Buying a home?

[specialguest 0]

I am looking at buying a condo in the near future. I am getting sick of throwing money away in rent when for a couple hundred bucks more a month I can buy. Any tips for a first-time home buyer?

[Muffin 0]

In California? Good luck! Buy as much as you can possibly afford...

[NWFlyer 2]

Ask around to find a good real estate agent. Ask around to find a good lender. Don't buy more than you can afford (and chances are if your credit is good, you will get approved for way more than you actually want to be spending). Set a price range and stick with it (but for condos, make sure that you take into account monthly condo dues, which can raise that by quite a bit).

"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

[skymama 35]

Also realize that you need to budget for property taxes and insurance into what you can afford.

She is Da Man, and you better not mess with Da Man,
because she will lay some keepdown on you faster than, well, really fast. ~Billvon

[Remster 24]

Nows a good time to start looking

The market is kinda slow, and a lot of the the Ballon and Smart Mortages people are gonna be seeling now trying to get out of these stupic arrangements.

Which brings me to this: dont get one of those stupid ass mortgages. Get a traditional one, with 20% down if you can.

Get pre approved when you are ready to buy a house. And when you find the one you like, go for it.

Get a house inspection, even on a condo. Its $500 well spent.

Remster

[specialguest 0]

Anyone know how much insurance and taxes run on something around $250,000 - $300,000?

I think I am going to go buy a Buying a Home for Dummies book today.

[Muffin 0]

Quote

Get a house inspection, even on a condo. Its $500 well spent.

VERY good advice! Def get the inspection from someone YOU bring not a prearranged inspection from the seller!

[NWFlyer 2]

Quote

Anyone know how much insurance and taxes run on something around $250,000 - $300,000?

I think I am going to go buy a Buying a Home for Dummies book today.

The other thing is look for "free" seminars in your area. Yeah, they're usually run by real estate agents/mortgage lenders who are trying to get your business, but it can also contain some good info.

"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

[Slappie 9]

Watches this thread.. wish I could afford 250k in my area. I'd be in a mansion for 250k. Out in LA it might buy me a carboard box and some packing tape. I'd have to find the bridge on my own.

"Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them."

[Remster 24]

Quote

Anyone know how much insurance and taxes run on something around $250,000 - $300,000?

How long is a piece of string?

It will depend A LOT of where it is, which state, county, even street (for insurance).

That being said, in a condo, building insurance is typically paid by the association (which you pay via the montlhly Condo Fees). All you need to take care of is normally your contents insurance, which is pretty cheap normally.

Get a realtor you know and trust (ask a friend for a ref). If you are a 1st time buyer, they will help alot.

Remster

[chaoskitty 0]

Deuce is a realtor in your general area.

I am closing on my first home in less than 2 weeks. I would have been lost without my realtor. She's earned her commission.

[skydemon2 0]

Quote

Anyone know how much insurance and taxes run on something around $250,000 - $300,000?

I think I am going to go buy a Buying a Home for Dummies book today.

Taxes are usually included in the monthly payment and the association pays for insurance, thru monthy assoc. dues, depending on how fancy the condos are dues could run 100-400 a month, mine run 185 and they base it on sq footage (500 sq ft studio in SOCAL)they pay water and gas trash and maintanance on the grounds and outer building and plumbing I pay elec and phone, cable. Talk someone who specilizes in condo sales who can tell you what the total monthly bill will be.

Beauty is only skin deep, but ugly goes clean to the bone!

I like to start my day off with a little Ray of Soulshine™!!

[skymama 35]

You should be able to Google your county's Property Appraiser's website to find out how buildings are taxed in your area. You should also be able to do a record search on an address, so you can type in an address of a unit at the condo and see what someone else is paying. It's public records, so you shouldn't have a problem seeing that. I have to use the site for my county all the time for work.

She is Da Man, and you better not mess with Da Man,
because she will lay some keepdown on you faster than, well, really fast. ~Billvon

[specialguest 0]

Thanks for all the advice. I am stressing a bit since this is such a major thing. I will probably go to a month-to-month rental agreement with my apartment so I don't have to rush anything.

[NWFlyer 2]

Quote

Thanks for all the advice. I am stressing a bit since this is such a major thing. I will probably go to a month-to-month rental agreement with my apartment so I don't have to rush anything.

VERY good decision. Home buying is a lot easier when you don't need to make a snap decision. And I second the recommendation to get in touch with Deuce. He'll steer ya right. If you're lucky he'll only hump your leg when you sign the papers.

[specialguest 0]

Oh! Deuce is a person. I totally thought that was some slang for "It is good if you get a realtor in your area." I thought that was kind of weird. I figured realtors mostly work in a specific area. Man, I am still shaking my head at myself.

[NWFlyer 2]

Meet Deuce.

[StreetScooby 5]

Quote

Anyone know how much insurance and taxes run on something around $250,000 - $300,000?

In Westchester county, New York, you'd expect to pay between $800 - $1000 per month in property taxes.

Oh, BTW, property taxes always go up. They never go down. So, if you're expecting to stay in the house for the duration of the mortgage, don't forget to include this in your calculations.

We are all engines of karma

[lawrocket 3]

You've got a couple of choices. Either buy now when the money is cheap and the homes are expensive, or speculate that the homes will be less expensive in the coming months and money will be more expensive.

My belief is that now is not the time to be buying a place that you do not intend to hold on to for at least five years - especially in California.

Also, do whatever is necessary to get a fixed mortgage. The adjustable rate mortgages are not looking good right now, and there is some expectation amojng investors that there could be foreclosure rates into the 20 percent range in the next year in Cali as the ARM payments come due with principal and higher interest.

My wife is hotter than your wife.

[Slappie 9]

Quote

The adjustable rate mortgages are not looking good right now, and there is some expectation amojng investors that there could be foreclosure rates into the 20 percent range in the next year in Cali as the ARM payments come due with principal and higher interest.

Prediction for South Texas are as high as 49% ARM forclosures.

I'm in the market myself really.. I am looking fixed all the way. But, I dunno if I want to buy now or wait for the forclosures to crash the market and scoop on some sweet "cheap" property.

"Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them."

[Katzeye 0]

Get a good lender *before* you start shopping and get pre-approved. Takes tons of stress out of house shopping.

Is a chicken omelette redundant?

[Remster 24]

Quote

But, I dunno if I want to buy now or wait for the forclosures to crash the market and scoop on some sweet "cheap" property.

The market isnt rising right now, so if you wanna wait, and dont mind paying rent till then, I'd say wait a bit. Its a good time to start shopping around... That being said, int rates will go up, so you may end up paying just as much per month! lol

Remster

[Slappie 9]

Yea I'm looking in earnest now. It's about 2 years to early in my plans though. I'm still burning off bad debt from 2000. So most will roll off next year in 07. This talk of inflation and the Fed raising rates 16(going to be 17) times in a row isn't bodding well with my plans to wait. So IF i was to buy right now my APR would be in the 7.5 range ANYWAYS. So it's sort of a double edge sword, do I buy now and lock into a smaller house at 7.5 or do I wait for my credit to get better and buy later, get a better house and still pay the APR of 7.5.

"Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them."

[skymama 35]

Here is some good information about the different types of mortgages that you can get.

She is Da Man, and you better not mess with Da Man,
because she will lay some keepdown on you faster than, well, really fast. ~Billvon

[lawrocket 3]

Quote

Prediction for South Texas are as high as 49% ARM forclosures.

Predictions for California's Central Valley are up there near 40%.

My wife is hotter than your wife.