Buying a house (Full Version)

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LafayetteLady -> Buying a house (10/18/2011 1:46:36 PM)

After moving about once a year for more than 4 years, the time has finally come to buy a house. Buying with my best friend, who is male. He has the credit, I have the down payment. We've discussed the important things about living together, i.e. having our own space, keeping the place clean (he gets a bit lax in this area), what our primary "must haves" in a house are. Not worried about should either of us start a relationship, since the chances are slim on both sides. I already have a realto I intend to use that I know from helping a friend find his house, so that not a problem.

We used Trulia.com to find listings in the area we want to be, which is pretty much within the same county, although further out. We have about SIXTY houses we are interested in, and about a half dozen that are out top picks. We have not gone to physically see any of them yet.

So I exported our "follow" list to excel and I'm working on narrowing it down to maybe a dozen or so houses, which I think is more realistic.

Things on the "must have" include a good kitchen. I'm tired of no counter space and trying to make do. I like to cook and since we will own the house, I want a kitchen I can enjoy spending time with. Obviously, a minimum of 2 bedrooms since we are platontic friends, but our top picks have 3-4 bedrooms. We don't need two full bathrooms, but a bath and a half would be nice. It's always good to have that extra toilet, ya know? Prefer an electric hot water heater, because it is more cost efficient. Don't want propane heat because it is outrageously expensive.

Regarding heat, with oil and gas prices going up so much, I was wondering if anyone knew the statistics of whether or not electric heat was becoming more economically feasible. It seems to me it would, since you can turn heat off (or way down) in rooms you aren't using. We are hoping to find a nice house with a fireplace, but it is among the first things that will be let go on our wish list.

We both are relatively handy, so some work needed is ok. I know how to lay tile and laminate flooring, how to change light fixtures, drywall, paint and that kind of stuff. This area is primarily septic, and if that isn't good, the house is off the list. Same thing with well pump issues or needing a roof.

So besides the above question, what other thoughts does everyone have about finding the "perfect" house?



Hillwilliam -> RE: Buying a house (10/18/2011 1:55:42 PM)

If you have more questions LL, you know where I am on the other side.



littlewonder -> RE: Buying a house (10/18/2011 1:59:34 PM)

I've owned two houses before, one with electric heat and another with oil heat. I absolutely hated the oil heat. I thought it was outrageously expensive, dirty and a lot of upkeep with cleaning and such. I paid and currently pay a third of the price for electric heat than I did for the oil.

Also don't rule out a house because of one thing such as a roof. Sometimes you can use that as leverage when negotiating the price of the house if it's one that you truly do love and want but normally won't consider because of that one issue.






windchymes -> RE: Buying a house (10/18/2011 2:02:57 PM)

You've probably heard this before, but it's all about the location. Better to buy the worst house in the best neighborhood than the opposite. Look at the condition of the other homes and yards in the neighborhood, not just at the house you want to buy.

You probably also know how important a home inspection is.

From personal experience, the holidays are coming. If you do find a place soon and make an offer before the holidays, plan on all the transactions slowing down drastically, because a lot of the people involved will be taking time off. Where you normally would have gotten responses to questions or offers in a day or so, it will now be a week or two or three. If you attempt to buy a foreclosure or a short sale, then god help you, lol. I did that a few years back, and it took months, mostly because of the holidays. On a foreclosure, no one's making money on it, someone's probably pissed off about it, so no one gives a damn how anxious you are to buy your new home.

Good luck!



LafayetteLady -> RE: Buying a house (10/18/2011 2:04:11 PM)

I know you are there, but I wanted everyone's opinion. Plus I'm mad raging BORED! My head is about to pop off trying to narrow down the list, lol.



Hillwilliam -> RE: Buying a house (10/18/2011 2:04:56 PM)

At least you have options.



littlewonder -> RE: Buying a house (10/18/2011 2:08:52 PM)

oh...and something I just remembered....make sure whatever house you decide on, to get a good thorough inspection before you end up buying The Money Pit. 



LizDeluxe -> RE: Buying a house (10/18/2011 2:19:46 PM)

quote:

ORIGINAL: LafayetteLady
My head is about to pop off trying to narrow down the list, lol.


Go look them in person. That will thin the herd quite quickly. I was house hunting this past spring. It's amazing how different they looked online and in photos as opposed to in person. I wish I photographed that well.



Iamsemisweet -> RE: Buying a house (10/18/2011 2:36:53 PM)

If you are buying a house with a friend, make sure you have a written co tenancy or co ownership agreement with that person, discussing who is responsible for what, how your relative interests in the house are determined, and what the process for dispute resolution is if it all goes terribly wrong.  Make sure the agreement is done in accordance with the laws of your state.  Also, take into consideration what happens to the house if something happens to one of you, like one of you dies or is unable to hold up their end of the bargain.  Talk to a real estate lawyer in your state.
I know, I know, nothing will go wrong.  It is going to be just great.  But, you asked about things you should think about, and that is my answer, based on being involved in about three disputes between co owners in the last year.  Profitable (for me) but nasty.  



kalikshama -> RE: Buying a house (10/18/2011 2:46:38 PM)

Perhaps you will find Zillow useful: http://www.zillow.com/

Good luck with the housecleaning thing! I'm not willing to share space with anyone less clean than I am unless they beat me.



LafayetteLady -> RE: Buying a house (10/18/2011 2:52:17 PM)


quote:

ORIGINAL: littlewonder

I've owned two houses before, one with electric heat and another with oil heat. I absolutely hated the oil heat. I thought it was outrageously expensive, dirty and a lot of upkeep with cleaning and such. I paid and currently pay a third of the price for electric heat than I did for the oil.

Also don't rule out a house because of one thing such as a roof. Sometimes you can use that as leverage when negotiating the price of the house if it's one that you truly do love and want but normally won't consider because of that one issue.







Most of the homes we are looking at are "as is" so there isn't much leverage available. In reality, I don't want to deal with having to negotiate over those things anyway.



LafayetteLady -> RE: Buying a house (10/18/2011 2:53:28 PM)


quote:

ORIGINAL: Hillwilliam

At least you have options.


I think I'm going to send you the listings for a couple of our "top picks" and get your opinion. OK?



LafayetteLady -> RE: Buying a house (10/18/2011 2:54:47 PM)


quote:

ORIGINAL: littlewonder

oh...and something I just remembered....make sure whatever house you decide on, to get a good thorough inspection before you end up buying The Money Pit. 


LOL. The last house I rented, was purchased in 2006, but the septic had failed since 1986! I'm all about the inspections.



LafayetteLady -> RE: Buying a house (10/18/2011 2:56:21 PM)


quote:

ORIGINAL: LizDeluxe

quote:

ORIGINAL: LafayetteLady
My head is about to pop off trying to narrow down the list, lol.


Go look them in person. That will thin the herd quite quickly. I was house hunting this past spring. It's amazing how different they looked online and in photos as opposed to in person. I wish I photographed that well.



Don't we all, lol? We intend to go look at them in person, but I want to narrow the list down some first. I don't want to look at SIXTY houses! I'm hoping by next week we can start the "in person" looking.



LafayetteLady -> RE: Buying a house (10/18/2011 3:04:44 PM)


quote:

ORIGINAL: Iamsemisweet

If you are buying a house with a friend, make sure you have a written co tenancy or co ownership agreement with that person, discussing who is responsible for what, how your relative interests in the house are determined, and what the process for dispute resolution is if it all goes terribly wrong.  Make sure the agreement is done in accordance with the laws of your state.  Also, take into consideration what happens to the house if something happens to one of you, like one of you dies or is unable to hold up their end of the bargain.  Talk to a real estate lawyer in your state.
I know, I know, nothing will go wrong.  It is going to be just great.  But, you asked about things you should think about, and that is my answer, based on being involved in about three disputes between co owners in the last year.  Profitable (for me) but nasty.  


We have already discussed the tenency issues. Should either of us die, the other gets the house. He has no family and my son is the type that would try to take the house from him. I don't want that.

I know what you mean about when things go wrong. Been there with a family estate. That's one of the reasons we are looking for a house that has enough space. "D" does a lot of modeling (you know, like building scale cars and stuff) and he needs a space just for that, because it isn't going to dominate the living room like it does in his house now. The guy really doesn't have a mean bone in his body and should be more worried about what I might do, lol. In any case, we talked about it for quite a while and with my health, this is the best option for me since when I get sick (not even an "if" anymore), there is someone who will take care of me.

With the market the way it is, the price point we are looking at with the down payment is going to give us a mortgage of maybe $500.00 a month (with taxes and insurance). He is on permanent disability, and I'm about to be, so the affordability will be relatively easy. That's why we have concluded that now is the best time to do this.

We are going to have to have a discussion about the fact that I'm putting the whole down payment in, and he is bringing the good credit, but until we find something, I'm not going to go there.



LafayetteLady -> RE: Buying a house (10/18/2011 3:10:55 PM)

Thanks kali,

I went and took a quick look over there, and there are the same houses as on Trulia.

Want to know what really is pissing me off though? The RE agents who list condos as "single family homes" to try to reel you into their office! A condo is NOT a single family home.

Luckily, I have an agent that I want to work with who I'm well aquainted with. If not, I would be firing them left and right. The agent knows what I want and she actually listens. Her only comment is that we are looking pretty far out in the county, so she is regularly saying "wow, that's far out there!" But we made the decision to do that intentionally. That is the thing I hope I don't regret.



roscho -> RE: Buying a house (10/18/2011 3:49:27 PM)

It's been mentioned... but Zillow will prevent you thinking SFH when it is really a condo/townhome Multi plex.

If you have addresses, "drive by" on google. I do that all the time. You can get such a great feel for the neighborhoods that way.

Don't let your REA or anybody else talk you into getting involved in a short sale. The success ratio is very low. Bank owned is fine, just not short sales.




tj444 -> RE: Buying a house (10/18/2011 4:16:11 PM)

ok, i like Zillow cuz it shows the value of the surrounding properties as well as the other listings, solds etc. I have been on Trulia before but i just like zillow better. I think its the one that also shows previous sold price, dates, values, etc too. i like to know the owner history of the property.

About well water,.. make sure it has a good enough flow for you, you dont want to have to lug your laundry miles away to the local laundrymat. Also, taste the water to see if you like the taste of it. I would get it tested too to make sure there arent any seepages from industry farms or dump sites or whatever. If i were you i would shower in it first too. The reason i say all this is cuz for the next month or so i am in WA state on an acreage and i hate the well water. I wont, wont, WONT shower here (I go do that at the gym anyway) and i buy bottled water to drink.. I also find there is a lot of minerals or something in the water cuz the toilet gets a yellow film from the water and needs cleaning much more often... so, that is my take on wells, but that said, i did grow up on a farm with a well.

I think a lot of the energy thing depends on how well the insulation is installed and if all the windows, joints, electrical outlets have been caulked properly or not. If you ever redo the exterior siding, i would put a layer of styrofoam insulation on it under new siding. You can also buy removable inside storm windows for the winter like these-
http://www.innergwindows.com/

I also like google earth to view the property from above and zoom in onto street level view and "look" up and down the street at the other houses (if google has done that area).

Also, is your realtor a buyer rep or is the law in your state that all realtors are working for the seller? I would use a buyer rep that represents me and only me. I would also personally verify everything about the property that is important to me. Just cuz the listing says its 1700 sq ft doesnt mean it actually is 1700 sq ft. Measure it yourself if that is important to you.



lovmuffin -> RE: Buying a house (10/18/2011 4:18:40 PM)

I know someone who went halves on some real estate with someone. Too bad they made substantial down payments. He lost his job and .......I could go on and on about how it all fucked up but IMHO it's a bad idea. They lost the house after their payments were way too far behind to catch up with all of it.

The other thing is you will do much better with a gas water heater and gas furnace. They are both the most costly if you go electric after the AC.  You will save a crap load if you use gas for those items. If you go with a Leni (spell check....pronounced len-eye) instant water heater you can save even more I think. A solar water heater is a good way to go if you live in a sunny or warm area with out too much shade on the roof.



JstAnotherSub -> RE: Buying a house (10/18/2011 4:26:23 PM)

One thing I recommend is driving around the neighborhood at different hours of the day and night.  That kept me from buying the wrong house years ago.



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