Home Buying tips

[Wraith]

Hail,

I'm looking to buy a house this year, and I thought I'd ask here for the main pieces of advice that people have from their own experience.

I don't mind repetitions of the utterly basic stuff, like "get it inspected first", since anything at all will help. This is my first time buying.

I have found out that the Austin housing market is pretty odd. Custom homes seem rather ridiculously expensive. Maybe it's just that there's been such a housing boom here, but it seem rather much compared to other places I know prices for. Instead it looks like I'm limited to either buying used or going with one of those cookie-cutter subdivision homes (not manufactured, mind, but still cookie-cutter) built new.

I have found a couple decent cookie-cutter places, but each has their own problems. Aside from the lackluster designs, of course, although I have found a couple that don't completely suck. One is further from work than I'd like (although no further than I am now), but is larger and better insulated. The other is quite close to work, but has what I consider pretty minimal insulation and energy efficency for new construction. Both builders (Ryland and Milburn) have good reputations, and I can't find many complaints about them.

Not sure what else to add here, except that Texas seems to have nothing really to offer as far as first-time buyer incentives go.

So, really, any tips or suggestions anyone cares to make would be greatly appreciated.

Wraith
Experience is the one thing you get, right after you need it

[Flare]

Have good credit if at all possible. Also, try and have the down payment set asside also. And remember "Location, Location, Location!" Good luck!

[Lancer]

Get it inspected first...

BUT!

Don't have the realtor find you an inspector. If you do, you'll be paying but the inspector will have a conflict of interest. Realtors don't tend to rehire inspectors that report things that screw the deal.

Also, if you hire one yourself and get an inspector that commonly works for the realtor the same might apply. Instead, crawl around under the place yourself. See if you can shove a screwdriver into the sill, if there are mud tubes, common sense stuff. If you got a contractor pal, bring him.

[Worthingtons]

Independant Advice concerning a mortgage is rarely 100% Independant, listen carefully to the facts you are quoted rather than they way the 'advisor' sells them to you, I presume you'll be needing a Morgage so if it's the case look up a guide of what to look for (I honestly woudnt have any idea what the market is like over there!) and choose the best product accordingly.

[Wraith]

--"Have good credit if at all possible."

This one is covered, as is the down payment. Location is a problem, though, since there's no way I can afford to buy or build in a really good location now. Better to get what I can and start at least building equity.

--"Don't have the realtor find you an inspector."

What, you don't trust the realtor?

--"If you got a contractor pal, bring him."

Yeah, that's a good idea if I can get him to. Six-pack should help.

--"Independant Advice concerning a mortgage is rarely 100% Independant,"

Well, that's true, but I can at least get several different people to give me their biased advice and try to work out the truth from there.

Wraith
"Does anyone here speek l33t?"
-- Megatokyo

[Grandpa Troll]

Originally posted by Wraith
--"Have good credit if at all possible."

This one is covered, as is the down payment. Location is a problem, though, since there's no way I can afford to buy or build in a really good location now. Better to get what I can and start at least building equity.

--"Don't have the realtor find you an inspector."

What, you don't trust the realtor?

--"If you got a contractor pal, bring him."

Yeah, that's a good idea if I can get him to. Six-pack should help.

--"Independant Advice concerning a mortgage is rarely 100% Independant,"

Well, that's true, but I can at least get several different people to give me their biased advice and try to work out the truth from there.

Wraith
"Does anyone here speek l33t?"
-- Megatokyo

well, if you cant get a "good" location, what makes you think buying a home their will help reap dividends in the form of equity toward a better location?..chances are you property value may decline even more so..just a thought to ponder!!

As for the sixpack toting friend, nah..better not let a drunkard or even someone socially drinking inspect your building...

Peace

Grandpa Troll

[Lancer]

Does it have a septic? If the house isn't being used even a system that is totally screwed will work just fine. Of course, as soon as you move in and put a heavy load on it...

Find out where it is and check the ground, same with the leech field. You're looking for evidence of past problems. Sometimes you'll see discoloration and matted or dead grass. Look for a patern of runoff. You won't see a cut gully, but a difference in the grass or...something odd.

[Seeker]

Canadians in my situation can be saved by Scotiabank's awesome program.

If your sources of income are errr....'unconventional'....they'll take you if you can provide three years of tax returns and 15% down.

It may be the only route for someone like me who works outside of Canada on a contract basis, and not for a multinational (i.e., whenever I'm in Canada I'm 'umemployed' with no verifiable source of income, despite making 32 000 a year ... ) with no rich, willing-to-help, relatives.

[Wraith]

--"well, if you cant get a "good" location,"

I should clarify. None of what I'm looking at is in a bad location. They range from a so-so location to a fairly nice location. (I am, of course, leaning towards the latter, but it's best to go into negotiations being able to say "well, you know, there's this other place...")
I'm doing it because the "good" locations in the Austin area start at around $350k. This is a bit out of my price range. This is a bit out of most people's price ranges. Most people in this city either live in rentals or own in the fairly nice and down areas.

--"As for the sixpack toting friend,"

Nah, not toting. I wouldn't pay up until after the inspection, of course ^_^

--"Does it have a septic?"

No, these are all on city utilities, including sewer.

Wraith
"There is a growing tendency to think of Man as a rational being, which is absurd. There is simply no evidence of any intelligence on the earth."
-- Marvin Martian

[Solly]

Don't buy right now is all I will say.

[chequita guevara]

Don't buy on a flood plain.

[LTEC!]

Sigh. There are a number of matters to take into account when looking for a house.

General Location.
Regarding if it is located in a general safe environment or not. Subject to floods, geological faults, and major power lines.
Regarding its location to where everything that has any value is, read shopping centers, schools, parks and services. Of course the better the bracket, the better served it usually is.
Location within the neighborhood, regarding traffic speed, or if it is a corner or the end of a cluster.
If you can, check future neighboring developments, or city development plans.

Do have it inspected.
When remodels are done to homes and they're not inspected and/or approved they don't add to the house equity.
Look at wood, cracks, old wiring and stains, check for water damage and termites.

Desirable features in houses:
Large kitchens, Family Rooms and Master Bedrooms.
walk-in closet and bathroom w/bath tub in master bedroom
2-3 car garages