Buying a House

[blpsara]

I'm officially looking for a house/townhouse/condo to buy. I'm pretty nervous, since I'm a first time homebuyer. I know I've seen several of you go through the process. Do you have any advice/recommendations?

[Genuine Article]

Just to be cautious and really think about how much house you can afford/want. You'll likely be approved for much more than it'd be good for you to spend. Figure out the maximum amount you want to pay each month, factoring in your mortgage, insurance, and repairs (1% of your home price a year) and don't budge on it. It's easy for the price of things to creep up. Also factor in maintenance time or money, because either you have the time to do it yourself or you have to pay someone else for their time. I spend most of my Saturdays cleaning gutters, fixing sinks, painting shelves, cleaning the garage, etc., which is fine because I enjoy that sort of thing and I have the time, but not everyone does.

[Rainbow_connection]

We bought a townhouse specifically so someone else would keep up on the maintenance. We don't have to shovel our own snow, clean our own gutters, do any landscaping, etc. and it's been really great for us since neither of us is really interested in that.
Try to anticipate what you will want in a home in a few years (easier said than done). For example, one of my biggest regrets is that we didn't get a place with a fenced yard area, no matter how tiny. We made sure there was a park nearby, but it turns out it would sometimes be super convenient to let our daughter play outside without going to the park. On the other hand, I'm really glad we bought a place with three rooms even though it was just my husband and me at the time. It lets us have a room for us, a room for our daughter, and a guest room, which makes it way easier for family to visit us.
Finally, remember that your house doesn't need to be absolutely perfect. Yes, buying is a bigger commitment than renting, but you can find a place where you could live for a few years and then sell it when you're ready to move on.

[NovemberEast]

We recently bought a house. I felt like it was more of a financial decision than anything since we know it's a place we will be selling in a few years. So pretty much every decision was based on "sell-ability" That's not the issue for everyone, but if it is, here are my thoughts:

#1 Make sure you have a good realtor. Ask them about how they will negotiate the contract for you.
#2 Consider buying a home warranty for at least the first year. If you're not going to be in the house for a long time, a major repair could blow your bottom line.
#3 Try to care more about things that are hard to change like floorplan, amenities, and location. You can change out design materials and colors later. But if there is tile that you hate, please save yourself the headache and fix it before you move in. Dust from tile is super annoying and I'll never do that again end rant.
#4 Consider how much other homes in the area have appreciated.
#5 If you're buying near undeveloped areas, you'll want to find out what that land is zoned for.
#6 You probably don't want to be in the most expensive house in a development.

Like GA said, you'll get qualified for way higher than you should probably buy. I don't know why this is. We were qualified for more than 2x what we bought. I thought it was crazy. I can't imagine spending that much of our income on a mortgage. Life would be super boring that way. And it shows that people are still buying houses they shouldn't. Neat.

[NovemberEast]

Finally, remember that your house doesn't need to be absolutely perfect.

This is everything.

[blpsara]

Thank you all. These are great things to keep in mind as I look.

I'm really considering a townhouse specifically because I won't want the outside maintenance.

It feels like such a major decision that I am making it worse than it is in reality. I appreciate the advice and feedback.

[Shrinky Dink]

Don't forget to ask about HOA fees and get a ballpark for utilities in the area if they're not already included. Talk to a neighbor or two once you're narrowing down the choices. Try to walk or drive around the area at night to see if you get any weird vibes. Don't forego the home inspection. Have a budget for appliances, paint, deposits for utilities and internet, and other unexpected move-in costs.

[blpsara]

Thanks for the additional thoughts. I've definitely made sure to ask about HOA fees and what they cover, but getting a ballpark figure on the other utility costs is a great idea that I've overlooked so far. I also really like the idea of driving over at night. It could be a different experience completely. Thanks!

[Digit]

Here's an HOA subsection to make you laugh, or cry.

[Cognoscente]

Here's an HOA subsection to make you laugh, or cry.

Got it. Let's revisit these terms in 2130.