If you’ve got a busy year coming up–say, you’re having a new baby, or you’re going to be a medical intern–don’t buy something if you’re not happy with it as-is. We had great plans for all sorts of aesthetic changes that, 14 months later, have been long since forgotten. (They weren’t major.)
Get your heating and air conditioning system inspected. We knew that our heat pump was fairly old; we did not realize that it might as well have been installed by blind, drunken rhesus monkeys. The damn thing wasn’t even grounded. Our electrical inspection was a step up from useless; it basically said that the house was unlikely to explode and kill us all in the immediate future. The knowledge that our breaker box was made by a company that went out of business during the Carter administration (making breakers difficult to acquire) would have been useful.
Agreed on the money. I’d also make sure you keep a decent chunk of that cash liquid up front–it will cost more than you think to move into your new house, and you’ll probably have to spend some cash on repairs in that first year or so.
I want to start off by thanking you all from the botton of my heart for taking time out of your busy day to help us out.
To answer a few questions:
we are not veterians.
we squees by on a pathatic yearly income and school loans.
we plan on moving in 3 to 4 years.
If we were to continue renting we would flush $29,000. Even if we lose money buying a house there is no way we could come out that much under.
One more consideration about neighborhoods: when you’re checking out the schools, do a little research on crime rates, too. I didn’t know until we’d lived in our new house (in a good neighborhood, by a park, with an exemplary school just blocks away) that the neighbors across the street were drug dealers. They’re gone now, but it was a long year before they left.
Just a little perspective here; if you have $30 000 for the down payment on a $55 000 house, you are sitting pretty regardless. Sure, buy a house, make sure it’s a good one, but don’t fret too much about it. My husband Jim and I are looking at buying here in Calgary, and you can’t buy a run-down mobile home for under $100 000 here. We’ll probably spend around $170 000 for our first house; the average house price here is $230 000. What I’m basically saying is that I am incredibly jealous of you. Big poopyhead.
I work in real estate and the above advice is very good. I would suggest getting a good real estate attorney who will work in your interests. And a good home inspector. Get at least three recommendations for both, and don’t just go with one that the real estate agent recommends.
Use a REALTOR, not just an agent. REALTORS are under a stricter code of ethics than the law requires, and you can contact your area’s Board of REALTORS if something goes wrong.
Contact the local Police for a rundown on the location. Since you are having a baby, be sure to get information on whether any known child molesters live in the area. And do check out the area on a weekend night.
Do not under any circumstances buy a two bedroom and/or one bath house. They are very hard to sell. Most people want at least three bedrooms and one and one-half baths. Basements and/or attics and/or garages (preferably attached) also add to the house’s value.
On the contrary, I think that these types of homes sell just fine to young couples. They are in the right price range, and can be sold again to another young couple. OR, as the couple ages, they can build on an extra bedroom and bathroom as needed.
BUT, I’m not the realator. Maybe my thinking is backwards.
Annie X-mas, my husband and I are looking to buy a house, but most of the homes in our price range are 2 bedroom/1 bath houses. What are we supposed to do?
MDM. President, I don’t know if there’s anything like this in your area, but we took a first time homebuyers’ course offered by a local non-profit. It was very helpful, and geared toward low- to moderate-income families.