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What are the main things to look for when buying a house?
Hello everybody!
My husband and I just moved to New England. He just got out of the military and now he got a steady job that pays him about 35k a year.
We have two kids and are looking for our first house.
What are the things that we should look for?
How much money is the maximum to pay for a house? I just got a new job that I make 30k a year, but it is still in probation (or whatever they called the 90 days period) and I have another job that is the new one won't work I can go back to in which I make 15k a year.
Please help us. The one with more info get's Best Answer.
Should I look counting on our 45k joint salary that we have for sure or should I count on the 60k?
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7 Answers
- 1 decade ago
First thing is talk to a qualified lender and have them run your credit. The fact you just began a job and that your husband is working is a positive. They will use your combined income to qualify you.
As for buying a home, its a buyers market pretty much everywhere now, so you dont need to rush. Find a qualified Realtor near you, and interview them be sure you and them have a good relationship, someone that understands your needs and preferences in a home. Go to http://www.realtor.com/default.asp?lnksrc=l1&poe=r...
You can view homes for sale there too, before even meeting the agents who are selling them. You will also get to see what the prices are like. There is even a payment calculator to help you see what your monthly payment will be. Keep in mind it may not include your taxes and insurance that you will want to put into an impound account from each payment. Add about $300 more to the payment for impound accounts. These help you pay your taxes on time. VERY IMPORTANT
Then when you are pre-approved, and you find a home, make sure you have it inspected by a licensed home inspector. Spending a mear $300 or$ 400 in the beginning could keep you from loosing thousands later. Just like buying a car, you dont want to invest in someone elses lemon. And for your first year, get a home warrenty on the house. This way you pay only a per call fee of $50 to have repairs done should you need them. Like the A/C or heater goes out 4 months after you move in. You pay the small fee, and the warrenty will cover the rest. It makes buying that new home a little more comforting. If you buy a brand new home, you can still get one of these warrenties. This company is a good one.
Best of luck to you, and just remember it is always a "Buyer Beware" when buying anything, especially a home.
- 1 decade ago
Definatley check out the crawl spaces and foundation of the house for cracks. The basement should be checked for water and dampness as well as signs of past water damage. Contact a reputable house inspector when considering on purchasing a home. The cost here in ohio is somewhere around $250.00 but is well worth it.
The affordability of your home depends largely in the quality of the school system where it is located. Try to determine where the best school systems are and find a house in your price range. The chances are much better that your house will appreciate faster since demand is higher for the better school district. I would suggest staying under the $170,000 price for a house if possible (assuming a 100% financed loan with no down payment) Remember property taxes, insurance and private mortgage insurance(when putting less than 20% down) will all drive your mortgage payment up. I would also recommend on a bi-weekly (Twice a month) mortgage payment schedule. This schedule will save you thousands of dollars over the course of 30 year mortgage in interest charges.
There are many internet sites that will help you determine the affordability of a home based on your income etc.. Congrats and Good Luck on finding your first home.
Source(s): www.realtor.com - ginLv 41 decade ago
Well. look for space first of all. Find a great home inspector that will help you out and tell you what is wrong with the house and what isn't. Pay close attention to surrounding area. Look on the net for the state and town for registered sex offenders and find a location with the least amount. A home inspector with some experience would help you out the most in this situation. I just bought my first house not even a year ago, it was smooth up until we closed. I can't help you much, for I don't know what you are looking for.
Source(s): Home inspector student. - How do you think about the answers? You can sign in to vote the answer.
- 1 decade ago
1. Locality, I mean Neighbourhood
2. Schools
3. Reasonable distance to Shopping complexes/Hospitals etc
4. Builder
5. Need to study the house rates in the same locality to get an understanding
6. Also compare the property taxes in surrounding places
- 1 decade ago
if you buy a house look with your brains. Maybe now everything is perfect, but what will happen if you lose your job or expansive cost are coming. maybe buy a Little smaller then get into problems
- Anonymous1 decade ago
with a flashlight look under the crawl space if it does not have a basement,see if there are any termite damage,if a house has termites bad you will notice the eaten floor joist
