I HATE LIFE

[Bao]

life

is

a

bitch

 

soo im planning on buying a house. and theres soo much crap too it. insurance, loans, procedures... blah blah blah stupid steps that i need to take and soo completly and utterly lost upon. so my question is a general one as to how the hell do you guys find what you need amount all the crap that is out there. is there some secret technique that i have to be initiated on or what or is it just experince that comes when you been through it already if its experince then i need some help xD

[Benji]

life

is

a

bitch

 

soo im planning on buying a house. and theres soo much crap too it. insurance, loans, procedures... blah blah blah stupid steps that i need to take and soo completly and utterly lost upon. so my question is a general one as to how the hell do you guys find what you need amount all the crap that is out there. is there some secret technique that i have to be initiated on or what or is it just experince that comes when you been through it already if its experince then i need some help xD

 

...The best advice I can lend you, (no pun itended) is to be very careful of your lending institution, watchout for hidden ARM's & unusal fees. Some mortgage companies make you pay insurance and property taxes seperate, I prefer lumping them togeather, but thats my preference. I'm sure in this wide forum we have here, there is some member involved in this industry that can offer even better advice. BTW, here on earth, in the American states, the housing marketing has been off

[Graeme]

soo im planning on buying a house. and theres soo much crap too it. insurance, loans, procedures... blah blah blah stupid steps that i need to take and soo completly and utterly lost upon. so my question is a general one as to how the hell do you guys find what you need amount all the crap that is out there. is there some secret technique that i have to be initiated on or what or is it just experince that comes when you been through it already if its experince then i need some help xD

It's mainly experience, but you don't have to rely on your own. Find someone who has done it before and use their experience

 

Many people in the industry are also helpful. In Australia, the post office has a handly little brochure that tells you who you have to inform when you change address (mail redirection being just one thing to do). Real estate agents will help point you in the right direction, because it is in their interest to make sure you're ready to buy from them. Banks will help you because they want you to be in debt to them. While they have their narrow field of interest, they generally will have a broader understanding that they will share (it's good customer relations, after all).

 

I hope this helps

[Rabble_Rouser]

The first place I would start looking would be at your financial institution. Many of the banks where I live offer seminars where they discuss what first time home buyers need to know about the process. Things like pre-approved mortgages, selecting real estate agents, finding a real estate lawyer and preparing for the never-ending expenses of getting your first house. I bought my first house a couple of years ago and here are a few things I would recommend you do to get yourself ready (I'm Canadian so the process will be slightly different for you):

 

-Check your local financial institutions (or real estate companies) for seminars for first time home buyers that will give you more information about the "process".

 

- Start shopping for a pre-approved mortgage to find out what the bank will lend you so you know your price range. I found that they would guarentee me a rate for 90-days and if the rate dropped (which is predicted for the next while) there was a clause saying I would get the lower rate. This is the big step since you'll have to look at your total monthly expenses like property taxes, any condo fees, utilities, how long and at what repayment rate your mortgage will be. The banks will mostly be concerned about your credit rating and your debt ratio which predicts your ability and likelyhood of repaying the mortgage.

 

- Find a real estate lawyer who will take care of the legal niceities and make sure you don't get burned in the process. In Canada they check things like back-taxes, outstanding liens (loans\mortgages against the property), title (making sure the seller is legally the owner of the property) and work out things like the transfer of taxes and utilities so you aren't paying for the previous owner.

 

- Start shopping for the new home thru private sales or a real estate agent (this is the ONLY fun part). Since you already know your budget, you need to start narrowing down what type of property and where you want to live. Once you've selected what you want it's time to negiotiate the price and what stays in the home (do they take the appliances or are they leaving them there for example).

 

- If you are buying an existing home, you might want to get a home inspection done (my bank made this a condition of the mortgage) to make sure there aren't any safety\structural problems with the home and give you an idea of maintenance that will soon be needed.

 

- From this point on you mostly sign checks and be dumb-founded at how many people will come looking for $$$.

 

- The day you take possession, there will be a set time to meet your lawyer to sign documents and take the keys to your new home. Some people want to do things like painting and renos before they move in and some have the moving truck on standby.

 

- The better the food and "beverages" you offer your friends and relatives, the more help will volunteer the day you move in.

 

Congrats on taking the big step so early in your life! I'm sure you'll find out why people talk about being "mortgage poor" for the first year or two (crap, I gotta buy furniture, crap I gotta buy a lawn mower, crap I gotta buy a snow blower, crap the washer and drier died and I gotta buy new ones, etc). Your friends and family who already bought can help steer you towards people they dealt with when buying their home that they were happy with.

 

Good luck!

 

Steve

[rknapp]

If you want to find the housing market in the United States, start with the sewage system. It's somewhere in there under huge amounts of economical crap that is the American economy. Or try Canada.

[steph]

Some advice on choosing a place to buy... obviously, you want to look at where you want to live and what amount of space and amenities you need, but remember that the purchase is not only a place to live but also an investment. So, try to consider resale value when you choose a place. For example, stick to nicer cities or towns, stay away from places that are too small (like a studio condo). As for amenities, you could sometimes update afterwards, like adding new carpeting or woodfloors --all depends on what is desired in your area. When I moved from Massachusetts to Oregon in the US, I was surprised that most places here don't have A/C, but then again, OR doesn't get the same humidity in the summer as MA does. Anyways, considering resale value also depends on how long you plan to live in the area where you buy. In the US, the market isn't the greatest, but if you plan to stick around, you could make a nice investment if you choose wisely.

 

Good luck!

Steph