Looking for house hunting tips! (and books)
Pat and I are taking that huge jump into adulthood: We're going to buy a house.
Lately, that means my life has been a dizzying array of acronyms (PITI, CDA, PMI), agent profiles and hundreds of beautiful houses, just begging to be owned.
Naturally, the first thing I turn to is a book.
It's my security blanket, OK? And buying something worth many times my salary makes me a teeny bit nervous.
I've already picked up a few books from a friend, including this monster of a tome, which have helped enormously in a more general sense -- although they all came out before the big housing bust and therefore the accompanying aid programs, pratfalls and compromises you could squeeze out of the system.
So I'm turning to my fellow bookworms!
Have any helpful books (or tips) for this first-time homebuyer?
Comments
Have the house inspected before you buy it and remember, everything's negotiable.
Posted by: Kathy | April 8, 2009 4:35 PM
Ilyce Glink has a couple of books that we appreciated, security-blanket style...
10 Steps to Home Ownership and 100 Questions Every First-Time Homebuyer Should Ask were the two that we used.
Posted by: John | April 8, 2009 5:14 PM
Nancy, you're very smart to buy in this economy, because you'll get a lot for your money.
Be sure to find yourself a terrific real estate agent. If you can, go with someone who is personally recommended, because the important qualities (honesty, knowledge of the market, ability to listen, and work ethic) are very hard to judge from paper credentials. When I bought my co-op, I had a terrific agent who was really great about pointing out the negatives along with the positives of different alternatives. The GOOD agents will do that, because their reputation (rather than a quick sale) is really important to them. They want you to be happy with your choice.
You might want to decide the maximum you're willing to spend and then add 10% (to allow for some negotiation). That's your upper limit, so my advice is not to waste time and energy looking at places priced higher than that.
I'm sure you've considered this; but if I were buying a house with someone, I'd go to an attorney to draw up a very detailed contract about individual and joint ownership rights and responsibilities and what happens if either of you die or just want "out."
And hey, be sure to get lots of room for your books, cat, and drum set. Good luck!
Posted by: Gail Farrelly | April 8, 2009 10:25 PM
After you settle, you'll need Dare to Repair: A Do-it-Herself Guide to Fixing (Almost) Anything in the Home by Julie Sussman and Stephanie Glakas-tenet.
Posted by: Eve | April 9, 2009 10:30 AM
John & Eve: Thanks for the book suggestions! They sound like exactly what we need.
Kathy: I'm going to have to find time to work on my negotiating skills! I've already been warned that I can't walk into a house and just declare it pretty. Again, no poker face...
Gail: Lots of good advice! At this point, finding a real estate agent with expertise in the neighborhoods we're looking at (the Hamilton area and Hampden) has been the most worrisome for me.
Posted by: Nancy | April 9, 2009 10:49 AM