ironman wrote:My tips for someone buying their first home.
-Get a whole house inspection. They're worth every penny. We were able to back out on a bid we had accepted on a house because the inspection turned up all sorts of issues with the place. Without it, we'd have been stuck in a real money pit. I've seen other people get hosed too. My friend was talked out of the inspection by his wife and family, and after they'd moved in discovered that the lady the bought from had let her dogs piss all over the house (she had some serious air fresheners going when they looked before). It was so bad that majority of the carpet had to be replaced and it was beginning to damage the floors underneath.
-Expect buyer's remorse. You just took out a gigantic loan for your first home, and even if you love it at first, you're going to feel like you may have made a mistake at some point and regret your decision. It's no big deal, it happens to a lot of people.
-Budget well for all the extras. Obviously if the house doesn't come with the appliances that's a big thing to consider, but it's all the little things that really start to add up. Cleaning supplies, light bulbs, curtains/blinds, lawn and garden tools (long-time apartment dwellers sometimes forget they may need a lawn mower) and other things that you didn't think about until move-in day. I've bought two houses and in both I dropped about $300-400 on crap at Lowe's, Target and such that I didn't think about at first.
-How long do you plan on sticking around? I've heard that it's best to stay in a house for at least 5 years in order to for sure get a decent return on your investment. My first house we were forced to move and lucked out by a hot market that we came away with a nice profit after only a year and a half. If you're not sure you'll be living somewhere for more than a year or so, just stick to renting.
Thanks for the advice. I have already scheduled a very detailed inspection which should take place within the week. I figure that if I have the money and resources to buy a house, why skimp on the very important things like an inspection, termite check, etc?
The appliances will be a bit pricey for sure. I am needing a fridge, washer, and a dryer. At least they're leaving teh new oven and relatively new dishwasher...