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I am looking at actually buying a house for the first time...like mortgage payments and the whole she bang... I was wondering what some important things to ask about are? I know what basic wish list is but outisde like beds baths and kitchens I dont really know what to ask for or about...
any tips or suggestions?
Make sure you get an inspection, and make sure the sales contract has an option period that lets you back out of the contract. The inspection and option will cost a few hundred bucks, but it could save you from buying a house that needs major $ to repair.
Even new homes sometimes have shoddy workmanship that a professional inspector will catch.
Also, make an independent measurement of the square footage in the livable portion of the house. The easiest way to do that is to tell the inspector you want him/her to do it. Some builders cheat on the square footage, and you'll never catch that unless you directly measure it.
Keep in mind that if your real-estate agent works off commision, they have no incentive to help you get a good deal. They will provide you with high-ball comps (they all do this). Don't believe it. Carefully examine the appraisal instead. It will have several different values based on different methods. Offer some amount less than the lowest of the appraisals.
Read the sales contract carefully and make sure everything is filled in. Make sure to add a dependent clause on your ability to get financing at your terms. EVERYTHING is negotiable unless there's a state law against it.
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also, if you're going through a realtor, you can ask that the seller of the home pays half the closing costs, or inspections.. thats a huge help.. make sure you evaluate the intrest rate as well.. they'll sometimes try to stick you with a variable rate.. DON'T DO IT!.. those things climb up 1/2 a percent and raise your mortgage on a yearly basis.. ALWAYS go for a fixed rate.. then when rates go down, you can refinance, most of the time for free.. if you've got excellent credit, don't let them screw you over.. you want 6% intrest or lower.. its a bargaining tool that will work in your favor.. also be very careful of the lender.. if you're getting a FHA loan, they will force you to let them pay property insurance and taxes.. keep an eye on your mortgage bill to make sure thats done on time.. I've heard about mortgage companies not paying the property taxes for 3 years and the house getting put into a sherriffs auction before the home owner could pay the taxes themselves.. also.. when looking at a home.. check the foundation.. cracks in the foundation are bad news.. even hairpin fractures cause issues in later years..
make sure its at 6% , but the annual mortgage is based on what your gross income is. lets say its $4000 per month , and your down payment on a house is 20,000$ but the house costs 165k, for a 6% rate for 15 years is 8.40.
