1st time home buyer advice (2025)

[TKing]

If it has a basement, look at it. Take note of its condition as well as the joists above.

If it is slab-on-grade, walk around the perimeter of the house and take note of the foundation's condition and if it'll need parging. Also look at the way any landscaping/the lawn is sloped, should be away from the foundation.

Basically just look for any potential water or moisture issues.

This 1000%, I made the mistake of not paying attention to that and first huge storm my basement flooded. Outside was sloped just enough to my house and then as I took a closer look around I noticed some repaired damage from the prior owner.

It took alot of time, money and multiple headaches to get the issue taken care of plus having to repair the inside after fixing the issue outside.

 

[badascan]

Don't skimp on your inspection. Be present and ask a lot of questions and learn about what they/you should be looking for. The bank will also do an inspection but you want one of your own.

Just research and learn and absorb the process. Don't settle on a home, find the right one.

 

[plataoplombo]

General advice for a 1st timer. Out of those, inspection. Things to pay attention to when viewing the property myself primarily or things people learned overall from the process they wish they knew before.



Late 30's pretty much. I looked into it on your advice, but my current rental is a steal in comparison. 1300 is the going rate for a 1BR apt in a complex. 2K for a similar twin / townhome in a rundown area and 4K for a big single in a good area.

With the down payment, I'd be a bit under 2K a month including everything on a 15yr mortgage. It'll trend up over time since taxes jump about $300/yr around here. Barring catastrophe, the house would be paid off before retirement and well ahead of the 15yr term.

I would check the basement/foundation for any cracks or water damage. Those are really expensive to fix. Depending on the age of the house, check the windows for level on the way in. Check the water heater and ac units for age since those can be expensive as well. Basically roof, basement, and mechanicals. All the other stuff are pretty cheap to fix. Lastly, invest in tools. You may not be real handy now but you'll learn as time goes on.

 

[Oblivian]

Also, do not listen to the buy outright people. There is nothing wrong with getting a mortgage. Many markets have rent being much higher than mortgage payment so you are literally saving money every month while building equity.

 

[koquerelle]

Make sure you save a good chunk of money for tools, furniture, lawnmower, etc.

These things add up and it's fun to be able to afford them.

 

[GSP_37]

I thought I read something about radon and carbon monoxide detection.

Maybe stake out the location multiple times of day and see if there are obnoxious people there like those who use traffic cones to claim full control over street parking, set off fireworks bombs every night past midnight.

 

[Prefect]

Also, do not listen to the buy outright people. There is nothing wrong with getting a mortgage. Many markets have rent being much higher than mortgage payment so you are literally saving money every month while building equity.

He said that it is in a rural area, which means that his house won't appreciate much nor will rent likely be expensive. In 2010, I was renting a 3 bedroom house myself for $600 a month just outside of a 5,000 pop town in Oklahoma. Housing is very reasonable in a lot of rural areas that buying is a choice and not a reason to build up equity. The economics are nothing like in metros. In Houston, much of the city saw only inflationary house growth until the last 10 years. This whole, my home is an investment, often doesn't work and you would be better just putting money into your 401k and renting.

My only comment would be don't buy a house if you plan to live there less than 5 years.

 

[Oblivian]

He said that it is in a rural area, which means that his house won't appreciate much nor will rent likely be expensive. In 2010, I was renting a 3 bedroom house myself for $600 a month just outside of a 5,000 pop town in Oklahoma. Housing is very reasonable in a lot of rural areas that buying is a choice and not a reason to build up equity. The economics are nothing like in metros. In Houston, much of the city saw only inflationary house growth until the last 10 years. This whole, my home is an investment, often doesn't work and you would be better just putting money into your 401k and renting.

My only comment would be don't buy a house if you plan to live there less than 5 years.

I live in a rural area and am in the title industry closing a lot of sales on both homesteads and rentals. Rent is not cheap at all anymore. 3 bedrooms around here are $1000+. If you bought that same house, financed at 100%, and escrowed taxes + insurance, you'd be at about $700.

I'd agree that buying right now I wouldn't look at the house as a big appreciating asset, but you'll be saving money compared to what you are renting if doing an apples to apples comparison. The same house he's buying would definitely rent for more. Then in addition to literally saving monthly, he'd be building equity. I highly agree on the less than 5 years thing, especially in a seller's market. I would largely disagree in regards to appreciation though. My first house that I bought in 08 sells for roughly 3 times what I purchased it for with very little to no improvements to it besides basic maintenance. It all depends on timing of the market.

 

[boingyman]

What do you do for work/profession? Job stability? Income? Credit score? Location? How much of a emergency fund will you have after putting down 20%, closing cost, potential furniture/renovations? Price range of home?

 

[Streeter]

HIRE TOUR OWN INSPECTOR - DO NOT GO WITH THE ONE your realtor says they will provide.

 

[RoastBeast]

Also, do not listen to the buy outright people. There is nothing wrong with getting a mortgage. Many markets have rent being much higher than mortgage payment so you are literally saving money every month while building equity.

Not many people can buy outright but why would you recommend against it? You'd be paying interest out the ass. Especially the first 15 years of a 30 year loan.

 

[RollSonnenRoll]

Might not be an issue at all for you but really look at the surrounding trees and sun light level. I love that my house has lots of mature oaks and hardwoods around. Keeps it cooler and shaded in the summer. Downside though, it requires regular trimming, gutter cleaning and as the trees have grown over time, killed all my grass from the shade.

I just had to get a tree removed at a hefty expense cause the canopy had grown so much that it shaded my entire back yard and I couldn't keep grass back there.

I've been here 8 years and I swear that tree has doubled in size

 

[heavy_hands]

Make sure the roof has plenty of overhang, it protects the house from alot of rot from rain/snow.

important for sure, a good overhang also ensures adequate intake venting from soffits. Also, I’d stay away from any homes with low-slope roofs (under 4/12 pitch)

 

[Oblivian]

Not many people can buy outright but why would you recommend against it? You'd be paying interest out the ass. Especially the first 15 years of a 30 year loan.

Many people giving that advice are basically stating never to take a mortgage and to continue renting until you can buy outright. The costs associated with owning with a mortgage (interest, repairs, etc) aren't as bad as the markup you'll pay for the rental and you'll also be building equity. People were legit saying not to get mortgages when the rates were at like 3% which was some of the dumbest advice that I've seen on Sherdog. I'm in absolutely no hurry to pay off a 3% mortgage as that money can earn a lot more elsewhere.

 

[Only Here for Attachments]

Have several houses in mind because the listing won't tell the whole story. Never ever skip inspection, and ask your agent to see the property disclosures from the owner if the agent themself doesn't offer.

 

[tgv976]

What do you do for work/profession? Job stability? Income? Credit score? Location? How much of a emergency fund will you have after putting down 20%, closing cost, potential furniture/renovations? Price range of home?

The answer to all is yes. . Everything's good with financials and work and the rest. Always buy furniture used from online estate sales when I need it. Would furnish the house this way with everything but the mattress. Better quality stuff and cheaper / dirt cheap depending on location.

 

[bubbleboyjones]

Late 30's pretty much. I looked into it on your advice, but my current rental is a steal in comparison. 1300 is the going rate for a 1BR apt in a complex. 2K for a similar twin / townhome in a rundown area and 4K for a big single in a good area.

With the down payment, I'd be a bit under 2K a month including everything on a 15yr mortgage. It'll trend up over time since taxes jump about $300/yr around here. Barring catastrophe, the house would be paid off before retirement and well ahead of the 15yr term.

I think some misc things to ask yourself;

How safe is the job you got last year and how confident if you lost it you can get another one in a reasonable amount of time from the rural house (WFH i assume)

If you buy a house I guarantee you your new hobby will be 'maintaining that house/property'. So just be aware many hours will be spent on the house itself so I don't know how valuable your time is. Just make sure thats what you want to be doing with your time because many hours will be devoted towards the house

 

[RoastBeast]

Many people giving that advice are basically stating never to take a mortgage and to continue renting until you can buy outright. The costs associated with owning with a mortgage (interest, repairs, etc) aren't as bad as the markup you'll pay for the rental and you'll also be building equity. People were legit saying not to get mortgages when the rates were at like 3% which was some of the dumbest advice that I've seen on Sherdog. I'm in absolutely no hurry to pay off a 3% mortgage as that money can earn a lot more elsewhere.

Oh yeah plus you can never save up enough for a mortgage when you're paying someone else's mortgage. My mortgage seemed high when I bought my house and now it's like 66% less than if I bought my house today on the same interest rate.

 

[chardog]

-Get info on past utility bills
-Don't buy a house with old windows that need replaced soon. Windows are a big expense.
-Inspector will check the roof, but double check the lifespan on that. Another big expense.
-Finance through a local bank/credit union, not a shitty internet lender even if they have a better rate
-Closings can get delayed. I'd plan to have an overlap between your lease and move in date.

you can add cast iron plumbing to that list, that shit is terrible, and if you have issues, it's friggin expensive to fix.... my plumbing costs have cost more than new windows throughout the house!

bring a ladder for the roof, it's fairly easy to check roof conditions, if it's missing a lot of grain compared to new, then it's old , 15 grand for new roof give or take.

 

[Protectandserve]

Good home inspection. Go over it more than once with others who know their shit too.

I had things on my house I wish I would have gotten changed/fixed. Water heater, gutters, etc.