If you could buy your first home over again, what would you do differently and why?

RallyPoint News — Mon, 16 Jul 2018 11:06:08 -0400

The decision to buy a home shouldn't overwhelm, it should excite. Let's take a look at how PenFed can help.

Response by Capt Dwayne Conyers made Jul 16 at 2018 12:32 PM

Capt Dwayne Conyers — Mon, 16 Jul 2018 12:32:59 -0400

I would have bought a bigger house...

Response by CPT Aaron Kletzing made Jul 16 at 2018 6:12 PM

CPT Aaron Kletzing — Mon, 16 Jul 2018 18:12:51 -0400

I prob wouldn't have bought a home in Cook County (Chicago) -- some of the highest property taxes in the US. And the city is still bankrupt. Go figure!

Response by SFC Private RallyPoint Member made Jul 17 at 2018 9:04 AM

SFC Private RallyPoint Member — Tue, 17 Jul 2018 09:04:58 -0400

I would have hired a home inspector from outside the county. I believe my inspector had a working relationship with either the realtor or the builder. There were many problems I discovered that he should have caught.

Response by MAJ Grant Gutkowski made Jul 18 at 2018 3:55 PM

MAJ Grant Gutkowski — Wed, 18 Jul 2018 15:55:51 -0400

I think I would have avoided using USAA. For an organization that services the military, USAA has no idea about the details and minutia of writing up a VA Mortgage. We had to have the VA contact USAA to straighten everything out. It was a very nervous time for my wife and I, as we were trying to purchase our family dream home...which, eventually we did, but it was a very embarrassing experience for USAA.

Response by SSgt Private RallyPoint Member made Jul 18 at 2018 3:59 PM

SSgt Private RallyPoint Member — Wed, 18 Jul 2018 15:59:16 -0400

I would have approved the full basement instead of the 600 sqft crawl space. Would have been a much larger basement!

Response by SFC William Stephens A. Jr., 3 MSM, JSCM made Jul 19 at 2018 8:05 AM

SFC William Stephens A. Jr., 3 MSM, JSCM — Thu, 19 Jul 2018 08:05:59 -0400

I found my dream home but now it is more expansive to build, I wish when I first saw it I could of got and my credit was better for a better interest rate.

Response by Ken Kraetzer made Jul 20 at 2018 4:12 AM

Ken Kraetzer — Fri, 20 Jul 2018 04:12:13 -0400

Made a great buying decision 20 years on our house, quiet street, right size. Seller wanted to stay in house a week after closing, which we agreed to. They did minor damage to house moving out which they refused to pay for. Required a lawsuit which we lost in arbitration months later. Key learning is don't do inspection until prior owner has moved out. A 1920s vintage house, would have installed central air right away.

Response by SGM Erik Marquez made Jul 22 at 2018 9:14 AM

SGM Erik Marquez — Sun, 22 Jul 2018 09:14:00 -0400

Different??? nothing, it was perfect for us, affordable, right price, had a host of owner capable repairs and upgrades and sold for well over what we paid after living in it 2 years and renting it out another 5 years......BUT that was dumb luck not research and experience.. So if anything Id say... learn more before you buy that first home

Response by PO1 Donald Vinson made Jul 23 at 2018 12:59 PM

PO1 Donald Vinson — Mon, 23 Jul 2018 12:59:25 -0400

I would've waited till 2008 after the housing market crashed and I would've saved a whole lot of money and headaches.

Response by Capt Mike Razor made Jul 25 at 2018 12:58 PM

Capt Mike Razor — Wed, 25 Jul 2018 12:58:30 -0400

No stairs!

Response by SSG Michael Mc Collum made Jul 25 at 2018 8:04 PM

SSG Michael Mc Collum — Wed, 25 Jul 2018 20:04:29 -0400

I would have followed JLCollins advice and NOT bought that house. I would have paid cheap rent, and invested the difference in what I would have paid in mortgage, repairs, taxes, insurance, etc. into VTSAX, and I would have been much better off than having that house all these years. I listened to a podcast where a guy, I think Air Force Officer, bought a house wherever he was stationed over the years, and rented them out when he was transferred out, and now has a sizable rental portfolio, but that's a buying to rent out hack, not really buying as a long term personal residence, which is not a particularly wise expense, all things considered.
http://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/

Why your house is a terrible investment

James Altuchercalls homeownership a part of The American Religion, so I know I’m treading dangerous ground here. But before you get out the tar and feathers, let’s do a little thought …

Response by SSG Private RallyPoint Member made Jul 26 at 2018 5:53 PM

SSG Private RallyPoint Member — Thu, 26 Jul 2018 17:53:40 -0400

Nothing it was cheap nice and give me plenty of work to fix... and pay it of in 10 years.... why change it...

Response by Sgt Jesus Rodriguez made Jul 26 at 2018 9:06 PM

Sgt Jesus Rodriguez — Thu, 26 Jul 2018 21:06:10 -0400

Check your mortgage options, NFCU has better rates than PenFed

Response by LTC Jack Regan made Jul 27 at 2018 11:52 AM

LTC Jack Regan — Fri, 27 Jul 2018 11:52:12 -0400

I'd have not used the VA loan program; their home inspector - which you are forced to use for a VA loan - was worthless. We ended up with a mess of a home. We were pretty much crammed into FT Drum before housing was available in the 80s and this was a difficult situation; the VA was no help at all.

Response by MSgt James "Buck" Buchanan made Jul 30 at 2018 5:36 PM

MSgt James "Buck" Buchanan — Mon, 30 Jul 2018 17:36:55 -0400

I would have liked to add extra cash to each payment to pay down the principle, lower ensuing payments and build equity faster...then follow that pattern with subsequent purchases.