What would you put on a checklist for a first time home owner who has no knowledge regarding buying a home?

2022-08-07T01:57:46-04:00

I would like to buy a home( not right now) but I have no knowledge on what to do. I was born and raised in the south bronx of New York City surrounded by others who's knowledge and drive is limited to the comfortability of remaining where they are...apartment buildings that are in poor conditions. I'm in my mid 30s with 2 sons who I want provide a house for. Even if I don't make this happen I would like to have the steps on how to buy a home so I can write it and give them the blueprint for the future generations of my family.

Response by SGT Private RallyPoint Member made Aug 7 at 2022 2:19 AM

2022-08-07T02:19:51-04:00

Find a good Realtor that you know or referred to you by a trustworthy person. They will help determine what you need, what your finances can afford, & what's available. Best of Luck!

Response by Lt Col Charlie Brown made Aug 7 at 2022 6:09 AM

2022-08-07T06:09:41-04:00

Start with building a savings account that will become your down payment. I also suggest you do a little research into what is involved in getting and maintaining a mortgage and a home...what sort of bills. Find a bank you trust (or a credit union- I recommend Navy Federal as they are in all 50 states and work with VA loans all the time but there are others as well) and many of them have checklists you can use. There are also calculators that will tell you how much "house" you can afford based on your income and other bills. Learn the "language" What's an escrow account? What is it used for? Stuff like that.

Response by Cpl Vic Burk made Aug 7 at 2022 7:21 AM

2022-08-07T07:21:18-04:00

Have the home inspected by a licensed inspector. They will know what to look for and find the issues to determine if the home is still worth buying and, so you don't have to fix them after you buy the home. Money well spent.

Response by SGT Private RallyPoint Member made Aug 7 at 2022 1:34 PM

2022-08-07T13:34:21-04:00

The only time I look for a home is when its raining. That tells me if there are runoff issues. Of course living in the SouthWest thats a serious concern. There are parts of my city since we mostly live between a mountain range and a river thatc

Response by SP5 Private RallyPoint Member made Aug 7 at 2022 7:13 PM

2022-08-07T19:13:28-04:00

SGT Private RallyPoint Member In addition to the financial aspects, include the effort needed to maintain the property - lawn, trees, landscaping, etc. When you are considering a property, be certain the the slope of the land doesn't drain directly toward the house (sad experience we had), that trees are far enough from the building not to be a problem. The list goes on..It's a worthwhile challenge

Response by SPC James Neidig made Aug 8 at 2022 2:06 AM

2022-08-08T02:06:09-04:00

Google the address of the home you are looking at and research it’s history
You don’t want to be awakened at 5 am by a FBI Raid Looking for the Previous Owner, who is wanted on Federal Embezzlement Charges, That Could totally ruin your day
The Google Search Will Also give you Other information, Such as Death’s or Other Crime’s Associated with That Address , You Also Don’t Want Druggies knocking on your door Looking for a Fix

Response by LTC David Brown made Aug 8 at 2022 6:49 AM

2022-08-08T06:49:15-04:00

Learn a little about home construction. When the home is inspected make sure you have a home inspector that will allow you to tag along. Ask questions if something doesn’t seem right. Take notes and photographs. I have found a lot of home inspectors to be worthless.

Response by MAJ Tracey Nash, CISSP, MS, GCIA made Aug 8 at 2022 12:22 PM

2022-08-08T12:22:29-04:00

Put down no less than 20% down payment - PERIOD!!

Response by SSgt Sam Del Rosario made Feb 4 at 2023 12:35 PM

2023-02-04T12:35:15-05:00

I am also from the South Bronx and I am Vet that has used by VA benefits to purchase. I also am a Realtor. Veterans are in perfect position to buy a home and there are plenty of resources and HUD counselors from the VA you can meet with prior to making the decision. You do not need 20% down to buy a home that is the whole purpose of the VA loan. However, the more money you put down the better your monthly payment will be. Keep in mind in addition to getting 100% financing you can also ask for Sellers Assist. There is a lot of info to digest and if your first step is to find a Vet who is a licensed realtor with experience under their belt. Not a hobbyist like most realtors. Someone that does it full time. And of course, I can give you info if you would like and it costs you nothing. Just one brother helping another. Change that legacy.

Response by PFC Edgar Mosier made Mar 10 at 2023 9:38 AM

2023-03-10T09:38:50-05:00

Seems NYC & Chi-Town can explain those type of "communities"...

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Response by SFC Casey O'Mally made Mar 10 at 2023 11:58 AM

2023-03-10T11:58:11-05:00

SFC Jordan Surringer gave an excellent checklist. The others have added some important thoughts (never thought to target home hunting in the rain, but that is genius!).

The only thing I would add which hasn't been mentioned, is making a very good list of needs and wants - and prioritize the wants.

When I was home hunting, schools were my absolute highest priority. I researched schools FIRST. I found what school district I wanted to be in, then I gave my realtor a list of my wants, and told here I would only look at homes zoned for that school.

Figure out what you cannot do without FIRST, and do not budge on it. It may take more time, but this is a long-term investment; you want to get it right.

Response by Maj John Bell made Mar 10 at 2023 4:14 PM

2023-03-10T16:14:31-05:00

Don't buy the most for which home you can get a mortgage. The bank doesn't care if you live on rice and generic peanut butter, as long as they get paid.

Figure out what your mortgage payment will be. Try living on what's left over minus rent for a year. If the amount in your savings account isn't significantly bigger at the end of the year, you have no room for when unexpected expenses come up. Unexpected expenses ALWAYS come up.

What is you plan if you lose your job through no fault of your own? How much time will you be able to live on your savings until you get a new job? It doesn't matter what the economy is like now, is that a realistic time period to find a comparable paying job in a poor economy? Once you start paying day-to-day living expenses with credit cards, you are drowning whether you realize it or not.

Don't buy a house if you think you will get PCS orders in the next 5-10 years. All the expenses associated with selling a home will eat EVERY PENNY of equity and then some if you turnover the house in a short period.

If you are handy, buy a house that has good bones, but needs a little TLC. Sweat equity is a great thing. A foundation or a roof that needs work is NOT good bones.

Buy the worst house in a good neighborhood, NOT the best house in a bad neighborhood.

A little bit of a commute can cut the price considerably. We live 30 minutes in light traffic from anything resembling a large town (Malls, theaters, colleges, bar and restaurant districts, etc.) Our cost per sqft is less than 2/3rds of people in OK neighborhoods close to town.

Use a home inspector, but if your state doesn't have any professional liability insurance requirement for them, check them out with a fine-tooth comb. The references they give you mean nothing. Check with the better business bureau, vets at the local VFW hall, church contacts, etc. What does the community have to say about these home inspectors.

Figure out what your mortgage payment will be. Try living on what's left over minus rent for a year. If the amount in your savings account isn't significantly bigger at the end of the year, you have no room for when unexpected expenses come up. unexpected expenses ALWAYS come up.

Response by Sgt Richard Sparkman made May 17 at 2024 7:47 AM

2024-05-17T07:47:44-04:00

Sure, starting the home-buying process means getting your finances in order, like checking your credit score and figuring out your mortgage budget. It's crucial to understand the roles of various real estate professionals and the significance of inspections.

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