House hunting

[mysterea]

Hey guys,

Annie and I have just started house hunting, meeting with the realtor this morning. Going to go visit about 15 places today.

Seeing as most of you folks are all old and stuff, I figure I can glean some wisdom from that cobbwebby old noodle of yours before it gives up the ghost.

That being said, what's your best househunting / owning tip?

The one I deem the best will score a fiver! I'll give youall two weeks to talk amongst yourselves.

Cheers, and wish us luck
Rob

 

[Devil Doc]

#1. The real estate agent isn't working for you. He's working for the seller.
#2. Find out if there are full disclosure laws in the state you are buying a home.
#3. Find a house inspector you can trust.

Doc.

 

[AVB]

Know what you want and what you are willing to accept before you even look at a place.

 

[cincycigarman]

#1. The real estate agent isn't working for you. He's working for the seller.
#2. Find out if there are full disclosure laws in the state you are buying a home.
#3. Find a house inspector you can trust.

Doc.

x2, what he said!

 

[Fatken]

I would suggest getting familar with the area before making a decision. Maybe making a morning drive to work during rush hour.

Good luck.

Ken

 

[Anthony]

#1. The real estate agent isn't working for you. He's working for the seller.
Doc.

This is not correct, unless your agent has disclosed that he is working for the seller.

If you are working with a buyer's agent, their full responsibility is to YOU. And if you are working with an agent that's taking you out to see 15 properties, it sounds like you are working with a buyer's agent.

As for house hunting tips:

- Take notes on each house you see, noting what you like and dislike specifically about them. (eventually they all blend together)
- Look beyond the current owner's decor and furniture... that stuff won't be there when you move in. Focus on the HOUSE.
- Drive through the neighborhood of any home you might be interested in, to get a better 'feel' for the area.
- If you see a home that's a "maybe," cross it off the list and forget about it.
- If you go to open houses or showings without your realtor, don't tell them anything about yourself or your finances.
- If your realtor is not meeting your standards, or you feel like they are more focused on "selling you something" you don't want... then find another realtor.
- ALWAYS have a home inspection by a licensed inspector or engineer.

If you have more questions about the process in detail, feel free to send me a PM, I'm a full time Realtor and a Certified Buyers' Representative.

 

[Anthony]

Also, check out this link: MASS. Consumer Affairs (Real Estate)

 

[wasy]

I'm assuming its your first house.

Buy the crappiest house in the best neighborhood you can afford and it will be the best investment you have ever made.

 

[jfields]

Tip #1 Don't buy a house older than 98 unless you have a replace the hot water, roof budget, etc.. Newer houses are also more energy efficient, which means more money for cigars. :thumbs:

#2 If you have kids, or plan to, stay away from busy through streets, culdesacs are great.

#3 Referring to #2 check out the school systems. Scholastic testing averages. Find some people in the area and ask them, don't believe your realator unless they are trusted family.

#4 Ask to see a years utilites from the seller. Gas, Electric, water/sewer. This way you can find out if the house you are thinking about is an energy hog. Which means less money for cigars. :angry:

#5 Definitely ask for the seller to provide the home warranty....................it's a buyers market right now. Also do not offer full asking price, a good realator should advise you of this.

#6 Anything you put a contract on, request a home inspection, no matter how new. With a liscensed inspector.

#7 If there is a homeowners assoc., make sure you read the bylaws thouroughly and are in full agreement with them before you sign off on that part of the contract.

#8 Don't be afraid to go knock on a few doors in the neighborhood and ask the residents pros and cons of the subdivision/area. Don't take the word of just one neighborhood resident.

#9 Most MLS listings will give you statistics for the area such as crime rates, personal property taxes, etc. ask your realator for this.

#10 Newer basements are less prone to flooding, especially with walk out entryways. A sump pump is a preference.

#11 Make sure you have plenty of storage and buy a size house that allows for growth if it is in your budget.

#12 Make a list of criteria and make sure your realator shows your houses in this guidline, not what THEY WANT to show you, Ie....Garage, fireplace, office, basement, size of lot, price range, etc. Decide how many rooms or floorplans that you like, Cape Cods, Colonials, Split foyers, etc.

#13 Look for things yourself, is the yard low lying where it's going to flood everytime you have a downpour, does the finished/unfinished basement have a musty damp smell. Is there signs of mold down there? Does the furnace look like it was taken care of, etc.

#14 Ask for a years personal property tax and homeowners insurance records. When you give this info to a mortgage consultant they can give you a rough idea of just EXACTLY what your total monthly payment is going to be (if that's important) with Principal and Interest plus what the total Escrow payment will be on top of that to cover insurance & taxes.

#15 Speaking of insurance, living in an area considered a flood risk can dramatically affect your insurance rate quote, so can it, if the house has ever had a previous claim for anything. Age of the house plays a factor in insurance rates too.

#16 Be wary of a realator trying to sell you a house where they are representing the sellers. I have seen a few people fall into this trap. Not all are dishonest, but be wary............They have a lot to gain by representing the buyer and seller.

#17 Get several quotes from different mortgage companies on the house you are thinking of buying. If your realator trys to send you to one go ahead and check it out, but some do get kickbacks for sending people their way. They'll tell you how great the place they're sending you to is.............Sorry if I have offended any realators out there, just like anything, there are good ones and bad ones.


#18 Lastly, think about how far your commute from work, etc.. is going to be. Nothing can affect quality of life more than spending an aggravating amount of time stuck in traffic for hours everyday. All because you got a bigger house that was way far away from your job or relatives.

#19 Lastly, lastly, Don't buy the biggest house in the neighborhood, buy smaller to mid. This will give you a greater return on your investment when you go to sell it. The larger houses have a harder time pushing the envelope on re-sale. I found this out the hard way.

Good luck Rob! Give me a call if you have any questions you think I might be able to answer for you. You have my number................Just don't sound like a telemarketer!!!! :laugh:

Edited because I can't spell.

 

[Gonz]

When looking at what you can afford, be sure to consider all the costs outside of your monthly mortgage payment. Utilities are an obvious one. But other things like lawn maintenance, snow removal, monthly association fees can add up fast.


Don't be afraid to be particular (some might call it "anal") about what you're looking for. The market is so crappy now that alot of sellers are desperate to get rid of their houses, and you'd be surprised what you could bargain for.

 

[mmburtch]

When it comes to it, you're better off buying the neighborhood you want to live in, than the "perfect" set of four walls. Schools, even if you don't have kids, 'cause the person you may want to sell it to later might. Who lives on the street, Retirees, young families, renters, Rainbow warriors?

You're back there in the land of heating oil, if the tank is underground get the soil tested as a condition. Cleaning up from a leaking oil tank can cost up to 20K.

Have fun, and since it is a buyers market right now, get what you want for the price you want.

 

[MX]

Hit the Police Stations and Courts that service the area you want to buy in, get the stats.

Also, I made out real well, when I contracted on a house that already in construction, but not finished. Got a lot of upgrades for free because of the market, and it was not as buyer friendly as it is now.

Check the Taxes for several counties if you can live in more than one.

Look into the School Districts as well (already been said)

If possible, make sure it already has a temp and humidity controlled room for you and your favorite "children"

 

[tsmckenney]

Rob,

- We bought our house 4 years ago. Our agent is a family friend. That's key. If they don't work for you, you tell everyone you know and they're cooked. Ultimately, you make the decision on what to buy. The agent is most useful during closing. Biggie, but not that big.

- The energy stuff. Yeah, it's important, but we checked all of that information and in the end it did not play into our decision. If you really like a place and the numbers are a little higher, you fix that later. No biggie.

- School districts. Did not play into our decision at all. We knew we would be in this house less than 7 years. No biggie.

- Neighbors. If your into a house, tour the neighborhood at night. Park your car and sit there. Listen for barking dogs, domestic abuse, gun shots. See who's walking the streets. Is it close to a park? Are the teenage ruffians hanging out at the park? Lots of goth kids are great, they don't f.ck with anyone. Check out who your neighbors are. Unless you're a recluse, this is key. Your neighbors will watch your house when your gone. They will pull kids out of your yard when you're at work. They'll snowblow your driveway when your shit is broke. This is key. Biggie.

- How big of a yard do you want? Gonna have a dog? Again, this depends on how long you're going to plan on being here. Biggie, but not that big.

- If you're living in the city, buy a corner lot. So much more privacy and one of the best decisions we made. Biggie.

- If you're not planning on living there for more than 7 years, get a house that you can move right into. Don't get some fix-er-upper unless you are looking to turn a buck. I would call that buying a house vs. buying a home. This was another one of the decisions we made that was a big thumbs up. Get a place that is in good shape. You like the floors, the shingles are cool, etc. Biggie.

- Make sure it stays dry. Look for water damage and look closely. If you have basements, get a place that has a dry basement as well. Cuz let's face it, that's where all your shit is going to be. Which is fine, basement is the best place for a coolidor. Seriously, you do not want to be dealing with water. Biggie.

- I don't think there's much point in worrying about little shit, like does a faucet drip or is a pipe leaking. That crap is going to happen later anyway. And you'll sit in your bathroom getting pissy about why those bastards did this or that or whatever. No matter what, you're going to deal with piddley shit. No biggie.

- As far as the resell value and all that. Just don't do anything stupid. Personally, I'd rather be comfortable and happy for 7 years than make an extra $20,000 or even $40,000. That's just me.

That's what comes to mind when I think of getting into a home. Hope it helps. If not, gfy.

Mick

One other thing. Just about every city's police department can print you a precinct crime map. These maps show you exactly what's happened in the neighborhood and exactly where it happened. Auto theft, shootings, rape, assault, burglary, everything. Get a few years worth of those and see what direction the neighborhood is headed. Biggie.

 

[theorangeman]

#1. The real estate agent isn't working for you. He's working for the seller.
#2. Find out if there are full disclosure laws in the state you are buying a home.
#3. Find a house inspector you can trust.

Good tips, however, as it relates to #1 - although that is technically correct, the reality is that the agent really isn't working for either party (most of the time). Even when selling your home, I've found it exceedingly important to remind myself of this. As it relates to #3 - that is DEFINITELY the truth! Having a good home inspector can make all the difference in the world. Become educated about what questions to ask a home inspector so that you can interview them and select the best one (from the short list that you will probably have from referrals).

Good luck to you!

 

[Shooter]

What I did was find an area i wanted to live in on a map. I sent the realtor a list of must haves on the house and some things that would be nice. I asked him to email the listing to me. I then plotted them on the map, if they weren't in the general area, they would have to be a deal or something extrodinary for me to go look. I would then drive around to the ones that made the cut. Maybe ten percent of those I drove around and looked at warranted calling the realator for an inside look. I was upfront with the realator and told hime I wasn't going to buy anything I didn't want.

Also never get emotionally attatched to a house "We just have to have that one" you'll end up paying too much. You don't make money in real estate when you sell houses. You make the money when you buy em. Think about that for awhile.

 

[Fia]

Lots of good ideas suggested. Might I add that when you go to visit houses to take you digital camera. You can go back over the pics with your wife and start talking about some of the pros and cons of each one. As it is already suggested, it sounds very prudent to get a home inspector before signing off on any house! Good Luck :thumbs:

 

[Anthony]

There's a lot of great advice here. I just want to clarify one point. And it really is one of the most misunderstood things in all of residential real estate.

The realtor is always representing one party or the other (buyer or seller - never ''neither'') and owes that party full fiduciary reaponsibility. The only case in which this is not true is ''disclosed dual agency' (legal in massachusetts), in which case the realtor is representing both parties with consent of both.

As a buye, the best way to avoid problems with this is to work with an exclusive buyers agent under contract to you. This way you know they are ALWAYS representing your best interests.

 

[Devil Doc]

There's a lot of great advice here. I just want to clarify one point. And it really is one of the most misunderstood things in all of residential real estate.

The Realtor is always representing one party or the other (buyer or seller - never ''neither'') and owes that party full fiduciary responsibility. The only case in which this is not true is ''disclosed dual agency' (legal in Massachusetts), in which case the Realtor is representing both parties with consent of both.

As a buyer, the best way to avoid problems with this is to work with an exclusive buyers agent under contract to you. This way you know they are ALWAYS representing your best interests.

Doesn't this result in paying double the commission fees? IE. The seller paying the listing agent a commission and the buyer paying a commission to his agent? The end result being you're paying too much in commission fees?

Oh, one other little hint, find an agent who has been through a couple of boom and bust cycles. They're a lot of amateurs out there selling real estate. You'll save yourself a lot of aggravation at closing.

Doc.

 

[jfields]

There's a lot of great advice here. I just want to clarify one point. And it really is one of the most misunderstood things in all of residential real estate.

The Realtor is always representing one party or the other (buyer or seller - never ''neither'') and owes that party full fiduciary responsibility. The only case in which this is not true is ''disclosed dual agency' (legal in Massachusetts), in which case the Realtor is representing both parties with consent of both.

As a buyer, the best way to avoid problems with this is to work with an exclusive buyers agent under contract to you. This way you know they are ALWAYS representing your best interests.

Doesn't this result in paying double the commission fees? IE. The seller paying the listing agent a commission and the buyer paying a commission to his agent? The end result being you're paying too much in commission fees?

Oh, one other little hint, find an agent who has been through a couple of boom and bust cycles. They're a lot of amateurs out there selling real estate. You'll save yourself a lot of aggravation at closing.

Doc.

That's what I was talking about being wary of an agent showing you houses they have listed. They would be getting the commision from both ends of the sale. Even though they have to disclose this, it's a conflict of interest in my opinion. A realtor that i know will turn the prospective buyers over to any realtor the clients choose to avoid this situation.

As far as crime goes. You don't need to go to a police station. Realtors should be able to look this up off of any area MLS listing and give you crime statistics, average median incomes, etc.

 

[Ginseng]

Great tips and I've got nothing to add on the technical aspects. We've bought two houses and in two years will be moving again.

My sole advice is not to let yourself fall in love with any of the houses you see. Go out as if you were being contracted to buy a house for a stranger with the same family situation and needs as you. Once it becomes emotional, you've lost the objectivity and perspective you need to fully protect yourself and your interests in what will probably be the most significant financial transaction of your lives.

Best of luck and happy hunting.

BTW, buying a house is to selling as shopping for Christmas presents is to getting stripped naked and chased down the street by rabid, hungry coyotes.

Wilkey