Author Topic: Best source of info for first-time home buyer?  (Read 2430 times)

sloth bear

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Best source of info for first-time home buyer?
« on: December 07, 2015, 03:09:58 PM »
Hi all!

I'm considering buying my first home and I'm looking for any and all resources that you found helpful when you bought your home! I'm planning on taking my time, doing plenty of research, and not rushing the decision (as it will be my primary home for hopefully many years). Do you have any recommended book or websites that you found useful when researching the purchase of your home? (Note: I haven't done any forum-specific searches yet, but it is on my list.)

Any help you can provide would be wonderful. :)

- Trin

Bearded Man

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Re: Best source of info for first-time home buyer?
« Reply #1 on: December 08, 2015, 08:24:36 AM »
I learned about it on general non finance forums, following threads, asking questions, etc. Took me two years from when I started the process to finally buy a house. I learned a lot about it. It's actually a simple process, though it seemed like a lot at the time. Pre-approval from a lender (bank, CU, etc.), find real estate agent you can trust, make offer, get home inspector NOT referred by agent, and that's really it. Sign the mortgage papers, and you're done. I've gone through this enough times now I know what documentation the lender asks for and have it ready to go before I even put an offer on a house.

matchewed

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AlanStache

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Re: Best source of info for first-time home buyer?
« Reply #3 on: December 08, 2015, 08:45:52 AM »
I think most people go into it unprepared and without thinking they need to prepare or they dont want to so there are few really good resources out there.  As Bearded man said the core of it is really easy for better or worse.  The fact that you want to learn how to do it shows you are ahead of the game (and I am guessing you are an engineer). 

Random thoughts I tell everyone looking to buy:
>> Home inspectors work for the bank not you, you can only sort of trust them, find a friend to look at the house who has worked on there own home.  Personally inspect as much as you are able.
>> I have yet to be impressed with any relitor, they can be nice and helpful but dont expect to much.  Stay on top of them.
>> Expenses dont end after closing, I bought ~4 months ago, I have averaged 100$/week at Lowes and done nothing major (50 yo home, one owner before me.)
>> Small condo associations at shit, they add expense and hassle without giving you much in return. 
>> HOA's are crap, ovoid them. 

Go to some open houses even for homes you would not be interested in just to get the feel for it all.  see where you like, see what your money can buy. 

Really you are best off reading around the web then posting specific questions here or elsewhere. 

Rubic

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Re: Best source of info for first-time home buyer?
« Reply #4 on: December 08, 2015, 01:00:23 PM »
You might find it useful to approach buying your first home as if it were a rental investment property.  Consider the returns, the risks, etc. and attempt to purchase something that would be profitable if you were to leave after a few years.

matchewed

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Re: Best source of info for first-time home buyer?
« Reply #5 on: December 08, 2015, 04:22:01 PM »
You might find it useful to approach buying your first home as if it were a rental investment property.  Consider the returns, the risks, etc. and attempt to purchase something that would be profitable if you were to leave after a few years.

I'm not sure I'd agree with that as you'd have to identify a location where you'd know the housing price would appreciate at a rate better than an alternative investment. I wouldn't treat your house as an investment but as something which you should do cost effectively much like any necessary purchase you'll make.

Rubic

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Re: Best source of info for first-time home buyer?
« Reply #6 on: December 08, 2015, 05:20:54 PM »
You might find it useful to approach buying your first home as if it were a rental investment property.  Consider the returns, the risks, etc. and attempt to purchase something that would be profitable if you were to leave after a few years.

I'm not sure I'd agree with that as you'd have to identify a location where you'd know the housing price would appreciate at a rate better than an alternative investment. I wouldn't treat your house as an investment but as something which you should do cost effectively much like any necessary purchase you'll make.

I understand, and for a lot of (most?) home buyers the potential investment return will not factor into their decision.  I got lucky and found a condo that met my living requirements, yet could be rented out easily to upper income tenants with virtually no vacancy should I decide to move.  This would not be the first time I've been an accidental landlord.  ;-)