PCF Cribz: Legendary Poster Edition

[exploited]

Yes, you can price it out before.

I also advise asking the current owners, through their realtor, for information on a couple months worth of utility bills... They might say no but most people are pretty cooperative. This allowed me to get an idea of what it was going to cost to run the place during the winter and summer months. It is also a somewhat intuitive way to gauge if there are heating/cooling problems - in my case it was apparent that we needed to re-insulate and replace the upstairs windows, which has cut the utility bills by a third.

Trying to think of other things that I learned along the way... oh, one thing I can suggest is that you take some time off, to organize all your tours on the same day or two. Honestly it is annoying to have to go to work and then go look at houses, it is a much more enjoyable experience if you can take your time and not worry about other things.

[spacemonkey]

All the bullshit fees in buying a house would probably pay the first year's mortgage.

[Saz]

[ToddStarnes]

If ownership is the goal for it's own sake then definitely wait a while, price and figure out the market, and buy with a big down payment when the free money dries up and the market retreats.

[Saz]

[exploited]

[Winchester]

[Saz]

Excellent excellent. So buying in no income tax state like FL, deduct all dem property taxes in the 10k salt, then put minimum down and write off the interest anyway (cap is 750k mortgage right?). I know you white dorks get a bad rap, but you really are doing God’s work sometimes. Gonna donate a lot to Wikipedia to pay you guys back.

[ToddStarnes]

f**k you my knees are fine

[phosphide]

Just closed on a house a week ago. Here are some helpful tips:

1. If you are in an HOA, be sure to read the HOA rules. Make sure they don't have ridiculous rules or else you'll be screwed fighting them in the future.
2. Depending on the type of house, you may want a structural engineer in addition to a inspector. We bought a pier and beam house so we wanted a second opinion.
3. Go to the house yourself and check things out. I mean really check things out. Turn on the faucets, check the hot water, open/close doors, look at vents, smell the damn carpet, etc. Sellers are really good at hiding things. Example: the sellers left a garbage can in front of a cabinet in the kitchen. Didn't think twice about it. When we moved in and I moved the trash can, the god damn cabinet fell down. It was holding it up. Very sneaky on their part.
4. Check warranties and recalls. Make sure any warranties are transferable (i.e. foundation repair) and you might get lucky that one of the major appliances needs a recall and you can get it replaced.
5. Factor in additional expenses (i.e. changing your locks, security system, lawn mower, trimmer, fridge, washer/dryer, etc.). You may have some of these things already but it's always good to do some budgeting ahead of time.
6. Check the house at different times of day. Sometimes things don't always appear the way they do. If it rains by chance, go the house and see how it handles water. Look at the gutters, french drains, etc.
7. Your a lawyer so I'm sure you are better at contract language but get the sellers to pay for as much as possible. Texas is a little different than other states but you may need title insurance. Have the sellers cover your first year warranty for example.
8. During repairs, put good contract language to ensure they do the repairs you want. The damn sellers of our house did the repairs like the day before we closed and we couldn't verify all the repairs. They also did it themselves instead of someone who is licensed.
9. Be mindful of the appraisal value. Again, might be different in Texas but ultimately if you put an offer down for $300k and the bank appraises it at $270, either the seller eats that cost or you may be splitting it. The seller could be a dick and not care at all. Now you are out of money if you want the house really bad. We got lucky and the appraisal came in over our offer so we had equity when it closed.

Just some thoughts. Good time to buy now because homes are just going to continue to go up. All the massholes are moving to DFW. Can't find a decent price home here anymore.