bcorell@dartvax.UUCP (Bob Corell) (11/06/85)
After seeing the discussion a few weeks ago about having a lawyer present
at the closing it got me to thinking about my own situation which is
that my wife and I are currently looking for our first house.
I am hoping that those of you out there in net.land can give us some
advice based on your experience in looking for a house. What would you do
differently if you could? What questions should I be asking? What's the
best type of mortgage (Variable or fixed)? Should I go only with a real
estate agent or should I do some looking on my own?
If there is anything else I haven't touched on please feel free to add to
my list of questions.
Please reply by e-mail and I will summarize if there is sufficient demand.
Many thanks in Advance.
Bob Corell
.suze@terak.UUCP (Suzanne Barnett) (11/11/85)
> I am hoping that those of you out there in net.land can give us some > advice based on your experience in looking for a house. > What would you do differently if you could? First of all, are you planning on living in the house for a short time (3-5 years) or a long time (10 or more years)? If only for a short time, your personal desires in a home should take a back seat to the economic realities of investment. For example, depending on the area and the size of home, a swimming pool or spa can make the house too expensive for the neighborhood. A super house that has everything you want, but is in a largely rental neighborhood is harder to sell than a less immpresive house in a primarily owner occupied neighborhood. If you look at the house as an investment, be sure it will be one: in an area likely to appreciate, features popular with a large segment of the local population, low priced or small for the neighborhood (the value of the other properties nearby affects the value of your property, if they are higher, they raise your value, if lower, they lower yours), etc. If looking for a house for a longer term, your personnel desires should take more of a precedence. What will you be happy with 20 years from now? Identical houses in similar conditions in different neighborhoods can vary drastically in price, in a rental neighborhood, they will cost less. Of course, you won't have a stable neighborhood, but that may not matter to you. Older homes are often larger for the same price as newer homes, but they generally don't appreciate as rapidly. > What questions should I be asking? What appliances stay, what don't, average utility rates and taxes, will <anything that is broken or needs repair/paint/etc> be fixed, why is the house being sold, what are the schools, where is local shopping, what are the neighbors like (be sure to drive around the neighborhood), what is the voting district, etc. (Where is the <porch light, attic access, etc>? are also appropriate.) > What's the best type of mortgage (Variable or fixed)? Depends on your current and future financial situation. I certainly wouldn't get a variable rate mortgage unless it had a maximum percentage cap. I, personnally, don't care for the variable rate, and I don't think they are as good for resale (if assumable). But if you expect to be steadily increasing your salary for the length of the variable rate, and can get more home now, and expect it to appreciate faster than a lesser home, it could be a good deal for you. > Should I go only with a real estate agent or should I do > some looking on my own? In general, use one real estate agent who uses multiple listing service, is responsive to your wants, desires, etc. You may have to try out several if you don't care for the first one you try. But once you've found one, stick to him/her, as far as real estate agents go. But, also, read the want ads, visit open houses, see model homes, ask anyone you know that recently bought a home for their opinions, information. I have recently heard about a company that represents the buyer (not the seller, as is general) in looking for homes. A fee from the buyer is required, whether this is like typical real estate deals, where it is a percentage of the sales price and is only paid upon a sale (buy) or is a set fee and/or paid for any service I don't know. It would be worth investigating. -- ************************************************************** Suzanne Barnett-Scott uucp: ...{decvax,ihnp4,noao,savax,seismo}!terak!suze phone: (602) 998-4800 us mail: CalComp/Sanders Display Products Division (Formerly Terak Corporation) 14151 N 76th street, Scottsdale, AZ 85260