar wrote: »
    I hear going back and viewing the house with out the realtor is a good idea, especially at night. Not to view the house but the neighbourhood.

    The realtor is trying to sell the house, they will take you or have an open house during the best possible hours to sell the house. You will be living there 24/7.

    You might find it is next door to a nocturnal bikie club house or has a giant flashing billboard nearby that isn’t on during the day.

    Or, your nice neighbors might move 2 months after you buy that house, and then you'll have a frat house next door with constant partying 'til 3am-4am
  • FabulousFantasticFifty
    FabulousFantasticFifty Posts: 195,833 Member
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    Check out the neighborhood and neighbors better!
  • Merkavar
    Merkavar Posts: 3,082 Member
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    dc8066 wrote: »
    Merkavar wrote: »
    I hear going back and viewing the house with out the realtor is a good idea, especially at night. Not to view the house but the neighbourhood.

    The realtor is trying to sell the house, they will take you or have an open house during the best possible hours to sell the house. You will be living there 24/7.

    You might find it is next door to a nocturnal bikie club house or has a giant flashing billboard nearby that isn’t on during the day.

    Or, your nice neighbors might move 2 months after you buy that house, and then you'll have a frat house next door with constant partying 'til 3am-4am

    Yeah, but that is a risk for any house, someone terrible can always move in, but it’s on you if you move in next to a terrible neighbour because of lack of research :tongue:

    I had neighbours who partied. Worse example was them coming home at 2am and starting the party then, it was a Wednesday morning.
  • GemstoneofHeart
    GemstoneofHeart Posts: 865 Member
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    Plan heavily for the future. If there is any chance this house won't meet your needs in less than 5 years, not worth the investment.
    I made this mistake and now we are in a too small house waiting until we have enough equity to make moving again worth it. Only been in this house for 2 years.
    Selling a house with the help of a realtor costs 6% of your sale price.
    Unless you are buying the house cash money, then that is a little different.
  • ThisIsNotJosh81
    ThisIsNotJosh81 Posts: 115 Member
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    Ask if it has bats, if it does pay 20% above asking price. Live like a king
  • Merkavar
    Merkavar Posts: 3,082 Member
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    ThisIsNotJosh81 wrote: »
    Ask if it has bats, if it does pay 20% above asking price. Live like a king

    my house has bats, they fly in the open garage and sleep in the laundry
  • pogiguy05
    pogiguy05 Posts: 1,583 Member
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    Complete home inspection and if septic have it inspected also. Also remember when you buy a house if something breaks you either have to fix it yourself or pay someone to fix it. Try to find or ask if they have any paperwork on anything they have done in the past. Roof replacement, windows changed out, etc. and this is only my opinion but stay away from HOA type homes. HOA's can tell you what you can and cannot do to your exterior of your house and property.

    I am also +1 on the fix rate mortgage and dont let anyone talk you into anything else really.
  • nexangelus
    nexangelus Posts: 2,081 Member
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    Do your own conveyancing, lawyers/solicitors are crooks!
  • dc8066
    dc8066 Posts: 1,439 Member
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    Avoid communities, deed restricted properties/HOAs and similar
  • km8907
    km8907 Posts: 3,861 Member
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    newmeadow wrote: »
    dc8066 wrote: »
    Merkavar wrote: »
    I hear going back and viewing the house with out the realtor is a good idea, especially at night. Not to view the house but the neighbourhood.

    The realtor is trying to sell the house, they will take you or have an open house during the best possible hours to sell the house. You will be living there 24/7.

    You might find it is next door to a nocturnal bikie club house or has a giant flashing billboard nearby that isn’t on during the day.

    Or, your nice neighbors might move 2 months after you buy that house, and then you'll have a frat house next door with constant partying 'til 3am-4am

    Yeah, rent. Just rent. It's the best kept secret in town and with the right set up you can still save money. Everyone I know who owns is a slave to the house - a complete time and money suck.

    See I used to think there was no downside to renting besides paying all that money and never owning anything at the end, until I started working with seniors and saw what happened when people retire and have to live on a fixed income for the rest of their life and they get sick and medical bills wipe out their savings. Rent increases. Social Security hardly ever does, and if it does it's low and immediately consumed by Medicare or whatever other plans they're on. Want low income senior housing? That waiting list is years long. You just have to be smart and ensure whatever you have in your savings can cover all your expenses and any increases, that goes for owning and renting.
  • km8907
    km8907 Posts: 3,861 Member
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    JerSchmare wrote: »
    Just understand that the industry is set up to screw you over and there is almost no way around it. Find something you like that has your personality, and be willing to walk away from it if you can’t get certain terms you want. If you’re not willing to walk, you’re going to get screwed over more than if you play hard.

    Fixer-uppers can be fun. But, just realize that you’ll spend the first few years of your life dedicated to doing nothing but house stuff. Maybe there’s a happy medium.

    HOA’s are stupid. However, depending on where you live, there may be no avoiding them. So, if possible, demand to read the current by-laws of the HOA. They have to provide that. Then, go talk to neighbors about the HOA. Some of them are run like Hitler. They can be nightmarish.

    Buy a house that is within your means. Being a slave to mortgage is a real drag. It really sucks the life out of you. Been there done that. My current mortgage is cheaper than rent for the same number of bedrooms/bathrooms, as an example.

    Pay the 20% down payment, and DO NOT HAVE AN ESCROW ACCOUNT.

    What's wrong with escrow?

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