Bye Bye Apartment (hopefully)

ctab5060X

ctab5060X

Well-Known Member
Well, after a couple of years doing the apartment thing, my wife and I have decided to take the plunge and join the ranks of the homeowners.


If anyone has any advice for a first time howebuyer or would like so share any experiences (good or bad) I would greatly appreciate reading what you have to say.
 
Here's my advice....Do not, I repeat DO NOT watch the Tom Hanks movie, The Money Pit." :eek:

Seriously, good luck! It's nerve-wracking, for sure...but you'll be fine. Hope you find and the Mrs. find a great house. ;) :)
 
hey thats the best investment you're about to make , for yourself , your wife and hopefully your kids
one thing i suggest is take a look at the FHA first time home buyers program , you get a tax break big time and also you are only required to put 3.5% down
and right now is the best time to buy !
good luck
 
Good luck w/ the house hunting. There's a lot of good bargains right now & low interest rates.
 
ctab5060X said:
Well, after a couple of years doing the apartment thing, my wife and I have decided to take the plunge and join the ranks of the homeowners.


If anyone has any advice for a first time howebuyer or would like so share any experiences (good or bad) I would greatly appreciate reading what you have to say.
Click to expand...

My only advice is CASH is KING!

Plus, don't purchase to save on renting because owning is certainly more work.

And if it's your first house, the "Big Orange Book" from Home Depot is your best new friend.
 
Qgar said:
Here's my advice....Do not, I repeat DO NOT watch the Tom Hanks movie, The Money Pit." :eek:
Click to expand...


I always drive Kristie by that mansion from "The Money Pit" whenever we go visit my family!
 
I once heard it's easier to increase your property value if you own the least expensive house in the the neighborhood rather than the highest.
Plus, I think the neighbors will appreciate each and every improvement you make.
 
texas_pilot said:
I once heard it's easier to increase your property value if you own the least expensive house in the the neighborhood rather than the highest.
Plus, I think the neighbors will appreciate each and every improvement you make.
Click to expand...

Yeeeeeeeup.
 
If you buy a foreclosed house, expect to pay the full asking price and possibly even a little more. Right now Foreclosures seem to be flying off the shelf depending on the area.

I just bought a foreclosure in Phoenix and I can tell you it was a PITA! The bank was slow to respond. Make sure you have a competent realtor that knows what language to put in your contract so that you are protected!

If you decide to go FHA, keep in mind that it needs to be livable and pretty much move in ready. All in all,
GOOD LUCK ON YOUR HUNT!!!
 
I just went through this in October:

1. Budget something you can afford on 1 income and stick to that price range.
2. For a first time buyer, the FHA program is nice. 3.5% down, good interest rates, and lower credt score requirements.
3. Research the area.
4. Real Estate agents are snakes, on both sides. Stick to your guns and if something sounds fishy, it probably is.

HUD offers free first time homebuyer weekend courses, I suggest you go.
 
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