Friday, June 16, 2017

House Buying Tips

Here are some things to consider when looking to buy a house - comment on what you think I should add to the list!!



  1. The realtor and mortgage banker will sell you the most expensive house the calculator says you can pay - you need to look at your actual budget to determine what you can pay and stick to that.
  2. When you look at your budget remember swapping rent for a mortgage isn't equivalent. You should consider the extra costs of utilities you may not pay now, and most of all budgeting to save for the house maintenance.
    1. We tried to save ~100/month to cover these expenses. A new roof, furnace, A/C, etc. typically each cost $5,000 - $15,000 installed, so based on the estimated lives of these we determined that ~1k/year should cover these costs
    2. In the past people would just get another loan for these things, but there is no guarantee that you will have equity enough for that these days
  3. Hire your own, VERY good, home inspector (you can pick any inspector you want, please read this: http://structuretech1.com/how-to-find-a-great-home-inspector/). Also check out his Blog and Facebook page for some interesting inspection finds.
    1. Every house (even brand new ones) will have issues that a good inspector will find, do not be disheartened when there are issues on the report. It is up to you to decide how important those items are vs. how much you like the house. Remember, you can try and negotiate on price or for repairs before close.
    2. You may need additional inspectors for specific items in the house (fireplaces, wood stoves, pellet furnaces, boiler heating systems, etc.). Talk to your inspector about what they can and cannot properly inspect. (Thanks  @Gwen)
  4. Look for not only obvious water damage, but things that could cause water damage that isn't visible yet
    1. Does the landscaping slope toward or away from the house at the foundation?
    2. Are the gutters clean and with proper drainage away from the house or are they not maintained, broken, clogged, etc. (we have even seen gutters with trees starting to grow out of them)?
  5. Believe in your gut if it is telling you something is wrong with the house or with the mortgage offer
  6. If your realtor is acting like a glorified tour guide (go look on a website and find houses you want to see and I will set up showings), find a new Realtor, you want a partner in this effort and they stand to make ~3% of the sale value of the home, so they should work to help you find the right one.
  7. Make sure you account for and get good homeowner's insurance. Understand what your insurance covers, because it may not be everything. Look for flood coverage if you can get it in your area.
  8. Try and find the least expensive house in the best / most expensive neighborhood. It will be easier to sell this house in the future (thanks +Heather Sauntry).
So - what am I missing?!?


18 comments:

  1. Very well written article. It was an awesome article to read. Complete rich content and fully informative. I totally Loved it.first time home buyer inspection in Guelph

    ReplyDelete
  2. dissertation help
    Our team at Nomadux has proven expertise and knowledge in hiring, managing, and directing remote teams on behalf of our clients to ensure the highest standards of performance.

    ReplyDelete
  3. Regardless of whether you are at a recreation center, up the ravine or in a terrace, a grown-up ought to consistently be checking the children to ensure their energy doesn't turn crazy. office space for rent del mar ca

    ReplyDelete
  4. Record is essentially proper as a roof material as it's anything but a low water ingestion file of under four percent. Roof Restoration Adelaide

    ReplyDelete
  5. We have sell some products of different custom boxes.it is very useful and very low price please visits this site thanks and please share this post with your friends. Batdongsan

    ReplyDelete
  6. PlayOJO | Best Odds Shark Casino Software 2021 메리트카지노총판 메리트카지노총판 카지노 카지노 happyluke happyluke 949Situs Agen 138 Slot Online Terpercaya Recomended

    ReplyDelete
  7. A very delightful article that you have shared here.Modern Modular Houses In Texas USA Your blog is a valuable and engaging article for us, and also I will share it with my companions who need this info. Thankful to you for sharing an article like this.

    ReplyDelete
  8. Great job for publishing such a nice article. Your article isn’t only useful but it is additionally really informative. Read more info about buy a house in Bronx NY. Thank you because you have been willing to share information with us.

    ReplyDelete
  9. I admire this article for the well-researched content and excellent wording. I got so involved in this material that I couldn’t stop reading. I am impressed with your work and skill. Thank you so much.Homes For Sale North Bend Oregon site.

    ReplyDelete
  10. Make the most of mainly premium substances - you will find him or her for: Financial Advisors

    ReplyDelete
  11. I just need to say this is a well-informed article which you have shared here about hoodies. It is an engaging and gainful article for us. Continue imparting this sort of info, Thanks to you. Gibsons Real Estate Agent

    ReplyDelete
  12. I am truly impressed by the details that you have provided regarding Cornerstone Properties It is an interesting blog for me as well as for others. Thanks for sharing such a blog here.

    ReplyDelete
  13. I value your endeavors which you have placed into this article. Really it is a helpful article to build our insight. Gratitude for share an article like this.Cariboo Acreage For Sale

    ReplyDelete
  14. You have given incredible substance here. I'm happy to find this post as I tracked down heaps of significant information in your article. Gratitude for sharing an article like this.Buy A Luxury Villa In Dubai

    ReplyDelete
  15. You've created an astoundingly significant article. This article outfitted me with some important data. Much gratitude to you for giving this information . Keep up the extraordinary work.3D Video Tour Real Estate Toronto

    ReplyDelete
  16. It's a really nice article. I also write articles about Goodman Air Conditioners hope you guys also like it. Please check it out comment your opinion.

    ReplyDelete
  17. At the top Prestige level, players 빅카지노 get 50 Sunday spins, specific withdrawals, and different advantages. When you’re able to play blackjack, resolve how much you need to wager. You can usually discover blackjack tables with a minimal wager of $5-$10, but if you’re trying to win massive, you may need to wager more. Once you’ve decided on a wager, the supplier will deal you two cards face-up.

    ReplyDelete