Celestial_Luna
@Celestial_Luna
10 YearsCancer
Comments: 37 · Posts: 135 · Topics: 7
Buying my 1st house
A good inspector should be able to find most plumbing or electrical issues. And if you buy a home 10 to 20 years old, many potential problems will already have shown up, so you know what you're dealing with.
New home construction has its own set of challenges. I have a friend who is an architect with his own firm who oversaw the construction of his house, and the contractors still fucked up by not properly installing the vapor barrier on the top floor.
3 years later they found out there was water running down the insides of the walls. And this was an expensive home in an expensive area.
New home construction has its own set of challenges. I have a friend who is an architect with his own firm who oversaw the construction of his house, and the contractors still fucked up by not properly installing the vapor barrier on the top floor.
3 years later they found out there was water running down the insides of the walls. And this was an expensive home in an expensive area.
Posted by FinbuffI live in Florida and this piece of information is great to know. Thanks for this I appreciate it.
Don't know if you are in the U.S. or other country, but here in the states, we hire a private building inspector to look at the home and file a report that you can use when negotiating with the seller. This is mandatory in just about every real estate transaction, given the litigious nature of the society we live in.
If you're still worried about problems... negotiate a home warranty into the sale price.
Regardless if you have illusions of buying a maintenance free home, you should stick with apartments or condos.
You'll always be fixin, replacing , upgrading, etc if you want your home to maintain or increase its value.
Regardless if you have illusions of buying a maintenance free home, you should stick with apartments or condos.
You'll always be fixin, replacing , upgrading, etc if you want your home to maintain or increase its value.
Posted by QuantumThat is an interesting point. Yes I agree, one needs to hire a reputable inspector - I'll put that on list as well. Look at that, wow, poor guy after all that. Was he able to correct it? Makes me think of my parents house after living it for a few years started to see some errors from the builders. Thanks for the input!
A good inspector should be able to find most plumbing or electrical issues. And if you buy a home 10 to 20 years old, many potential problems will already have shown up, so you know what you're dealing with.
New home construction has its own set of challenges. I have a friend who is an architect with his own firm who oversaw the construction of his house, and the contractors still fucked up by not properly installing the vapor barrier on the top floor.
3 years later they found out there was water running down the insides of the walls. And this was an expensive home in an expensive area.
Posted by QuantumI was in process of just getting an apt however, to lease one is like trying to find the best airfare. The prices fluctuate everyday, they no longer have a fixed price and secondly I don't want neighbors. The condos that we have here in FL are apartments that converted into condos. I'm not interested in that. Having a mortgage here in FL is way cheaper than renting.
If you're still worried about problems... negotiate a home warranty into the sale price.
Regardless if you have illusions of buying a maintenance free home, you should stick with apartments or condos.
You'll always be fixin, replacing , upgrading, etc if you want your home to maintain or increase its value.
Shop around and read reviews for a good warranty company. Some of them will just try to screw you over when you have a problem "fine print"
A home warranty from the seller is all you need.
Older homes are built better than newer homes ... so, your expert friend is giving you false information
What does you being in the mortgage industry have to do with this, considering you don't know shit, and have to ask others?
The ONLY thing you need to be conscious about is making sure there aren't any pre-payment penalies so you can pay the loan down each month, so that you build up your equity ... a 30 year note can be paid in 5 years.
Finding a loan to suit you is ridiculous putting energy and thought into it, considering all loan officers have access to the same programs.
You don't seem to know much, considering you claim to be in the industry
Posted by AstrobynExactly -- I can understand not wanting to read all that paperwork but if you do it will save you a lot of headaches - Hi five on that one!
Shop around and read reviews for a good warranty company. Some of them will just try to screw you over when you have a problem "fine print"
Posted by FinbuffRIGHT ON POINT!!! I want to take my time on this ... since it's going to my name on the Deed and no one else. 100% on the Realtors and commission when I worked for Greenpoint mtg back in the early 2000's -- things they would do and say just to get their loans to closing!
Do yourself a favor and be very, very discriminatory in what you want in a home, and what you will accept for flaws. An inspector will help greatly, but ultimately these are just people in business to make a dollar, and there's all levels of competency in this field of expertise. Do some research or talk with friends and relatives that have bought homes and have them inspected. Look at everything in the home, and outside, very carefully and ask questions on everything that doesn't look right. You will never know everything about a home until you've lived in it for a few years, so you need to do your due diligence and be very critical in the limited time you have looking at the property before the closing. And don't forget one important fact - that realtor doesn't represent the buyer or the seller - they are out for themselves and that commission, so don't rely on them to be an objective source of information.
Posted by P-AngelThank you for your input! 🙂
A home warranty from the seller is all you need.
Older homes are built better than newer homes ... so, your expert friend is giving you false information
What does you being in the mortgage industry have to do with this, considering you don't know shit, and have to ask others?
The ONLY thing you need to be conscious about is making sure there aren't any pre-payment penalies so you can pay the loan down each month, so that you build up your equity ... a 30 year note can be paid in 5 years.
Finding a loan to suit you is ridiculous putting energy and thought into it, considering all loan officers have access to the same programs.
You don't seem to know much, considering you claim to be in the industry
Posted by Celestial_LunaGo for it girl! My girlfriend from work had her home built and believe you me, it was well worth it! You'll get caught in a couple of cobwebs (the flooring wasn't properly cleaned off; grout, etc, but she took care of it). The alarm system wasn't property set up (another cob web), etc. But other than that it's a well worth investment. You'll get to tell them how many square feet you want your home to be, how many bedrooms/baths/1/2 baths, walk in closets, two car garage, etc., etc.! Good luck!
Your input and opinions would be great.
I am in process of purchasing my own house. Since I worked in the mortgage industry, finding a loan to suite me is on my top priority list. I spoke to my BFF who is an underwriter and she made some good points in regarding purchasing a new construction vs buying a home that is already built.
She made a point in regarding escrows for a home that is already built also made a point that a home already built or upgraded won't let me know whether or not there is a plumbing and electrical issue - since an appraisal will not tell me that.
With a new home I would be able to choose what I want and also be able to work the site while under constructions.
With this info it can help me out a lot since it will help me also see which program is available for me and most likely I will be qualified for an FHA loan.
🙂
🤗 cyber hug!
Love,
Eva
Posted by P-Angel^^^ This
A home warranty from the seller is all you need.
Older homes are built better than newer homes ... so, your expert friend is giving you false information
What does you being in the mortgage industry have to do with this, considering you don't know shit, and have to ask others?
The ONLY thing you need to be conscious about is making sure there aren't any pre-payment penalies so you can pay the loan down each month, so that you build up your equity ... a 30 year note can be paid in 5 years.
Finding a loan to suit you is ridiculous putting energy and thought into it, considering all loan officers have access to the same programs.
You don't seem to know much, considering you claim to be in the industry
New home construction in this country is mostly shit.
Old homes were built to last
New homes are built to sell
Indiana is probably ground zero for the Vinyl Village boom. If you drive through some of the 15+ year old subdivisions, the houses look like shit already.
Posted by EvatheDivaThank you for your input and kind words ... cyber hug right back at you!Posted by Celestial_LunaGo for it girl! My girlfriend from work had her home built and believe you me, it was well worth it! You'll get caught in a couple of cobwebs (the flooring wasn't properly cleaned off; grout, etc, but she took care of it). The alarm system wasn't property set up (another cob web), etc. But other than that it's a well worth investment. You'll get to tell them how many square feet you want your home to be, how many bedrooms/baths/1/2 baths, walk in closets, two car garage, etc., etc.! Good luck!
Your input and opinions would be great.
I am in process of purchasing my own house. Since I worked in the mortgage industry, finding a loan to suite me is on my top priority list. I spoke to my BFF who is an underwriter and she made some good points in regarding purchasing a new construction vs buying a home that is already built.
She made a point in regarding escrows for a home that is already built also made a point that a home already built or upgraded won't let me know whether or not there is a plumbing and electrical issue - since an appraisal will not tell me that.
With a new home I would be able to choose what I want and also be able to work the site while under constructions.
With this info it can help me out a lot since it will help me also see which program is available for me and most likely I will be qualified for an FHA loan.
🙂
🤗 cyber hug!
Love,
Evaclick to expand
Posted by QuantumEither or I'll be doing my research and choose what is best for me. I thank you and everybody for their input ... I truly appreciate it! 🙂Posted by P-Angel^^^ This
A home warranty from the seller is all you need.
Older homes are built better than newer homes ... so, your expert friend is giving you false information
What does you being in the mortgage industry have to do with this, considering you don't know shit, and have to ask others?
The ONLY thing you need to be conscious about is making sure there aren't any pre-payment penalies so you can pay the loan down each month, so that you build up your equity ... a 30 year note can be paid in 5 years.
Finding a loan to suit you is ridiculous putting energy and thought into it, considering all loan officers have access to the same programs.
You don't seem to know much, considering you claim to be in the industry
New home construction in this country is mostly shit.
Old homes were built to last
New homes are built to sell
Indiana is probably ground zero for the Vinyl Village boom. If you drive through some of the 15+ year old subdivisions, the houses look like shit already.click to expand
Older homes ARE built better than newer homes.
Anything in decent shape built around 1950 and older is the place to start.
Plumbing, Electrical, Roofing, Bare solid REAL Wood Flooring, No roofing substrate, but solid 1x6 slats, as seen via the attic.
Plywoods, especially chipboard has the potential to rot and self-destruct in wet and/or hot climates.
I remember a 5 million dollar house needing a replacement roof because they used wood like the picture, above.
And it was less than 5 years old. (bad batches DO happen)
It's the glue and moisture that can be really problematic. Marine Plywood is much better but spaced solid 1x6 wood boards
found in 60+ year old homes remain top shelf.
Consider what style of home:
Modern lack of imagination brain fart designs? Victorian? Edwardian? Craftsman style?
Consider the neighborhood, distance between work, school, grocery store, hospital, church, friends and family,
Lot size (sometimes the lot is worth more than the house, and other times, the house is worth more than the lot.
Location, location, location - goes without saying.
More importantly,
Start out small, pay it off, then, save at least half the value of the next home's price range you might be interested in,
then purchase that home, either move into it or rent it out to trustworthy and responsible tenants (40-50+ having a respectable career and income)
This way, THEY are paying off and maintaining the new or first house.
In time, IF you repeat this process, wisely, you could end up being able to just live off of income generated through home rental.
Next thing you know, you'll be raking in the dough to buy up the whole town, if you play your cards right.
Whatever you do.... TAKE YOUR TIME... don't be in a hurry. Don't fall in love with the first house you see.
Do TONS of research, weigh ALL your options, look at future economics prospects with the city, town.
You wouldn't want to buy a house in a town that is destined go bankrupt. Think Detroit.
Anyway...
Anything in decent shape built around 1950 and older is the place to start.
Plumbing, Electrical, Roofing, Bare solid REAL Wood Flooring, No roofing substrate, but solid 1x6 slats, as seen via the attic.
Plywoods, especially chipboard has the potential to rot and self-destruct in wet and/or hot climates.
I remember a 5 million dollar house needing a replacement roof because they used wood like the picture, above.
And it was less than 5 years old. (bad batches DO happen)
It's the glue and moisture that can be really problematic. Marine Plywood is much better but spaced solid 1x6 wood boards
found in 60+ year old homes remain top shelf.
Consider what style of home:
Modern lack of imagination brain fart designs? Victorian? Edwardian? Craftsman style?
Consider the neighborhood, distance between work, school, grocery store, hospital, church, friends and family,
Lot size (sometimes the lot is worth more than the house, and other times, the house is worth more than the lot.
Location, location, location - goes without saying.
More importantly,
Start out small, pay it off, then, save at least half the value of the next home's price range you might be interested in,
then purchase that home, either move into it or rent it out to trustworthy and responsible tenants (40-50+ having a respectable career and income)
This way, THEY are paying off and maintaining the new or first house.
In time, IF you repeat this process, wisely, you could end up being able to just live off of income generated through home rental.
Next thing you know, you'll be raking in the dough to buy up the whole town, if you play your cards right.
Whatever you do.... TAKE YOUR TIME... don't be in a hurry. Don't fall in love with the first house you see.
Do TONS of research, weigh ALL your options, look at future economics prospects with the city, town.
You wouldn't want to buy a house in a town that is destined go bankrupt. Think Detroit.
Anyway...
Posted by MrFirebirdWOW!!!! Thank you for this - This is awesome - That is exactly what I want to do - TAKE MY TIME - I am in NO rush in buying a house. I still want to save up more $ $ $ $ ! It's very true what you say in regards in "not falling for the first house you see". This is a home I'm planning to keep for me. I've seen a few home older homes (flipped/flopped) however as you indicated "location" and some of the areas are not where I want to be. Again Thank you!
Older homes ARE built better than newer homes.
Anything in decent shape built around 1950 and older is the place to start.
Plumbing, Electrical, Roofing, Bare solid REAL Wood Flooring, No roofing substrate, but solid 1x6 slats, as seen via the attic.
Plywoods, especially chipboard has the potential to rot and self-destruct in wet and/or hot climates.
I remember a 5 million dollar house needing a replacement roof because they used wood like the picture, above.
And it was less than 5 years old. (bad batches DO happen)
It's the glue and moisture that can be really problematic. Marine Plywood is much better but spaced solid 1x6 wood boards
found in 60+ year old homes remain top shelf.
Consider what style of home:
Modern lack of imagination brain fart designs? Victorian? Edwardian? Craftsman style?
Consider the neighborhood, distance between work, school, grocery store, hospital, church, friends and family,
Lot size (sometimes the lot is worth more than the house, and other times, the house is worth more than the lot.
Location, location, location - goes without saying.
More importantly,
Start out small, pay it off, then, save at least half the value of the next home's price range you might be interested in,
then purchase that home, either move into it or rent it out to trustworthy and responsible tenants (40-50+ having a respectable career and income)
This way, THEY are paying off and maintaining the new or first house.
In time, IF you repeat this process, wisely, you could end up being able to just live off of income generated through home rental.
Next thing you know, you'll be raking in the dough to buy up the whole town, if you play your cards right.
Whatever you do.... TAKE YOUR TIME... don't be in a hurry. Don't fall in love with the first house you see.
Do TONS of research, weigh ALL your options, look at future economics prospects with the city, town.
You wouldn't want to buy a house in a town that is destined go bankrupt. Think Detroit.
Anyway...
Posted by Finbuff
I bought a 2nd, new spec home in 2006 - not even ten years ago. Unless things have really, really changed quickly in a short period of time, I don't know where this concept of "home warranty" comes from. You're all presuming the seller will even agree to this as opposed to just walking away from the deal. A seller is legally bound by statute of limitations for most of the construction within a 7 year period I believe. But that might be on new construction only. If I were selling my main home, which I hope to do within 3 years, I would never agree to provide a buyer with anything beyond normal real-estate, legally binding statutes. I mean really, I'm supposed to cover a buyers negligence in inspection for "X" number of years? I think not.
lol ..... it's obvious that you've never bought a house the US
the home warranty is a benefit to the seller in several ways .. you would know that if you have ever purchased or sold a house
Great advice here. I don't have anything to add.
Many of the recommendations here are things I kept in mind when I was looking for a house several years ago. It pays off to be thorough.
Many of the recommendations here are things I kept in mind when I was looking for a house several years ago. It pays off to be thorough.
Posted by Celestial_Luna
Your input and opinions would be great.
I am in process of purchasing my own house. Since I worked in the mortgage industry, finding a loan to suite me is on my top priority list. I spoke to my BFF who is an underwriter and she made some good points in regarding purchasing a new construction vs buying a home that is already built.
She made a point in regarding escrows for a home that is already built also made a point that a home already built or upgraded won't let me know whether or not there is a plumbing and electrical issue - since an appraisal will not tell me that.
With a new home I would be able to choose what I want and also be able to work the site while under constructions.
With this info it can help me out a lot since it will help me also see which program is available for me and most likely I will be qualified for an FHA loan.
🙂
from what I heard, (if you live in the U.S.)
just have a BIG down payment, and you have a flow of steady income and show your paychecks, and where you work and references and make lots of copies.
but that big down payment ...thousands and thousands...really help.
Posted by FinbuffThat's not the way a home warranty works....
You are quite a presumptuous old lady, I've bought 3 homes in the last 25 years. I would never agree to a warranty on my home sale. Not happening. I don't go for "blank checks". I will of course fix the things I deem necessary and negotiable as a result of a home inspection, but that's as far as it goes. Again - a seller is legally bound by statute of limitiations for a period of time, but not being a lawyer I'm not interested in that debate. But I do know it is so, as I've had an issue where I contacted an attorney on my log home in northern WI.
Posted by lisabethur8
from what I heard, (if you live in the U.S.)
just have a BIG down payment, and you have a flow of steady income and show your paychecks, and where you work and references and make lots of copies.
but that big down payment ...thousands and thousands...really help.
First time home-buyers get special treatment, and qualify for an FHA loan .. right now the current rate is 3.5% of the amount of the loan.
For example, if the loan amount is $ 150,000 then the down payment is $ 5,250
Some people can get a loan without a down payment, at all
Mom scored a foreclosure home in Weeki Wachi. It was awesome with a pool and everything but sink hole formed in her neighborhood. Watch out for that too.
Posted by P-AngelThank you again! I'll keep this in mind as well as everybody's posts! It's been great seeing the different angles of this industry!
dude, that's not the concept of a home warranty ... you are misinformed.
It's true that the seller of the home has some residual liable for issues with the property that very well could run into the thousands, even 10's of thousands if it's huge, like a cracked foundation for example.
the home warranty is an insurance policy that the seller buys for a minimal price tag, that covers all qualifying issues for the whole period of time that the seller is liable.
A seller would be insane not to buy one a $ 450.00 insurance policy that covers the entire house ....
OP, he's misinformed ... you actually want to have the sellers buy a home warranty and here's why - say you found the dream house and you had your heart set on it, if the house has issues and the seller does not have the funds to repair it, then the contract will void after a period of time. Once you put a contract on a house, it HAS to close within a specific amount of time, usually 60 - 90 days. Even if you hire an inspector, he has no obligation to give you a guarantee that there isn't something wrong in it, that he didn't find. The seller is still responsible to fix the problems if they are addressed. That is if you find the problems before closing. If you hire an inspector, then the problems HAVE to be fixed before the house will close.
so, really .. using an inspector before closing could be a disadvantage to you.
whereas, if the seller buys the insurance policy, called Home Warranty, than that's a guarantee, just like any insurance policy .. that the problems will be fixed
Posted by kissmygritsUGH!!! Sorry to hear that! Is it close to her house? That is one thing I worry about are the unexpected sink holes here in FL!!!
Mom scored a foreclosure home in Weeki Wachi. It was awesome with a pool and everything but sink hole formed in her neighborhood. Watch out for that too.
I had to fix that ... that is NOT what I was wanting to say.
I love this edit feature !!!!!!
Posted by P-AngelNo worries 🙂
I had to fix that ... that is NOT what I was wanting to say.
I love this edit feature !!!!!!
Posted by Celestial_LunaLuckily she had been there a few years and was wanting to move back up to the Gulf coast anyway. It was getting bigger when they were trying to move. Hopefully the neighborhood filled it in or whatever you do to fix them. It's a nice area.Posted by kissmygritsUGH!!! Sorry to hear that! Is it close to her house? That is one thing I worry about are the unexpected sink holes here in FL!!!
Mom scored a foreclosure home in Weeki Wachi. It was awesome with a pool and everything but sink hole formed in her neighborhood. Watch out for that too.click to expand
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I am in process of purchasing my own house. Since I worked in the mortgage industry, finding a loan to suite me is on my top priority list. I spoke to my BFF who is an underwriter and she made some good points in regarding purchasing a new construction vs buying a home that is already built.
She made a point in regarding escrows for a home that is already built also made a point that a home already built or upgraded won't let me know whether or not there is a plumbing and electrical issue - since an appraisal will not tell me that.
With a new home I would be able to choose what I want and also be able to work the site while under constructions.
With this info it can help me out a lot since it will help me also see which program is available for me and most likely I will be qualified for an FHA loan.
🙂