Advice for first-time home buyers?

[txpitdog]

If it's brand new then the taxes this year will be just for the land and next year thE taxes will jump up to normal



Surprised us on on our first house. Went from $1000 our first year to $3200 the next year. Didn't plan on that

Same happened to me. The first house I bought had not been reassessed by the county since it had been built. The taxes were based on $89,000 but when I bought it the county redid the taxes based on the sales value of $145k. The increase to my escrow put me in a bind.

In determining whether you can afford a house base your estimation of taxes on the sales price.


And get flood insurance!


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[schmalzy]

Can't agree more with the advice of base it off of YOUR income, not both you and your wife. Went through all of the same situations (got approved for a ridiculous number, etc). When oil tanked I eventually got laid off, which was 3 weeks after we found out my wife was pregnant. I took a very modest construction job and was able to swing everything even after wife quit her job as a teacher. Don't know what your families plan is, but I strongly urge you to be prepared for those plans to change as your wife may not want to go back to work after your new child is born (congratulations btw).

Feel free to PM me if you have any other questions. A lot of blessings and great opportunities, but it can be a little stressful and you can put yourself in a bind if you don't approach it with a little bit of moderation.

Got to also agree with the advice of not buying something that needs a lot of work when you are expecting a new one. Some guys can pull it off, but man, diapers and everything else adds up quick. It's hard to redo a bathroom or a kitchen, build a new fence, replace an AC unit etc when you're just trying to figure out how to keep everyone in your family smiling AND keep doing great at work.


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[Charles]

Congratulations on your new and exciting chapter in your life.

Others have already provided solid advice.

The only thing I'll add is budget for maintenance and upkeep. Lawn equipment, pest control, AC, plumbing, new blinds and curtains, paint, the list goes on and on so be prepared.

[Royal21973]

I remember those days 23 years ago. All great advice above. Nothing like paying of your house. Remember to Pray a lot!

[Big pig]

Buy on a cul de sac or dead end.
Single story.
Buy well within your means
Check out the neighbors on a weekend.
Just like a ranch, bad neighbors are a constant stress.
Easy access to school will be important before you know it
I bought two houses within walking distant of elementary schools.
Lastly in a great school district.

Good luck and congrats

BP

[Fishcat91]

Don't get into a mortgage above your means of income and be house broke. If your not planning on staying longer then 5 years then a adjustable rate mortgage (ARM) may not be a bad idea to think about. Discuss with your loan officer your plans and how long you plan on staying in the house. Find a good realitor. A lot of times a good realitor will have information on a house coming up before it hits the market and can give you a good opportunity. Try to have enough of a down payment that way you don't have to be paying for PMI insurance. Also check with your local credit unions. They can have great loan opportunities for home buyers. if your buying in a neighborhood look at your neighbors yards. If they don't keep a clean yard and you do it will bother you down the road. Check the crime rates, school districts, And hoa's. Even though a house may not be in a the flood plain check with other people in the neighborhood to see how high water has gotten in big floods.

[Atfulldraw]

15 year fixed mortgage that uses no more than 25% of your income.

Plan to pay that sucker off in less than ten years.

Being house-poor is no way to live your life

[Dale Moser]

There are worse things than renting, depending on your plan.


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[Drycreek3189]

My wife and I are looking to buy our first house soon. We are also expecting our first kiddo in a few months. What do you wish you had known when you bought your first home? Suggestions?

Thanks.

That I wasn't going to be married to Satan's sister much longer. I could have saved that money, and a bunch more.

[dustoffer]

stress of overcommitting on a home.

I think this is the biggest mistake first-time home buyers make -- trying to keep up with the Jones and impress others. And, many make the same mistake with car/truck purchases IMO, buying what they "want" and not what they actually need.

Rant over---

[Big pig]

Back yard facing east. That way you can entertain late afternoon without being beat to death by the setting sun.

Good idea. My back patio is an oven.

[Tbar]

With the real estate so hot right now you are going to pay a premium. My son and his wife bought their first home last year that thought was worth $180k. They paid $220k.

From DFW to Denton there is no shopping around or negotiating. Homes are selling the same day they go on the market. You have to show up at a new listing ready to offer 5% over the asking price, sign a contract.....pay cash or have financing on the spot.

[JANKEII]

Getting a home inspection

[haas0311]

With the real estate so hot right now you are going to pay a premium. My son and his wife bought their first home last year that thought was worth $180k. They paid $220k.

From DFW to Denton there is no shopping around or negotiating. Homes are selling the same day they go on the market. You have to show up at a new listing ready to offer 5% over the asking price, sign a contract.....pay cash or have financing on the spot.

Same in Midland..


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[30-30]

Wow. The response to this thread has been incredible. Thank you all for sharing your thoughts!