The Money Mustache Community
Learning, Sharing, and Teaching => Reader Recommendations => Topic started by: WootWoot on June 22, 2018, 08:24:31 AM
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Hi folks--I have a copy of this book https://tinyurl.com/yazovwkc (https://tinyurl.com/yazovwkc) and it's got some good info it. However, it was published in 1989. I'm looking for s/thing a bit more updated, that explains the homebuying process "for dummies" (but not a "for dummies or idiots" book). One thing I like about the book I own is a homebuyer's checklist, which has you rank from 1-5 your preferences such as what style home, what type of neighborhood, the yard and lot, conveniences such as commute time.
If you know of a book that's similar, and easy to get through, please post your fave! Thanks very much!
And, Happy Friday!
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Try the Consumer Finance Protection Bureau's resource site on buying a house: https://www.consumerfinance.gov/owning-a-home/
While it's not a book, it's been my go-to guide as I've navigated a home purchase for the first time. It's been especially good in guiding me to questions I should consider or pose to my lender, real estate agent, the sellers, etc.
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Unless you outsource the negotiations to an agent:
Basically there are areas where you have to know what you're doing.
Determining what you want. Only you can do this, and I'm not sure you can get this from a book.
Determining the state and market value of the house. I recommend to outsource this.
Negotiating with the seller. This can be partly outsourced, but in the end you have to say yes or no, so you need to know what you're doing. Also an agent is not fully impartial as they do have a stake that may not be aligned with yours depending on how you pay them.
This is an excelent book.
https://www.amazon.com/Book-Negotiating-Real-Estate-Strategies/dp/0998848204 (https://www.amazon.com/Book-Negotiating-Real-Estate-Strategies/dp/0998848204)
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This is literally the opposite approach to your question, but after reading a few books and devouring BiggerPockets, I decided to go with a real estate agent for my first rental.
I was lucky enough to get introduced to a great one through a client of my wife.
Basically, with my personality, I want someone I can hop on a call with say 5 questions and have them answered in a couple of minutes.
She also hooked me up with a lender that she's known for years. So far, that has been great too.
TL;DR: It's terrific to be a DIY/ autodidact type, but don't shoot yourself in the foot either. Particularly the first time around, when you don't even know what you don't know.
Best of luck!