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

abbynormalartist
abbynormalartist Posts: 318 Member
edited November 2024 in Chit-Chat
Nothing to do with health or fitness but I'd love to hear some thoughts from fellow MFPs.

I've been renting a house from an acquaintance for nearly 9 years now. Last week he fell ill and passed away at a rather young age. I know he still was paying off the mortgage, I seriously doubt that he had a will, and his only family are two siblings who I hardly know. I'm hoping that once everything settles down his family or the bank will offer to let us buy the house for a (very) reasonable price. That's the best case scenario. If that doesn't happen, we'll be looking to buy a different house.

I've only ever rented so I'd like to hear what advice some of you fellow home owners have. What do you wish you knew before, looked for, did, checked? If you could go back, what would you change? Bestow upon me your wisdom! :)
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Replies

  • toned_thugs_n_harmony
    toned_thugs_n_harmony Posts: 1,001 Member
    Mortgage companies are scammers. Research the crap outta them.
  • abbynormalartist
    abbynormalartist Posts: 318 Member
    lstrat115 wrote: »
    Not trying to pry and I understand if you wish not to give this information, but getting a home loan is different in different countries so some of the info you may get won't apply if the person isn't in the same country as you.

    That being said..... credit always matters. You don't want to have your credit score run a million times, but it would help you to have an idea of what it is to know whether a home loan is even in the realm of possibilities

    I'm in the US.
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  • deannalfisher
    deannalfisher Posts: 5,600 Member
    question everything on the home inspection - the previous owners of my house were very good at covering stuff up - some of which might have been picked up in the inspection
  • Lounmoun
    Lounmoun Posts: 8,423 Member
    For a place new to you- Check out the neighborhood at different times of day/night/week and different weather.
    We got a foreclosed home for much cheaper. There were some repairs needed but it wasn't trashed.
    We should've considered that we are not super handy and don't have a lot of free time or money for house projects though in getting an older home. I wish we had considered that the big yard takes a lot of time to maintain and gotten a place with a smaller yard with less trees. I guess mainly we got more house/yard than we needed to deal with. We've been here about 10 years so it isn't terrible.

    Wallpaper is horrible to remove. I hate carpet and paneling. If a house is full of wallpaper, carpet and paneling I would run away.
  • emcclure013
    emcclure013 Posts: 231 Member
    Figure out what you want and stick with it. We looked at TONS of houses that would be perfect if we "just took this wall out here" or whatever it was. But I had to be honest - I wasn't going to have the money or skill to do any of that stuff, so we waited for something that didn't need fixing up to come along. Now I have a house that works perfectly for us - no work needed.

    Like others have said, find people you trust for your home inspection, realtor, ect. It makes a huge difference if you have someone on your side. Ask for extra inspections if you like - we added on a Radon test (because it's common in our area) and sewer inspection just for peace of mind and it was worth it!
  • Motorsheen
    Motorsheen Posts: 20,508 Member
    There's really no reason to buy a house when you can just build your own; like me!

    e099a65abd6df747c8add9762499c3eb.jpg
  • JeromeBarry1
    JeromeBarry1 Posts: 10,179 Member
    One thing I am quite pleased I did was buy a house on the high side of the street. My front yard slopes down away from my house to the street. It's just a few inches. On the other side of the street, the front yard slopes down to the houses. Again, it's just a few inches. The houses on the other side have had warranty foundation repairs to address a hidden spring which the builder didn't notice. That was 20 years ago. Since then the houses on the other side have been through multiple ownership changes. Now, the houses on the high side are owner-occupied, and the houses on the low side are mostly rentals. It's been a slowly evolving response to developer greed.

    Don't use an escrow account. Know your tax bill and save your money monthly to make your tax payment when due. You collect the interest on it.
    Do make bi-weekly mortgage payments. You reduce your lifetime interest paid that way.
    Shop for new insurance every year or so. The only way to "save 20%" is to switch every year.
  • dc8066
    dc8066 Posts: 1,439 Member
    If you are in FL, and thinking about taking a mortgage, be prepared to pay dearly for the house insurance
  • honeybee__12
    honeybee__12 Posts: 15,688 Member
    Don’t be taken in by the “staging”.
    It can hide problems.
  • midlomel1971
    midlomel1971 Posts: 1,283 Member
    edited November 2017
    Hire a good inspector and listen to them. Don't get emotionally attached during the home-buying process. When we bought our first house, I totally became attached to it even though it was really too small for what we needed and there were some potential issues w/ the yard. Fast forward a few years, we grew out of the home AND those potential problems became real "pain in the *kitten*" issues. Think of how your life might change in the future (kids, marriage, pets?) and keep that in mind. As far as the qualities of the house, you have to decide which things bother you and which things don't. Do you want it move in ready, or are you okay w/ doing some work on it? Personally, things like wall color don't bother me becuase I am ALWAYS going to repaint a house as soon as I move in. Flooring is a dealbreaker for me if it's not hardwood and it's carpeting. I think the most important thing in a house is that there is no water damage, the electrical and plumbing and the structural integrity of the house are good. In other words, the house must have "good bones"...that is so important because those things cost $$$$ to fix. Things like ugly cabinets and things like that can be changed. They are cosmetic.
  • midlomel1971
    midlomel1971 Posts: 1,283 Member
    I also agree about the ARMs...stay away! Get all of your paperwork together now so you can move fast if you need to. Getting that stuff together takes forever. Also, don't be dazzled by what the banks tell you that you can afford. You'd think the banks would have learned after the housing crash in 2008, but I don't think they have. My husband and I were approved for a ridiculously high amount and we just laughed. The banks are smoking crap. I highly recommend Cap Center!
  • km8907
    km8907 Posts: 3,861 Member
    Put at least 20% down, don't use Bank of America, get a fixed rate.

    The only regret I have with my house is there's no garage. Also I should have listened to my realtor when she said not to use BoA. Otherwise it's perfect for me. In my budget with money to save, lots of light, gated community, quiet, 2 bd 2 bth, upstairs unit, condo so I don't have a yard to worry about, pool/gym/all utilities minus electric are included in the hoa fee. Keep looking and have your must have's at the front of your mind.
  • SolotoCEO
    SolotoCEO Posts: 293 Member
    My three best tips (as a former Real Estate agent - who rents)
    1. Be prepared for unexpected (and sometimes major) repairs that as a renter you don't need to worry about. Things like a water heater, furnace, a/c, etc.
    2. A home is a lot of work - both inside and outside. If your landlord has done the yard work, you may have a lot of things to purchase like a lawn mower, trimmer, mulch, etc.
    3. Know what you feel comfortable with in terms of payments and don't exceed that. Many people qualify for a much larger mortgage (read as higher monthly payments) than they are comfortable with. You still want a life.

    Look at your area. Is it a good time to buy. Most of the US is in a sellers market - and if prices drop soon you may be under water (owe more on your mortgage than your home is worth). This is less of a concern if you plan on staying in the home for many years - but you never know what may happen.

    Good luck!
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  • Motorsheen
    Motorsheen Posts: 20,508 Member
    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
    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
    Make sure the house isn't haunted.

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  • Timshel_
    Timshel_ Posts: 22,834 Member
    • 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
    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
    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
    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: 195,832 Member
    Check out the neighborhood and neighbors better!
This discussion has been closed.

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