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What you wish you had known when buying a house
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amother
Olive


 

Post Wed, Nov 25 2015, 10:37 pm
We are in the beginning stages of buying a house. I have done a lot of research but I'm getting very, very overwhelmed. Like there is a lot I don't know and I'm going to regret not doing/doing something.
Anyone have tips on what worked or what you wish you had known? Things that only experience, and not articles cab teach?
Any advice is greatly appreciated!
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amother
Azure


 

Post Wed, Nov 25 2015, 11:33 pm
gonna be following Smile
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Ashrei




 
 
    
 

Post Wed, Nov 25 2015, 11:42 pm
Hm. Have a good lawyer. Buy the cheapest house in the area. (As an investment it's value will go up by virtue of the other houses.) consider a buyer 's broker. On one hand, renovate as much as possible before you move in. On the other hand, you won't know just what to do until you've lived in out for a while. If you're looking in Brooklyn I have more advice Smile
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ez-pass




 
 
    
 

Post Wed, Nov 25 2015, 11:46 pm
Work with a realtor that you trust and let them know what u r looking for..
Work with an experienced mortgage broker. Someone who knows the tricks of the trade and that has a reputation of getting loans closed. There are MANY new laws that just came into affect so this is very very important. (I do work in a mortgage office)
Know what you want in a house. When I bought my second house I was way smarter because I knew exactly what I wanted.
Make sure to check out and meet people in the area first. (I made this mistake with my first house) also make sure the community is one that you will fit into and want to bring up your children there.
If given a choice....always better to have that second bathroom Very Happy Very Happy Very Happy
Think about things like upkeep...snow removal...fall cleaning etc.
Also get an approximate Amt for all utility bills to make sure it's not over your head.
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amother
Olive


 

Post Wed, Nov 25 2015, 11:47 pm
Thanks Ashrei! Ok now I have a dumb question. Closing involves the realtors and lender/bank. Especially since there's talk about rolling the closing costs into the loan, when does the lawyer come in?
Part of the reason we want to took in the closing costs is so that we have cash to make (hopefully minor) renovations/repairs. I'm not in Brooklyn, but thanks!
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amother
Olive


 

Post Wed, Nov 25 2015, 11:53 pm
Thanks ez pass! I know that I can't get everything that I want within my budget (eat in kitchen, things like that). The house itself is well maintained and upgraded. I'm thinking of this as a starter house, but if we stay in it long term we could make it work. We currently live in the community.
I'm more nervous about the legalities, financial, etc like no matter how prepared I am something is going to pop up and surprise our wallets.
The realtor mentioned rolling the legal closing costs into the loan do we have cash on hand to fix/add things. I put the numbers in a mortgage calculator and it seems to make sense. Does it?
Thank you for taking time to respond! I don't know if in making much sense...
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amother
Olive


 

Post Wed, Nov 25 2015, 11:55 pm
Oh, and there is a second full bathroom. I agree, very important!
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ez-pass




 
 
    
 

Post Thu, Nov 26 2015, 12:37 am
I am not sure where you are but in a lot of situations u can get what's called a sellers concession. It means that you higher the purchase price to cover your closing fees and the seller basically gives that money to u for closing....in other words you are financing your closing costs.

If you are buying a starter house but may end up being there for a long time then I personally would make sure that there is a way to extend it if need be.
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amother
Tangerine


 

Post Thu, Nov 26 2015, 12:50 am
Two things I like to do:
1. spend time during the daytime and nighttime in the neighborhood, on the block. I'd do that on a few occasions. Surprises may come to light, for example- a next door neighbor who parties each night.
2. I'd speak with the folks who lived in that home recently. They may have some valuable tips to share.
3. When I spend time on the block I'd be friendly and chat with folks. I'd say I'm considering purchasing the home on this block and wondering if you'd be willing to share what you think is prudent to keep my eyes open to. Perhaps they'd be willing to share the financial stuff as well.
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amother
Periwinkle


 

Post Thu, Nov 26 2015, 9:01 am
Don't have just a regular inspection, there's a lot they can miss, like mold etc. So get someone very experienced.
Double check that all leaks were repaired, the heating and cooling systems are working well, as well as the hot water heater.
Oh, and look for possible sources of noise- like a yeshiva dorm, park, stadium, bus or train stops, road noise etc.
See how the rooms are by dusk, if there's enough lighting.
Make sure the appliances are working, if you're getting any with the house.
In other words, you want a well maintained house.
Speaking from experience, this all adds a lot extra.
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STovah




 
 
    
 

Post Thu, Nov 26 2015, 9:16 am
amother wrote:
Thanks Ashrei! Ok now I have a dumb question. Closing involves the realtors and lender/bank. Especially since there's talk about rolling the closing costs into the loan, when does the lawyer come in?


before you sign the contract.
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Amarante




 
 
    
 

Post Thu, Nov 26 2015, 10:06 am
Lawyers aren't typically used in many areas. For some reason, they are used in New York but really they are unnecessary because real estate contracts are standard and any experienced real estate broker can handle. But in NY, they are required so that's money down the drain. In California, no one uses an attorney.

Regarding renovation, it's hard. On the one hand, it's nice to have it done when you aren't living there but on the other hand, sometimes you really don't know how you want to configure a kitchen until you live there awhile. Obviously refinish floors and paint prior to moving in.

Better to spend a bit more on the house and scrimp on furniture for the first few years if you have to prioritize.
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amother
Gold


 

Post Thu, Nov 26 2015, 10:29 am
amother wrote:
We are in the beginning stages of buying a house. I have done a lot of research but I'm getting very, very overwhelmed. Like there is a lot I don't know and I'm going to regret not doing/doing something.
Anyone have tips on what worked or what you wish you had known? Things that only experience, and not articles cab teach?
Any advice is greatly appreciated!


So the tricky thing about buying a home is that there are many potential problems that you would never think to ask and even the best engineer (I think they are all overrated) would never discover. A few examples are as follows:

1. The ceiling in the kitchen is caving in and it appears as though it was repaired in a way that it will inevitably break in a few months but the seller doesn't have to worry about the buyer noticing anything as they are walking thru the house.

2. For whatever reason water leaks from the upstairs bathroom thru the ceiling into the living room. Even if its very little water it will leak thru. Of course the seller paints the living room ceiling so any potential buyer won't notice.

3. Creep lives 3 doors away. Stands outside in his short shorts with no shirt on all summer long washing his car and blasting rap music. Some neighbors might divulge this info but others might not want to ruin the sellers prospects.

I also find that most engineers point out obvious things that wouldn't be deal breakers anyway, like if the hot water tank looks to be in good shape, and if the bedrooms are insulated. In the end I'm certain that engineers have been paid much more money than they have saved for the people that hired them.
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amother
Gold


 

Post Thu, Nov 26 2015, 10:31 am
Ashrei wrote:
Hm. Have a good lawyer. Buy the cheapest house in the area. (As an investment it's value will go up by virtue of the other houses.) consider a buyer 's broker. On one hand, renovate as much as possible before you move in. On the other hand, you won't know just what to do until you've lived in out for a while. If you're looking in Brooklyn I have more advice Smile



Why would you recommend a buyers broker? Seems like a big waste of money and adding an expense to an already expensive project.
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amother
Olive


 

Post Thu, Nov 26 2015, 8:02 pm
Thank you all got your replies! Each one is helpful. I am going to research every type of home inspection. Ceilings caving in...ahh!
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gp2.0




 
 
    
 

Post Thu, Nov 26 2015, 8:25 pm
amother wrote:
So the tricky thing about buying a home is that there are many potential problems that you would never think to ask and even the best engineer (I think they are all overrated) would never discover. A few examples are as follows:

1. The ceiling in the kitchen is caving in and it appears as though it was repaired in a way that it will inevitably break in a few months but the seller doesn't have to worry about the buyer noticing anything as they are walking thru the house.

2. For whatever reason water leaks from the upstairs bathroom thru the ceiling into the living room. Even if its very little water it will leak thru. Of course the seller paints the living room ceiling so any potential buyer won't notice.

3. Creep lives 3 doors away. Stands outside in his short shorts with no shirt on all summer long washing his car and blasting rap music. Some neighbors might divulge this info but others might not want to ruin the sellers prospects.

I also find that most engineers point out obvious things that wouldn't be deal breakers anyway, like if the hot water tank looks to be in good shape, and if the bedrooms are insulated. In the end I'm certain that engineers have been paid much more money than they have saved for the people that hired them.


Totally agree. The engineer didn't notice that the bedroom ceiling leaks when there's ice buildup on the roof. He checked for live termites, but had no way of knowing that the wood in the walls was eaten through from termites that were exterminated 5 years previously. He didn't know the shower was leaking into the kitchen ceiling because the spot it was leaking into was nicely concealed by a closet.

And he was a smart one! I still think home inspection is worth it, but they can't pick up on everything. For example he did notice damp in the garage that was indicative of drains that need consistent clearing.

What I think you should know is that you should calculate how much money you think you'll need, double that amount, and that's the amount of money you'll ACTUALLY need. No kidding.
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shoshana2




 
 
    
 

Post Thu, Nov 26 2015, 8:33 pm
Find how far the house is from the school bus stop.
Mine is right in front of my house and I wouldn't give it up fo anything.
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Ruchel




 
 
    
 

Post Fri, Nov 27 2015, 7:32 am
A garden is a LOT of work. and attracts bugs
A park = noise
A lake = noise and mosquitoes...
A bus stop or taxi stop = noise, smells (very hard).
Play sim city and see what lowers the prices of houses :p
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STovah




 
 
    
 

Post Fri, Nov 27 2015, 8:54 am
amother wrote:
Why would you recommend a buyers broker? Seems like a big waste of money and adding an expense to an already expensive project.


A buyer's broker should not cost the buyer anything. Assuming the seller is using a broker, the seller's broker splits the commission with the buyer's broker.
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Dolly Welsh




 
 
    
 

Post Fri, Nov 27 2015, 2:06 pm
I just remark that rolling closing costs into the loan costs you more in the long run. Borrowed money is very expensive money.

If you feel the house is in good shape, it might not be good to do that.

Be aware of cosmetic desires distinguished from serious structural needs. The great enemy is water.

Use your nose when you go in. Water damage can give off a musty smell.

This one sounds good. You like the location, the second bathroom and the level of care the house has received.
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