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I should probably mention I'm trying to buy a home 1,560 miles away

I should probably mention I'm trying to buy a home 1,560 miles away | ANY ADVICE FOR A VERY NERVOUS FIRST TIME HOME BUYER? | image tagged in its free real estate,home sweet home | made w/ Imgflip meme maker
2,229 views 29 upvotes Made by K8. 4 years ago in The_Think_Tank
36 Comments
8 ups, 4y,
1 reply
Crack House | DONT BUY A CRACK HOUSE | image tagged in crack house | made w/ Imgflip meme maker
Focus on the bones of the house. Does it have all the major things that you want that would be very difficult to add later? Make a no-compromise list, as in you wouldn't buy the house if it didnt have x, y, or z. My list was having a crawl space vs. A slab, wood burning fireplace, deck and then of course the number of rooms and bathrooms which you pretty much know what you need. For some people, gas service is a huge deal. Or being on city water/sewer vs. Septic and well.

Do NOT focus on cosmetic things. Does it look pretty? Who cares...ugly is cheaper, and you can make it pretty for low cost. I'm having my kitchen cabinets painted as we speak with sanders and everything else actively humming in the background. If you dont like the way something looks, you can change it for relatively little cost, but you cant add a 3 car garage for less than a thousand dollars, that's more like $15k at least or more.

Decide your non-negotiables, buy the house based on that, and commit to making the improvements on a reasonable schedule and budget. You can even negotiate for some of that cosmetic stuff as part of your deal. Our agent told us, leave the nasty carpet and crappy wood flooring in place and offer a credit to a buyer for new flooring of their choice instead of us spending money to make it how we want it, only for a potential buyer to walk in and say "oh that's gotta go", let them have the option to make it how they want it and include it as part of the deal. As a buyer, you hold that card so use it to your advantage.

I also know you have nearby family, so if you have a contact for a real estate agent you can trust, use that to your advantage. Don't just pick the first scheister to take your call and take them at their word.
3 ups, 4y
Also, stick to your budget, do not by any means be upsold on something you cant afford. As soon as you give your agent the price range you want to be in, most will immediately start looking for homes in that maximum price range or higher trying to get you to buy up from where you want to be. Make it clear you dont want to spend more than X dollars and stand firm, unless you truly cant get what you want for the budget you have, in which case maybe you have to move the budget goalposts. Otherwise, do not compromise. Being house-poor sucks, I did that for 3 years or so and it was terrible.
7 ups, 4y,
1 reply
Crack Pipe Smoking | image tagged in crack pipe smoking | made w/ Imgflip meme maker
Start a new hobby
3 ups, 4y
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6 ups, 4y
If its not a new house, the age of the roof is important. You sometimes can't get insurance if your roof is over 15-20 yrs old.
Also look to see if on sewer or septic. Plumbing and AC are big points also Are you looking in city, suburbs, or rural? Newer or older? Taxes and insurance rates vary by state also...
[deleted]
4 ups, 4y
Make sure the pluming and foundation are in good shape. Those are some of the big things along with making sure there is good insulation on all sides of the house. If there is a lower quality insulation then it will end up saving you n the long run if you replace it completely. I know I’m only 14 but this is what I have learned from my dad.
K8. M
3 ups, 4y,
1 reply
Thank you all for your wise advice (accepting Sydney of course but there prospect of moving my family 1500 miles may drive me to start smoking;) I will keep your counsel in mind.
1 up, 4y,
1 reply
K8. M
2 ups, 4y
I wish I could blame it on autocorrect.
3 ups, 4y
You will probably be getting Title Insurance. You have two choices, a lender policy (cheaper) or an owner policy (more expensive). A lender policy just covers the bank if there is a mortgage, an owner policy covers your investment, whether it is your down payment and equity you build along the way or if you are paying in cash without a mortgage.

I recommend getting the owner policy, let your RE agent or your Settlement Company lawyer know ahead of settlement which policy you want.
3 ups, 4y,
1 reply
YesI have advice, lucky I saw your request meme as I clicked to the frontpage of everything.
Get an engineers report on the home, even if it is Brand new because sometimes builders take shortcuts like everyone else. But otherwise with regard to an established home. Given all the possible modifications that people can do to a home outside of regulations it would be strongly in your interest to get one. For example if someone hasn't gotten permits for a garage then depending on where your buying it could end up meaning it needs to be knocked over or you just can get a permit. Usually though permits are required before any building begins.

An engineer will be able to point out leaky roofs, pipes, missing support beams anything you cant see from just looking at ground level or because you don't know what to look for. And also tell you where they have repaired something or if in a substandard way.
It may well save you thousands of dollars if there is anything amiss.
If everything is fine then you will have peace of mind going into this major purchase.

Also one other thing, property taxes. Know what they are for the value of the property and factor this into your ongoing monthly outgoings. If possible avoid states with excessive taxes and little benefit to you. Some states tax rates would stop me moving to them.

Also I note you mention about being quite a long distance away. Are you going to view before committing?
If your not then my first point is even more pertinent and if i didn't already write it already,
the engineers report needs to be done before settlement and should also be written as a conditional point in the purchase contract with the possibilty for correction of any issue or cancellation of contract because of faults. Consult with the agent about the matter and they will relay these requests to the seller. If sellers are above board they will usually not baulk at the prospect of a Proffesional inspection.
If it's not in the contract then it's not going to be enforceable in any way if it's a deal breaker issue like because the roofs about to collapse then it will be up to you to fix at your cost.
3 ups, 4y,
1 reply
I have just read what others had to say and would add that they are all good points covering most everything that should be on your priorities. I mean the ones that are talking about house advice of course and not the crack cocaine ones hahaha.
3 ups, 4y
Agreed
4 ups, 4y
Nunavut.
[deleted]
3 ups, 4y
If you are not used to moving then higher a mover.
3 ups, 4y
[deleted]
2 ups, 4y
I got no advice but... I'm sure everyone else has great advice I might use later on in life
2 ups, 4y
Watch plenty of HGTV
1 up, 4y
Well, this is pretty much the worst time to buy a house in the past 20 years, so yeah...I'd suggest you wait until it becomes a buyer's market. I may have to sell my house because I can get 2X what I paid for it 5 years ago...and then move in with parents until market comes down and I can buy something at a reasonable price.
1 up, 4y
Before you buy it, go and check it out
1 up, 4y,
1 reply
Where are you moving? I’ll tell you if you’re in luck or not.
0 ups, 4y,
1 reply
1 up, 4y,
2 replies
What state
0 ups, 4y,
1 reply
Not sure she wants that info out. She'll get back to you.
0 ups, 4y
Well if your moving on a nice town on the coast it’s gonna be expensive
0 ups, 4y,
1 reply
Did you just change your profile name?
0 ups, 4y
Yes
1 up, 4y
One more thing...I'd suggest having at least $10,000 in the bank after you've paid all closing costs because you will find things that need to be repaired. You will also most likely spend a lot of money furnishing the home, and even buying supplies for the home.
0 ups, 4y,
1 reply
Also, make sure you test the furnace and A/C unit, if applicable. When I bought the house
i'm in now, I was told the furnace was 8 years old and in good working condition and that they did not know the age of the A/C unit, but that it worked "great". When the building inspector did his walk-through, he tried to get the furnace to start...it would not start, no matter what way he tried to start it...he then asked me how old the owners said it was and when I told him 8 years he said, "come over here, I'll show you how to determine a furnaces age." Turns out the furnace was 28 years old and did not work at all. We couldn't do a proper A/C test because it was 20 degrees outside...turns out that the A/C did not work, either, but I only found that out the first summer I lived there. People who sell homes are usually good people, but there are scumbags out there willing to lie to get more money...and even sadder, there are lots of attorneys who list/sell homes for other people...and they are lying snakes who will say/do anything for more money. Be very careful and make sure you have a home inspector do a walk-through before committing to buying a home.
K8. M
0 ups, 4y,
1 reply
That was alot of info.... i'm still amazed by the fact you own a home I could have sworn you were a school kid, lol. Thanks for the tips!
1 up, 4y,
1 reply
LOL, nope. I only act like a kid. And always will. Until the moment I die, which could be anytime, just like it works for everybody. Have you asked Jeroen what he thinks? I'm sure he'd know everything you could ever possibly want to know about anything under the sun, including home-buying.

I'm so tempted to sell my home...I really like it, though...and it would be difficult to quickly find a good place to move to...my parents' house is probably not the best idea because they have cats and dogs and so do I. I may ask them if I can build a home on their back acre, though...would be made out of shipping containers...that has always been my dream domicile...rustic on the outside, but with a nice architectural flare and then very high end interiors! Wee/Tiny houses are awesome.
K8. M
3 ups, 4y,
1 reply
I've seen those shipping container homes they're pretty nifty, I'd need a whole stockyard of them for my crew though, lol. I would love to build just design your home the way you like it watch it go up from scratch. My dad built his first house himself and remodeled his current house. They have like 10 acres on a beautiful plot. I plan on eventually building there.
1 up, 4y
Nice, it's good to live near your parents. They will eventually need a lot of help from their kids. My one main goal in life is to prevent my parents from having to go into a home. I need to make more money soon because they are getting old.

When I do build my dream container home/compound, I plan to have at least five containers. That's how you can make them look architecturally beautiful.
[deleted]
0 ups, 4y,
1 reply
K8. M
0 ups, 4y
Please delete, it doesn't relate to the question and is spam
[deleted]
0 ups, 4y
Get *free real estate*
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