PCF Cribz: Legendary Poster Edition

[Saz]

Thinking about copping a house. Please tell me what first time buyer show know. Things to consider:

1. How much down? 20% seems like a waste of cash but PMI also seems like a waste of cash.
2. Best places to look for said crib? Zillow and Redfin or something correct?
3. What should I be on the look out for? I'm big into not being screwed and particularly for something this large, I WILL NOT get screwed.
4. Whats the deal with renovations? Don't want to overpay for a newly renovated place if I can do it cheaper separately, but also don't want to buy some shithole thinking I can fix it up and then its a PITA. Is it still like the 90s where you can just find some chill mexican dudes who can generally do everything well for decent price? I'm not very "handy" obviously
5. What other things should I consider? Or what do you WISH you considered before purchasing?

TYIA and I promise to decorate my home office with printouts of legendary posts in which I have sonned each and every one of you into OBLIVION.

[The Comrade]

learn how to fix things yourself you f**k child

[ToddStarnes]

Why buy instead of rent? Unless you're in a high rent market or theres a mismatch between sale and rental costs in that market (unlikely in this economy/credit environment) its probably better to rent long term.

If you're going the reno route consider a partner with experience in the field. Spreads out risk and you will lose a lot of money the first time you do a renovation unless you know what's up. Or have a general contractor blood relative.

I bought because I have uniqune needs I cant get with a rental but I know it's probably costing me money long term. The market is insane right now. If you can wait a few years I would.

[Winchester]

1. If you can swing the 20% down do it, cheaper rates all around... but don't kill off all your cash reserves to do it either.

2. Zillow.

3. Location, location, location.

4. Make any offer contingent on a home inspection. Son that bought his house last December found major problems with part of his foundation and some electrical work, seller set up $20k in an escrow out of the sale proceeds to have him get the work done. Foundation issues would not have been found w/o the home inspector and subsequent structural engineer. They're all fixed now.

That being said, I wouldn't buy unless it's somewhere you plan to be for a while, nor would I buy if the market has been going crazy where you live. Both of my sons have bought houses, they were inexpensive ($94K and $136K) but met their needs and the house payments (PTI 15 year fixed) were about a wash compared renting.

As far as renovations, personally I'd not want anything major left that needed to be done. Dated shit that still works is fine. Painting, tearing out carpet, removing wallpaper... time consuming but easy.

[Saz]

[Saz]

[Saz]

[exploited]

Winchester has covered it all but I would again emphasize the importance of a home inspection. It is honestly better to walk away than to buy a home without one. It sucks dropping $400 bucks or more per prospective house (close to a decade since I bought my home so I'm sure prices are higher now), but it would suck a lot more to buy a house only to learn you've got $40k of work to shore it up. And the thing is that even if the house is a new build, it may be even more necessary due to the potential shoddiness of modern builders.

Do not buy a house without an inspection.

[ToddStarnes]

Do a bit more research and think it over more. This statement of yours will not always be true and if you think it is you havent fully thought things through. This is contingent on maintenance, taxes, insurance, fees, interests rates, amortization, opportunity costs, and tax structuring generally. It is far from certain.

"I will certainly come out ahead in the long run owning and that would be without factoring in any property increase."

[Saz]