Advice for first-time home buyers?

[30-30]

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.

[chunkinlead]

In for this I’m in the same boat on the house.


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[thegrouse]

Bedrooms upstairs can be tragic

[junkmanhunter]

My suggestion would be, make sure you do your homework on the area or areas you're looking at.
Like crime rates, big turnover in owners, future development plans. Is there an HOA and can you live with the rules if there is.

Shop your loan around and study the fees, different mortgage companies charge different fees.

[Awalk]

If you’re a DIY kind of guy, don’t be scared of buying a home that needs some
TLC. Even if you hire contractors to do a lot of the work, if you’re smart, you can get into the house for less and end up with your style in the end.

[Buckley99]

Don’t compound the stress of a child w/ the stress of overcommitting on a home. Look for something that is comfortable but not to the point that it becomes a financial burden.

A 30% mortgage/income ratio is the recommended ceiling.

[icetrauma]

My tip is, base the house you buy on 1 income, yours as the man of the house, and that is all you go by. Her's is icing on the cake if she works. And finance for 15 yrs. IMO, I prefer a single story. Running up and down stairs, with a new born, can be very interesting to say the least. When you're looking at house's, look at the lay out. Paint, carpet and tile are easily replaceable.

[krisw]

I’ll second that upstairs sucks.

[NannySlayer]

Advice for first-time home buyers?

Following [emoji4]

And congrats on the Bebe.


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[ByronB]

One story!!!!!!! Do not stretch your budget too far. Twenty years ago I was approved for a $175K home. I (we....Wife and I ) purchased a $125,000 home instead. It was the best decision we could have made at the time for our budget. We stayed there for nine years. Upgraded to a very nice home and have been their for the last eleven years. With two kids in college we are ready to downsize in the next five years. Stick to a budget. Do not get wrapped up in a large house unless it is a steal.

[DFWPI]

Speak with a Realtor if you can. The market is hot. I held an open house this afternoon and in a 2-hour period, over 50 people showed up.

Have you pre-qualified yet? I have several first-time home buyers looking anf I sent them over to talk to a lender to see.qhere they were at on budgets and such.

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[DaveC]

One option is to buy what you can afford on one income now, knowing you'll be looking for something more long term later.


My wife and I purchased our first home with a 5 year plan.
We needed a roof over our newly wed heads and weren't rolling in the dough at that time so we bought what we could knowing it was a short term commitment.

It was in a starter home community with smaller (cheaper) homes that we could afford.
We bought it knowing we would only stay in it for 5 years.

5 years rolled around and we sold it and purchased another home in a community we were happier with. (in those 5 years we better established ourselves in our careers and improved our income by a fair bit)

I made ~20K off the first home and put it towards the second home.

My reasons for the 5 year home- I didn't want to pay rent, I needed a garage for my toys, I knew (hoped) I could easily sell the house since there are always people starting out looking for affordable homes.


One word of caution- if they say the hot tub can stay for $2500, tell them to take it. after the ink dried I figured out I finance a hot tub on a 30 year note .


BTW, on the second home- I once again purchased what I could afford on my income on a 15 year note (paid it off last year).
2 weeks into the new home we find out my wife is prego. Since we bought what we could afford without her income, she has not worked outside of the home since my son was born. Which (if she has that mindset) I cannot recommend enough.

[DaveC]

One story!!!!!!! Do not stretch your budget too far. Twenty years ago I was approved for a $175K home. I (we....Wife and I ) purchased a $125,000 home instead. It was the best decision we could have made at the time for our budget. We stayed there for nine years. Upgraded to a very nice home and have been their for the last eleven years. With two kids in college we are ready to downsize in the next five years. Stick to a budget. Do not get wrapped up in a large house unless it is a steal.

I remember those days. Get people into homes they can only afford if they eat beans and rice the rest of their lives and staycation in the backyard for summer break.
We purchased a home under half of what were approved for.
When I was told the "approved for" amount I laughed out loud and told them they were crazy.


BTW, to the OP- the larger the house-the higher A/C and Heat bills, the more taxes you'll pay. I bet Mr. taxman loves a big fancy house.

Also- if in a HOA, find out there annual dues.
These can vary widely from one subdivision to another.

[icetrauma]

I remember those days. Get people into homes they can only afford if they eat beans and rice the rest of their lives and staycation in the backyard for summer break.
We purchased a home under half of what were approved for.
When I was told the "approved for" amount I laughed out loud and told them they were crazy.


BTW, to the OP- the larger the house-the higher A/C and Heat bills, the more taxes you'll pay. I bet Mr. taxman loves a big fancy house.

Also- if in a HOA, find out there annual dues.
These can vary widely from one subdivision to another.

Yep, those nice pools in the summer can cost a lot in a HOA.

[Black Ice]

Advice for first-time home buyers?

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.

Buy what you can comfortably afford in a nice area. I have always wanted to live close to work so that usually means living in the city which makes the price go up and the lots smaller.


I bought my first house at 25 and it was nice but had all bedrooms upstairs which was popular in the neighborhood I built in Charlotte. The second house I built was at 30 and the master was downstairs.

You will learn what you like and don’t like as you live in your first house and still won’t get it right in your second.

The next house I build will be a ranch with a bonus room above the garage. It will also have a safe room or a hidden room with a coat rack/bench seat area in the laundry room that leads to a room with enough room to have 2 large safes and a bench to tinker with my guns in the ac. It will also have a 3 car garage.


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