The Dream Home
Alright, so you got that great job right out of college and your college sweetheart fortunately said yes to you even though you don’t understand the toilet seat down deal and still would rather have keg and eggs instead of mimosas and brunch. Whats next? Well you need a roof to keep the both of you safe and comfortable (and dinner parties for her).
I hope through a series of posts to take you with me through the adventure of purchasing a home. Currently my fiance and I are beginning to look and get everything in order. First a few things I have already learned or heard.
1) Through my own experience, if your not ready, don’t go into something you aren’t 100% sure about. Yes, renting is like “throwing away” your money, however, we are young, and the same reason we can take risks in our 401(k) we can wait until we are completely ready to make an enormous investment. I looked at condos this past spring, looked at a lot even got close to offering. However, my fiance was not working yet, we have a wedding to pay for, and I just was not 100% there. I told our mortgage guy and realtor this, they understand, and now that I am going back to look and homes and they still want to do business with me.
2) Work with people you can trust and like. If you can “shoot the *&@$” with your realtor or he does not laugh at your very funny joke about regulated investment companies, move on. Same with your mortgage broker.
3) Budget to know what you can afford. I covered this a few weeks ago. In this new housing market you don’t want to get in over your head.
4) Ask for advice from people. Ask co-workers, managers, and family members. These people have gone through it and can give you a lot of insight and referrals.
5) Research! You have to know your stuff. Know what an ARM is, know how property taxes work, know language, etc… There is some great material to read through and get you started on researching. Our readers should already know how much I like about.com. Its just a great starting point for any online research. Here is their article on first time home buying. In addition, major lenders have tons of resources like mortgage calculators, payment calcs, etc.. Here are a few I have used: Wells Fargo, Chase, Accunet.
6) Enjoy the hunt!
If any of our readers have a question on homebuying or my experience, leave a comment.
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