First time home buyer tips / resources

 
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BigBallerBrand
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PostPosted: Wed Jan 29, 2020 11:28 pm    Post subject: First time home buyer tips / resources

I decided today I don’t want to pay $3k / month in rent anymore in SF

Any tips / articles / books I can read to help with my house search?

Will like to learn more about first time home buyer programs, putting down less than 20%, interest rates (APR versus EAR), 15 versus 30 years, using leverage to make money, best “how much house can I afford” calculators, and how to best position myself to win bids / negotiate.

I would say I’m most likely 6-12 months away from actually making a purchase (will need to pull out of my positions from stock market)
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ringfinger
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PostPosted: Thu Jan 30, 2020 7:37 am    Post subject:

- Don’t put down less than 20%
- Don’t take the $10K first time homebuyer option from 401K
- 15 or 30 year fixed rate mortgage should be the only options
- Get out of California and SF area if possible
- Get your DTI as low as possible (debt to income)
- SFR > Condo if possible, low or no HOA area if possible

(I’m just a guy, not a mortgage or real estate expert, but am a homeowner).
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governator
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PostPosted: Thu Jan 30, 2020 8:14 am    Post subject:

ringfinger wrote:
- Don’t put down less than 20%
- Don’t take the $10K first time homebuyer option from 401K
- 15 or 30 year fixed rate mortgage should be the only options
- Get out of California and SF area if possible
- Get your DTI as low as possible (debt to income)
- SFR > Condo if possible, low or no HOA area if possible

(I’m just a guy, not a mortgage or real estate expert, but am a homeowner).


solid
as far as location, differ a little bit, it was the most important thing for me and wife so if it's Cali/SF then so be it, just stay within the budget and pray price continues to go up
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LakersRGolden
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PostPosted: Thu Jan 30, 2020 10:01 am    Post subject:

Stick to budget. Once you start looking, you will start seeing places that are nicer for just a bit more and then just a bit more than that. Stay in budget.

Property taxes and HOA's will go up over time, so leave some room in your budget.

Fixed rate mortgage.
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unleasHell
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PostPosted: Tue Feb 04, 2020 10:39 pm    Post subject:

Good luck...!
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eddiejonze
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PostPosted: Tue Feb 04, 2020 10:44 pm    Post subject:

Get a house in Oakland if you still can- will reach SF levels of costly but still cheaper than there for now.
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Surfitall
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PostPosted: Wed Feb 05, 2020 4:38 am    Post subject:

The old cliche of location, location, location is true. The better your location, the better your home will retain its value,appreciate over time, and will be easier to sell. (There are times when homes are actually hard to sell!) For the sake of your own sanity, view your home as a roof over your head, not as an investment vehicle.

Last edited by Surfitall on Wed Feb 05, 2020 1:26 pm; edited 1 time in total
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vanexelent
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PostPosted: Wed Feb 05, 2020 8:07 am    Post subject:

Stay under budget, so you'll have money to buy new furniture, bbq grill, appliances... You're going to want new things in your new place.

If you're thinking of having kids in the next 3-5 years, consider what school district the house is in.

Don't buy too much house. You'll end up storing crap in rooms you don't use and rationalize having it for when "guests come over". Once you have your own place, you don't guests coming over to spend the night, unless it's in your own room (heyoooooo).
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audioaxes
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PostPosted: Wed Feb 05, 2020 1:36 pm    Post subject:

I recommend using Zillow rates to find the most competitive lenders
I also recommend looking into discount real estate brokers who give a 1+% credit...
always factor in the HOA and tax rate when home shopping... a house with a HOA and/or high tax assessments can add hundreds to what you will be paying per month
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Goldenwest
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PostPosted: Wed Feb 05, 2020 8:48 pm    Post subject:

Try not to buy near a freeway or busy street, you’ll regret it.
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DaMuleRules
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PostPosted: Wed Feb 05, 2020 9:06 pm    Post subject:

Surfitall wrote:
The old cliche of location, location, location is true. The better your location, the better your home will retain its value,appreciate over time, and will be easier to sell. (There are times when homes are actually hard to sell!) For the sake of your own sanity, view your home as a roof over your head, not as an investment vehicle.


Very, very true.

One mistake people make when it comes to real estate is that in order to chase affordability, they neglect the potential stability in regards to value, which ultimately affects equity. Without the surety your equity will increase, your investment in home ownership is at risk.
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ringfinger
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PostPosted: Fri Feb 07, 2020 10:06 am    Post subject:

DaMuleRules wrote:
Surfitall wrote:
The old cliche of location, location, location is true. The better your location, the better your home will retain its value,appreciate over time, and will be easier to sell. (There are times when homes are actually hard to sell!) For the sake of your own sanity, view your home as a roof over your head, not as an investment vehicle.


Very, very true.

One mistake people make when it comes to real estate is that in order to chase affordability, they neglect the potential stability in regards to value, which ultimately affects equity. Without the surety your equity will increase, your investment in home ownership is at risk.


Location is still important, but I do think it is less so than it has ever been.

I also generally don’t hold equity potential in too high a regard unless it is an investment property. Equity is worth little without a sale. For most people, and speaking strictly in terms of a primary residence, find a place that you can make the mortgage payment for 30 or less years and then enjoy retirement without the burden of a monthly rent/mortgage payment.

I’m not downplaying equity but most people are horrendous investors.
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governator
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PostPosted: Fri Feb 07, 2020 10:08 am    Post subject:

Don’t forget check school district
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