To those who are planning on purchasing a home or who is currently in the process of purchasing a home?

I am proud to say that I am in the process of owning my first home. I should close by the end of April and I am very excited to become a new homeowner, even though I wish I would have done this when I was younger. However, I have had a brief obstacle recently when I was in escrow with another home that I tried to purchase. Now, I am in escrow with another home, this time it is a brand new home as opposed to a resale that I tried to purchase last month.

I am currently learning some things about this process, but admit that I have a lot more to learn.

Maybe someone can share some things that a prospective homeowner needs to do in order to make his or her home owning experience as less stressful as possible. Thanks!

i think our systems (i'm in Canada) are pretty different.

make a generous budget of what you think you'll need at each stage and then add 20% lol. the amount of "wtf is this levy?" and "oh yeah there's this tax on a tax.."

shit adds up.

then again, that's in Canada. we love a good tax.

That way I don't have to pay PMI. But, since I am doing a 3 % conventional loan, I am stuck with paying PMI until I refinance. One thing I learned about buying a resale home is to NEVER offer more than what the seller is asking. That was one mistake I would never do again. Also, I need the seller to pay for appraisal and inspection costs or at least pay half and have it in writing, that way if the deal doesn't go through, then I will not be the only one taking the loss.

so i had to dig deep to make 20% happen, but it wasn't easy. and it took a longass time.

i think that was the problem..i was so focused on that 20% that i didn't budget for shit i just didn't know about. so each "oh and there's this adjustment.." hit me really hard lol.

i meant budget an ADDITIONAL 10-20 for "just in case's"

>so i had to dig deep to make 20% happen, but it wasn't easy.
>and it took a longass time.
>
>i think that was the problem..i was so focused on that 20%
>that i didn't budget for shit i just didn't know about. so
>each "oh and there's this adjustment.." hit me really hard
>lol.
>
>i meant budget an ADDITIONAL 10-20 for "just in case's"
>
Yeah, although I will be getting home warranty insurance, I will still need to have reserve money just in case shit happens. One of my homeboys told me that shit will happen, no matter what, so you are correct.

My concern now is knowing how I will furnish my house and what rooms are a priority, what type of furniture to get, etc.

My flooring is upgraded. I wish I could tell you what type of material it is, but it is on the marble level type of flooring. The builder is giving me a credit for my window treatments, which is great. I may be able to get plantation shutters and pay the difference, depending on the amount that I would owe. I am fine with blinds and upgrade later.

Get a good home inspector....

and have them sit down with you at the end and go over everything...

even if the house is brand new there could be foundation issues, drainage, even insulation and electrical,

...something I didnt think about was... go through the neighborhood at night or on the weekends...


I didnt do that and found out that the church down the street had a gospel rock band that did free concerts 1 a month and they were very loud ... so loud you could not have a good cookout on those days....

But, I was told that I do not need an inspector for a new home. However, that may be misinformation. Also, in regards to appraisals, the lender has say so on who is chosen, not the buyer. Oh, I have to pay mello Roos, which I was told last night by a co worker is not tax deductible. I hope that isn't true.

You are right, I will have to work. Also, I have to go furniture shopping which will be a challenge in itself.

I am not looking forward to paying the amount of mortgage that I will be paying, but I feel that I have no choice but to do it because...quite frankly, I make too much money not to own a home. I would rather to through this than have the government continue to kill me in taxes. Being unmarried and childless, at my age, has some disadvantages.

But, the home I am buying is nice..if you want, I can give you a run down on what I am getting with the home.

Well..

I hope I am told this as well as who is going to pat for it. I will find out very soon. Thanks.

I am listening. Besides, if that is the case, then it is the case. I was told something else, but I will confirm it with the builders and the agents. Either way, it is all good. I am going to get the house(hopefully), so whatever escrow instructions is given will be met on my end. Thanks.

Get a Very Good Home Inspector; it is a must. Their inspection will help you on many levels:

1. Negotiating actual cost minus work you have to do-bargain chip, what to expect...

2. Check out the neighborhood, talk to folks.

3. Cruise at different time of the day to ascertain more facts about your would be community. Streets are excellent in the winter months but Spring & summer bring another element of reality

4. Visit the police station ask for crime report or Google it-there's a national database for free.

5. If you are in the Atlantic cost, insulation. Next Step Living is one of those companies. Usually, the cost is 90% off-Yes!!! If you are paying utilities you are already paying into this fund.

5. Get an excellent lawyer, yes it might be a few hundred bucks but I strongly recommend it. Just like the home inspector this is a must!!!

6. Make sure utilities are covered in closing.

8. If you consider doing renovation, be explicit in your contract, ask for their insurance, license, make sure they get a permit(the city or town can declare your work illegal if a permit is not pull), set bench marks, pay or deduct if terms are not met

9. Most cities have primary residential clause so declare thru city to get break on your taxes.

10. Tenants, get yourself familiar with your state/city laws.




Good luck!

Everyone is crying out for peace, yes
None is crying out for justice
Everyone is crying out for peace, yes
None is crying out for justice

-P. Tosh

Noted.

:-)

**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson


"One of the most important things in life is what Judge Learned Hand described as 'that ever-gnawing inner doubt as to whether you're

If I did, I still wouldn't do it..I talk how I look. Either those who deal with me learn to love me and all the Blackness that comes with me or charge me and it to the game. :-)

a few homeowner/homebuyer info posts been up in the past month

Noted..

Even if you're going in with all cash, there's still a good chance the settlement date or time may change for a variety of reasons out of your control

I had to deal with last minute changes with the last house. I can deal with that type of patience, but I will need to work on the furnishing patience.

Don't get defeated when something comes up. A home is a living thing, so it needs to be tended to. Make your home your favorite place in the world. Beautiful, peaceful sacred and warm.

I will share this with you. At one point in my life, I never thought I would own a home. This mindset continued up until my late 30s. I guess I wasn't ready to take on such a responsibility.

But, I grew tired of paying so much in taxes and not getting anything to show for it, so I made some changes. I new understand the importance of having good credit or attempting to improve on my credit. I understand the need to prepare for retirement as well as a things such as death, illness, etc. I don't want to leave this earth not having shit to show for it, plus I make too much money not to own anything.

I will take your advice and make it a pleasant place to live for myself. :-)

Some things are common sense, such as being courteous to neighbors.

Some things are just...eh, you'll learn as you go.

Here's random things I learned throughout the years...

-Every type of grass is different, every type of tree is different. My palm trees in the front don't require any water, but the one I had in the backyard did, and....R.I.P. to the one I had in the backyard :(

-You need permits for URRRRRRRthing. You might spend some thousands paving concrete over dirt, just because you hate having to walk dirt in...then, if someone hates and reports you, or even when you try to sell it, they may say "oh wait, you never had a permit. And nope, it's too late to buy one now, you gotta remove it!" My parents re-did the kitchen, and construction was delayed for a month and a half because they needed so many permits. Maybe it's just in L.A. though.

-Make sure inspectors catch EVERYTHING before you move in. My roof had some visible wear, but was solid, and inspector said it was approved. Yet, I move in after purchase clears, and my insurance says they can't cover me until I get it completely fixed and patched up. Thing is, I actually ended up having to buy a whole new got damn roof, and having it ALL replaced...but insurance didn't even know. So I got a random call one day saying "oh yeah, we aren't covering your house because of the roof" and I said "dude it's FIXED!" I made the guy drive to see it that day, and he said "oh...you're right. Ok, you're covered."

-Try your best to not become a victim of compulsive upgrade syndrome. For me, I realized that I still had some money left over after buying the house...like a good amount, so I KEPT spending it and buying piece after piece after piece for maybe a year and a half. You realize that there's literally ALLLLLLLLLLWAYS, always always always always always something you can buy. So just realize that you don't need to have it all right away.

I'm talking about art...painting the back of the garage that people only see if you have a BBQ...a couch for that second guest room....matching towels for the bathroom...a better sound system....an even better sound system....damn I just bought a 55 inch but the 65 inch is on sale, so let me get that....these blinds are ok, but shutters will look and work better for the sun....I'm tired of waking up to water grass, let me install an automatic sprinkler system...this wine rack is nice, but let me buy some better wines to go in it.....etc etc etc etc. try your best to not get caught up with that. It's not even about keeping up with the Joneses, but just feeling like there's always something that can be improved.

Very good information.

I understand that I need an inspector and appraiser. My concern isn't making inspection. If I had issues with anything concerning the house, then the builders will fix it before moving in. I am moving in a brand new home in a brand new section of town or at least the community is new. I do have to pay Mello roos as well as HOA fees. But, aside from that, the house is very nice.

But, what you shared was shared by one of my friends. You are right, I need to not get caught up and over extending myself. I certainly do not wanna get into more debt. However, I do want to get established into this home soon because I wanna purchase a truck and luxury sports car.

Thanks for the insightful info.

the banks will gas you up with the percentage you need to put down. hopefully they printed out a full estimate of expenses for you...that'll give you a better idea of what you really will be spending when you close. if you are as far along as it sounds, this info is probably already somethign you're aware but might as well put it here for other folks.

but on the same token...you just have to have money ready for shit. closing costs gets you to the purchase but once you buy it be ready for that first big disaster. i feel like everybody who buys a home, especially that first home, has one. it doesn't have to be anything overly dramatic but after spending all that money to put down and close on the house, having to spend X a month or two after you move in on some BS you were not expecting is pretty much a disaster unless you have the money saved up. if you can help it, have something set aside for that.

>the banks will gas you up with the percentage you need to put
>down. hopefully they printed out a full estimate of expenses
>for you...that'll give you a better idea of what you really
>will be spending when you close. if you are as far along as it
>sounds, this info is probably already somethign you're aware
>but might as well put it here for other folks.
>
>but on the same token...you just have to have money ready for
>shit. closing costs gets you to the purchase but once you buy
>it be ready for that first big disaster. i feel like everybody
>who buys a home, especially that first home, has one. it
>doesn't have to be anything overly dramatic but after spending
>all that money to put down and close on the house, having to
>spend X a month or two after you move in on some BS you were
>not expecting is pretty much a disaster unless you have the
>money saved up. if you can help it, have something set aside
>for that.

This process is still new to me. So, although I learned some things from people as well as a lil experience, there is always room to earn more. Closing costs is covered. It will come down to which type of lender I will go with being I have a option to go with the in house lenders or outside lender.
I think k what you shared is sound advice, so I appreciate it. I am ready to improve the quality of my life and willing to sacrifice so e things to attain said goal. I am already have my eyes set on getting some vehicles, then focus on retirement. Thanks.

im not talking about closing and other costs that come with buying the actual house. But I am talking about shit you will need now that you own a house. Cleaning supplies. We bought a 2 story and only had 1 set of supplies before that. I got tired of hauling shit up and down the stairs all the time. Had to purchase two of everything. I mean it was only like $40 but you have enough $40 purchases that were not budgeted for and you have a problem. I think I spent almost $300 on light bulbs. Do you have a yard? Gotta buy a lawn mower, weed whacker, push broom, dust pan, bags for the yard, etc. You have a water hose? Those little things will kill your budget. At the same time they will kill your time from running to and from the store every few days. Dont forget the plungers either.

Indeed. I know..

I have to get a lot of shit. I will definitely need to learn how to budget my money while getting the necessities to maintain a house. In addition to all the things you have mentioned, I have to get some shit for my bathroom, linen plus kitchenware PLUS kitchenware foe my extended kitchen or culinary kitchen. I have to buy sheets, light bulbs and cleaning supplies like you said.

I am up for the challenge. It is time to make moves before I get too old. The good thing is that I will be living alone, so I will not be dirty ingredients up the pad too mucch. I just have to ensure that it doesn't get dusty up in there. I am buying a 2 story home, so I understand about hauling shit up and down the stairs.