Bye Bye Apartment (hopefully)

ctab5060X · June 24th, 2009, 22:32

Well, after a couple of years doing the apartment thing, my wife and I have decided to take the plunge and join the ranks of the homeowners.

If anyone has any advice for a first time howebuyer or would like so share any experiences (good or bad) I would greatly appreciate reading what you have to say.

Qgar · June 24th, 2009, 22:56

Here's my advice....Do not, I repeat DO NOT watch the Tom Hanks movie, The Money Pit."

Seriously, good luck! It's nerve-wracking, for sure...but you'll be fine. Hope you find and the Mrs. find a great house.

AirAlgerie · June 25th, 2009, 04:01

hey thats the best investment you're about to make , for yourself , your wife and hopefully your kids
one thing i suggest is take a look at the FHA first time home buyers program , you get a tax break big time and also you are only required to put 3.5% down
and right now is the best time to buy !
good luck

pullup · June 25th, 2009, 20:58

Home inspection!

KTRN · June 26th, 2009, 04:58

Good luck w/ the house hunting. There's a lot of good bargains right now & low interest rates.

Doug Taylor · June 26th, 2009, 05:00

Quote:

Originally Posted by ctab5060X

Well, after a couple of years doing the apartment thing, my wife and I have decided to take the plunge and join the ranks of the homeowners.

If anyone has any advice for a first time howebuyer or would like so share any experiences (good or bad) I would greatly appreciate reading what you have to say.

My only advice is CASH is KING!

Plus, don't purchase to save on renting because owning is certainly more work.

And if it's your first house, the "Big Orange Book" from Home Depot is your best new friend.

Doug Taylor · June 26th, 2009, 05:01

Quote:

Originally Posted by Qgar

Here's my advice....Do not, I repeat DO NOT watch the Tom Hanks movie, The Money Pit."

I always drive Kristie by that mansion from "The Money Pit" whenever we go visit my family!

texas_pilot · June 26th, 2009, 10:51

I once heard it's easier to increase your property value if you own the least expensive house in the the neighborhood rather than the highest.
Plus, I think the neighbors will appreciate each and every improvement you make.

pullup · June 26th, 2009, 11:16

Quote:

Originally Posted by texas_pilot

I once heard it's easier to increase your property value if you own the least expensive house in the the neighborhood rather than the highest.
Plus, I think the neighbors will appreciate each and every improvement you make.

Yeeeeeeeup.

ctab5060X · June 26th, 2009, 12:14

Quote:

Originally Posted by pullup

Home inspection!

Absolutely! Wouldn't even think of skipping (or skimping) on that.

Quote:

Originally Posted by Doug Taylor

And if it's your first house, the "Big Orange Book" from Home Depot is your best new friend.

"Big Orange Book" from store with big orange sign. Check. Will check that out next time I am at Home Depot.

pedro · June 26th, 2009, 21:24

If you buy a foreclosed house, expect to pay the full asking price and possibly even a little more. Right now Foreclosures seem to be flying off the shelf depending on the area.

I just bought a foreclosure in Phoenix and I can tell you it was a PITA! The bank was slow to respond. Make sure you have a competent realtor that knows what language to put in your contract so that you are protected!

If you decide to go FHA, keep in mind that it needs to be livable and pretty much move in ready. All in all,
GOOD LUCK ON YOUR HUNT!!!

mojo6911 · July 3rd, 2009, 09:47

I just went through this in October:

1. Budget something you can afford on 1 income and stick to that price range.
2. For a first time buyer, the FHA program is nice. 3.5% down, good interest rates, and lower credt score requirements.
3. Research the area.
4. Real Estate agents are snakes, on both sides. Stick to your guns and if something sounds fishy, it probably is.

HUD offers free first time homebuyer weekend courses, I suggest you go.

kiloalpha · July 3rd, 2009, 13:39

I think ctab5060X has some news for us.

Qgar · July 3rd, 2009, 13:53

If I was a gambler, I'd say he does....

ctab5060X · July 3rd, 2009, 16:29

Quote:

Originally Posted by kiloalpha

I think ctab5060X has some news for us.

Quote:

Originally Posted by Qgar

If I was a gambler, I'd say he does....

News, what news??

Offer made and accepted on a house earlier this week.

Closing before the end of the month.

Yar!

Qgar · July 3rd, 2009, 16:44

Damn, I'm a psychic....

ctab5060X · July 3rd, 2009, 16:46

Quote:

Originally Posted by Qgar

Damn, I'm a psychic....

Nah... your not crazy!

Qgar · July 3rd, 2009, 16:49

Shows how little you know....

ctab5060X · July 3rd, 2009, 17:10

Quote:

Originally Posted by Qgar

Shows how little you know....

Hey! I just bought a house, thank you very much! Give me a little slack... geesh!

mojo6911 · July 3rd, 2009, 20:43

Congrats! Have any pics?

ctab5060X · July 3rd, 2009, 23:53

Quote:

Originally Posted by mojo6911

I just went through this in October:

1. Budget something you can afford on 1 income and stick to that price range..

From the Good Faith Estimate the bank provided, our monthly obligation (rent/mortgage) will actually go down. We were really expecting something close to what we pay now, but we will definitely not complain about paying less and having a place of our own.

Quote:

2. For a first time buyer, the FHA program is nice. 3.5% down, good interest rates, and lower credt score requirements.

Yes it is. The house is also in a rural development area so it also qualifies for an up to 100% financed USDA Rural Development loan. It falls under similar criteria as FHA, so you still get the benefit of good interest rates and stuff, just don't have to put down a down payment if you don't want to.

Quote:

3. Research the area.

We have done that as well. Looks to be a real quiet neighborhood. We actually back up to a vacant lot and the lots behind the row of houses we will be on is commercial property that is set back a bit from the back of the property lines. Makes the lot seem bigger than it is.

From what we can tell (and the data I have seen), most of the homes in the area are ownerships, not rentals... and most people are our age with younger children at home. It is also in a good school district as well.

Quote:

4. Real Estate agents are snakes, on both sides. Stick to your guns and if something sounds fishy, it probably is.

Thankfully, our realtor is a referral from another realtor I work with at Pinnacle. He seems to be fairly knowledgeable about most items, and if he can't answer the question, he is not afraid to tell us that he doesn't know and will call someone for clarification. I am generally a pretty good judge of character in most situations, and he seems to be the up front and honest type person.

Quote:

HUD offers free first time homebuyer weekend courses, I suggest you go.

Even though we have already found one, attending one of those sounds like a really good idea.

Quote:

Originally Posted by mojo6911

Congrats! Have any pics?

Just some stock photos that are from the listing. The inspector will be there Wednesday early, so I plan on getting some really good pics then before we move in.

I'll put the listing photos in a new post below this one.

ctab5060X · July 3rd, 2009, 23:57

House description:

3 bedroom, split bedroom plan
2 bath
2 car garage
brick exterior
eat-in kitchen with bay window
great room with fireplace
carpet in bedrooms
hardwood floors in hallway and great room
linoleum in the kitchen

Qgar · July 4th, 2009, 00:00

How beautiful! So now that you have 3 bedrooms, you need to fill them up!

sdfcvoh · July 6th, 2009, 00:12

Congrats!

Doug: Time for a home improvement JC Forum?

roundout · July 6th, 2009, 09:50

Now comes the hard part. You will spend at least $1000 at Lowe's in the first month. I guarantee it.

Your house looks newer, so this may not apply, but here's what we have done in the month since we moved in to our 1950s (updated, but not everywhere) 3/2/2:

painted a hideous red room into white (3 gallons of primer!!)
new gas range
programmable thermostat
4 or 5 new light fixtures
R&R old 2 prong electric plugs with 3 prong plugs
new shower heads
resurface cabinets in kitchen
made and hung a gate

Home ownership is great! Our total monthly out of pocket, including utilities, is about $100 more than renting a 900sqft apartment. It is a great time to buy!

June 24th, 2009, 22:32	#1
ctab5060X Old Skool Join Date: May 2007 Location: Horn Lake, MS Posts: 2,474 Blog Entries: 2	Bye Bye Apartment (hopefully) Well, after a couple of years doing the apartment thing, my wife and I have decided to take the plunge and join the ranks of the homeowners. If anyone has any advice for a first time howebuyer or would like so share any experiences (good or bad) I would greatly appreciate reading what you have to say. __________________ VP, Aircraft Procurement

June 24th, 2009, 22:56	#2
Qgar Old Skool Join Date: Feb 2007 Location: fingers crossed..... Posts: 6,765	Re: Bye Bye Apartment (hopefully) Here's my advice....Do not, I repeat DO NOT watch the Tom Hanks movie, The Money Pit." Seriously, good luck! It's nerve-wracking, for sure...but you'll be fine. Hope you find and the Mrs. find a great house. __________________ Proud First Lady of the JC Mini-Conservative Movement Vice President, Director of Air Hostesses

June 25th, 2009, 04:01	#3
AirAlgerie Junior Member Join Date: Oct 2008 Location: NYC Posts: 243	Re: Bye Bye Apartment (hopefully) hey thats the best investment you're about to make , for yourself , your wife and hopefully your kids one thing i suggest is take a look at the FHA first time home buyers program , you get a tax break big time and also you are only required to put 3.5% down and right now is the best time to buy ! good luck

June 25th, 2009, 20:58	#4
pullup Old Skool Join Date: Jul 2003 Location: Anti-Velo Meeting Posts: 2,441	Re: Bye Bye Apartment (hopefully) Home inspection! __________________ RIP

June 26th, 2009, 04:58	#5
KTRN Junior Member Join Date: Dec 2008 Location: Minneapolis Posts: 143	Re: Bye Bye Apartment (hopefully) Good luck w/ the house hunting. There's a lot of good bargains right now & low interest rates.

June 26th, 2009, 10:51	#8
texas_pilot Senior Member Join Date: Sep 2006 Location: Central Texas Posts: 668	Re: Bye Bye Apartment (hopefully) I once heard it's easier to increase your property value if you own the least expensive house in the the neighborhood rather than the highest. Plus, I think the neighbors will appreciate each and every improvement you make.

June 26th, 2009, 21:24	#11
pedro Senior Member Join Date: Jun 2007 Location: Phoenix, Az Posts: 1,278	Re: Bye Bye Apartment (hopefully) If you buy a foreclosed house, expect to pay the full asking price and possibly even a little more. Right now Foreclosures seem to be flying off the shelf depending on the area. I just bought a foreclosure in Phoenix and I can tell you it was a PITA! The bank was slow to respond. Make sure you have a competent realtor that knows what language to put in your contract so that you are protected! If you decide to go FHA, keep in mind that it needs to be livable and pretty much move in ready. All in all, GOOD LUCK ON YOUR HUNT!!! __________________

July 3rd, 2009, 13:39	#13
kiloalpha Senior Member Join Date: May 2008 Location: Louisville, KY Posts: 520	Re: Bye Bye Apartment (hopefully) I think ctab5060X has some news for us. __________________

July 3rd, 2009, 13:53	#14
Qgar Old Skool Join Date: Feb 2007 Location: fingers crossed..... Posts: 6,765	Re: Bye Bye Apartment (hopefully) If I was a gambler, I'd say he does.... __________________ Proud First Lady of the JC Mini-Conservative Movement Vice President, Director of Air Hostesses

July 3rd, 2009, 16:44	#16
Qgar Old Skool Join Date: Feb 2007 Location: fingers crossed..... Posts: 6,765	Re: Bye Bye Apartment (hopefully) Damn, I'm a psychic.... __________________ Proud First Lady of the JC Mini-Conservative Movement Vice President, Director of Air Hostesses

July 3rd, 2009, 16:49	#18
Qgar Old Skool Join Date: Feb 2007 Location: fingers crossed..... Posts: 6,765	Re: Bye Bye Apartment (hopefully) Shows how little you know.... __________________ Proud First Lady of the JC Mini-Conservative Movement Vice President, Director of Air Hostesses

July 4th, 2009, 00:00	#23
Qgar Old Skool Join Date: Feb 2007 Location: fingers crossed..... Posts: 6,765	Re: Bye Bye Apartment (hopefully) How beautiful! So now that you have 3 bedrooms, you need to fill them up! __________________ Proud First Lady of the JC Mini-Conservative Movement Vice President, Director of Air Hostesses

July 6th, 2009, 00:12	#24
sdfcvoh Senior Member Join Date: Apr 2007 Location: Tucson Posts: 1,336	Re: Bye Bye Apartment (hopefully) Congrats! Doug: Time for a home improvement JC Forum? __________________ "More interesting than the XX man."

July 6th, 2009, 09:50	#25
roundout Senior Member Join Date: Apr 2004 Location: kftw Posts: 1,064	Re: Bye Bye Apartment (hopefully) Now comes the hard part. You will spend at least $1000 at Lowe's in the first month. I guarantee it. Your house looks newer, so this may not apply, but here's what we have done in the month since we moved in to our 1950s (updated, but not everywhere) 3/2/2: painted a hideous red room into white (3 gallons of primer!!) new gas range programmable thermostat 4 or 5 new light fixtures R&R old 2 prong electric plugs with 3 prong plugs new shower heads resurface cabinets in kitchen made and hung a gate Home ownership is great! Our total monthly out of pocket, including utilities, is about $100 more than renting a 900sqft apartment. It is a great time to buy! __________________ http://www.m-w.com/dictionary.htm this reference tool contains examples of the proper spellings and usages of the following words: your, you're, there, their, they're, than, then

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