Buying my first house. Tips?

As the title says I'm about to start looking for a house (loan should be approved by Saturday). I'm getting a VA loan and was just wondering if any of you had any helpful hints on making the process as smooth as possible once I start house shopping.

 

pay off your house loan as soon as possible. Also try to buy a house lower than your budget.

 

Pay for a legit home inspection. Walk the house barefoot to find weak floors. Jump in each room. Make sure the inspector goes under the house and through the attic. Pull records for prior repairs & damages. Talk to the neighbors.

 

Thanks for all the replies guys. I need all the help I can get. I kind of feel like I'm going in blind. I'm really excited to own a home but also really nervous about it. I have heard tons of good things about VA home loans and they have been really great so far. I appreciate the tips.

 

^^^^ Here's what I did when we were home searching:
I drove the neighborhood at different times on different days. Stopped and chatted with neighbors. Searched local newspaper for stories about street. Searched police records for reports mentioning street.

 

Look at previous owners utility bills. Insurance risk zone. Age of water heater, hvac, roof etc...Commute time to work. HOA fees, which side does the house face so the sun isn't blasting you at cook out time. Septic tank or publi sewer. Vented actic. Insulation r-values. Don't let emotions dictate if you buy. There was a house we wanted to buy really bad and it didn't work out, looking back I can thank God it didn't..

 

Awesome info. Also find out if your potentially new neighbors are owners or renters. Owners take better care of their property. +1 for getting a thorough home inspection. Try to find a home inspector who has a construction/contractor/trades background. If there are any problems get an expert to look at it. My first house had some cracks in the drywall so I got a foundation and drywall guy to take a look. Remember you can always renegotiate the final price after the estimate comes in. Don't be afraid to walk away if the property doesn't feel right or if the sellers are stubborn and don't want to negotiate. Bring a friend to the walkthroughs and inspections with you, a second set of eyes can point out things you might have missed. If you and the sellers agree to have things fixed or credits given make sure its written down in the contract. Make sure to get a realtor you can trust. A big mistake I made with buying my first place is that I used a realtor who worked for a national realty company. They were obligated to give a percentage of their commission back to the company. An independent realtor who owns their own company can maybe credit you back some of their commission. My first realtor had me sign a contract that stated even if I fired them and used another realtor I still would be obligated to pay them. If your realtor does this or makes you sign some kind of contract, walk away. Ive used 2 VA loans already so if you have any questions PM me. If I cant answer them, I know a very good VA broker who can. Also, make sure you are not paying too much for the VA funding fee. I overpayed the funding fee on m first VA loan. Remember, everything is negotiable. One big thing that MadDaddy pointed out was researching the neighborhood and house. I looked at one property that was in immaculate condition. I did a quick google search of the address and found that the place was rebuilt after having extensive fire damage.
Good luck!

 

Don't forget resale value.......very important.

 

Great information especially on the emotional aspect. I will just add a couple things since I just closed on my VA loan. The home inspector should be a third party. Realtors only have an incentive to sell not protect (most do). Definitely take a close look at these items because these are the big ticket price tags if they go down on you within the next several years (HVAC, Roof, Piping). Look for water damage around the base of the foundation, crawl space, windows, sliding doors, etc. Then you start looking at what can you live with (maybe the wife wants an upgraded kitchen....cabinets costs $$$$). If you can handle the loan....a 15 year is amazing. I just closed with a 1% funding fee, and 2.8 apr for 15 years. I'm available if you want to chat about my experience.

 

Good luck Mr Zack O. As soon as my hubby gets home he promised me we are going to get serious about his career, a family, where we might want to live, and buying our first home .

Right now we are renting a house that I really love. The landlord only cares about money and everytime I ask for help on something that needs to be fixed he says he can't afford it because he doesn't make any money on the house because our rent is so low. I think he would be happy to sell.

Would the VA even talk to me or does anybody know if there is anything I could be doing to find out more about buying a house we are already renting?

 

Great thread. I am looking at buying my first home as well and all of this onky reassures everything that I already know thus far about what to look for and what to do.

 

If you can do a 15 year loan vs 30 year loan.

 

I went 30 year, make 1 extra payment a year it knocks down to about 20.

 

I did 30 as well but plan on using half tax return every year as payment.

 

When you get a prequal letter. Dont go for a home at the top of your budget. It makes the whole process stressful and honestly its hard to live at the max DTI (debt to income) the bank qualifies you at (45%). When you find a house you like dont get to emotionally invested (especially the lady friends). It took offers on 5 different houses to get my first house. Goodluck

 

MAKE SURE THE NEIGHBORHOOD IS NOT FULL OF 'PVR'S'

 

If you plan on having kids, look at schools around you.

If you plan on making upgrades, don't plan on living in the house. Do it before you get there.

 

All the above are very good tips! Independent home inspector (hired by you), don't get emotionally attached to the 1st, 2nd, or 3rd+ house you see and keep looking for the right house at the right budget, don't forget about property taxes + home insurance premiums + utilities (water, power, sewer) as they need to be included into your budget for what you're willing to spend overall on a monthly basis. You can usually find good information on county tax websites about previous sales, tax payments, assessment values etc.

Have fun!

 

I just bought my first house two years ago - exciting times for sure! Remember that you can easily change the feel of a room with a nice coat of paint, but you cant change the size/layout of a room/house (sounds trivial, but never a bad thing to hear it). Wallpaper can come down, you can paint over a crappy color of paint, you can rearrange a floor space to make it yours, but you can't move a room.

Don't be afraid to tell anyone you don't know what you are doing and ask questions when you need to. It is stressful trying to close and a lot of things can happen behind the curtains, always ask your realtor where things are at and where they are headed. Same with the home inspection.....don't get in their way, but if they climb up in the attic - go up there with them. Ask questions if something doesn't look right. Sometimes a simple "do you think this house is worth the asking price" will get you a long ways with an inspector.

Finally, even if you can afford the mortgage, remember that you will have to buy tons of shit when you first move in. I was cash poor for about 6 months after we bought the house.....rake, lawn mower, trash cans, hose, paint - every things adds up, quickly too. Things will break or burn out. Just when you think you are good and can finally save some money this month, something is going to happen; just be ready for it.

 

Definitely know what you want, and if you aren't in a hurry don't settle! My wife and I had rented for nearly 10 years before buying our first house and we wanted our own house so badly we settled on a few things that eventually made us sell. It's probably the biggest investment you'll ever make so make sure you LOVE it.