Buying a home

@SarahEC (545)
United States
December 28, 2006 5:28pm CST
Me and my boyfriend have just bought a new house. This will be the first time owning a home for both of us. We have already found the one that we want and signed all the papers for it, but now we are just waiting on all the home inspections and such to get finished before we get the keys. Does anyone have any words of advice or helpful info for us?? We've done lots of reading online and stuff but I thought people that have went through it before could offer a little more real-life advice. Thanks in advance! :-)
11 people like this
79 responses
@Celanith (2334)
• United States
29 Dec 06
Waiting on the home inspections??? this is supposed to be done before you sign the paperwork. Someone scammed you. This is illegal. Who did get your loan through? Call the equal housing office in your area or your attorney general and ask about this. They tried to pull this on my son a dil once and I got in the phone and did a lot of calling and they got the key immedeately after that. Inspections have to be done before they have you sign the paper work and it is supposed to be the expense of the seller not the buyer to fix it if need.
@SarahEC (545)
• United States
29 Dec 06
Well, yeah, the sale is pending on the inspections. We were not scammed, we went through a national bank chain. lol. If anything comes back wrong with the house, we can get out of buying it or have the seller fix whatever it is. It wasn't the paperwork to actually close the sale, it was just alot of stuff at the bank saying that our credit reports were correct and everything.
3 people like this
@medooley (1874)
• United States
29 Dec 06
Yeap, I had the same thing when I bought my home... sell was contigent on the inspection, quiet common.
2 people like this
• United States
29 Dec 06
Actually - she wasn't scammed. In the US the proper way to do things is make an offer. If it's accepted - everyone signs and you have a binding contract. Then home inspection, pest inspection, appraisal, and survey come next. Why would you spend money on a home inspection if you aren't under contract? That's silly. You could spend the money and someone else could buy it before you sign. She has signed a contract but not the closing papers yet.
1 person likes this
@lilaclady (28240)
• Australia
28 Dec 06
Congratulations, buying a home is one of the best things a person can do, I bought my first place when I was quite young, only because my parents never believed in renting and I had enough to put a deposit on a flat at the time... I sold the place in three years and doubled my money and bought a unit sold that after about 12 years and now I have a house and it has been good for to own as I was made redundant from my place of work and because I owned my house I didn't have to panic. Goodluck to you both I hopw it all works out for you.
@SarahEC (545)
• United States
28 Dec 06
Thanks for the well wishes! We didn't have any money for a deposit, but we've been renting for 5 years now and we are sick of it. Besides, our house payment isn't any more than rent anyways!! Hopefully whenever we go to sell this house we'll be able to get more out of it. It's a little early to be thinking of that, though...I'm not even moved in! lol. Thanks again!!
@wildguy2 (1349)
• Canada
28 Dec 06
You have done very well, there is nothing like owning your own home, the possibilities are endless, and it also makes a great asset, with a little time and effort you can really make your own home shine. Congratulations, and welcome to mylot.
2 people like this
@SarahEC (545)
• United States
28 Dec 06
Thanks! and thanks for referring me here :) I know I am going to like this already...I spend most of my time posting on forums anyways.
3 people like this
@kbkbooks (7028)
• Canada
29 Dec 06
Be very careful to budget your income so you can make your payments without fail. Don't drive up credit card debts while decorating and organizing because that is just a trap. In the end when something happens and you can't pay the cards, they may take a lein on your house to cover the payment or worse. They may repossess furniture or other items you charge. I am happy for you. Congratulations and good luck. Be sure also that you have a good legal agreement about what will happen to the house if you ever break up, or if you get married, or if you get divorced. I know from experience its very easy to get ripped off in divorce. You should both cover your butts from the beginning out of respect for each other, not because of suspicion. It's easier to make sound decisions when you are not fighting. I don't believe in premarital contracts but I think in property ownership you should set up something in advance in case, since you are buying it together.
3 people like this
@SarahEC (545)
• United States
29 Dec 06
That is really good advice. I don't want to end up out on the streets if he gets mad at me. haha. We are trying not to acquire too much credit card debt right now, but it is hard. lol. Luckily, the whole house just had new carpet and paint and the rooms redone, so we don't have to pay anything like that, but I want to buy new curtains and area rugs and stuff. :) We aren't going too crazy though.
3 people like this
• United States
29 Dec 06
Also the biggest reason not to use your credit card is it will alter your loan approval and you might not be able to get the loan. You need to keep everything as is until the loan closes.
1 person likes this
@SarahEC (545)
• United States
29 Dec 06
Luckily for me, they only used my bf's credit report. lol. I only have one credit card open and my credit isn't very good to begin with. He has super credit, though, so we are especially not using any of his cards right now.
1 person likes this
@SULBHA (107)
• India
29 Dec 06
its a good decision ull hv taken trust in god everything will go on good.
3 people like this
@SarahEC (545)
• United States
29 Dec 06
Thanks! I'm so excited to move into our new house. We are supposed to get the keys in 2 weeks and the time is just going so slow!
3 people like this
@mbs730 (2152)
• Canada
29 Dec 06
congrats to you and I had bought my first house with my fiance at the time who is now my husband when I was almost 24. But expect a lot of responsibilities to be kept on your shoulders. Cleaning, and maintaining the house is just a small part of it. You have to pay utilities, mortgage and other bills. The outside needs work too. You have to also replace or fix some areas of the house that are faulty. It's nice having your own home but it's not an easy task owning a home.
@SarahEC (545)
• United States
29 Dec 06
Yes, that is good advice, too. We have been paying our bills together for a long time now (5 years) so we know about all that! lol. I usually do most of the cleaning, but now he will be responsible for the outside work. I hope I don't have to nag too much. haha. just kidding.
1 person likes this
@bimmer999 (1160)
• Philippines
29 Dec 06
congrats on your new house! hope you will live harmoniously with you bf cheers!
2 people like this
@SarahEC (545)
• United States
29 Dec 06
Thank you! I hope things work out well, too!!
1 person likes this
@volschenkh (1044)
• South Africa
29 Dec 06
I have learned a few very expensive lessons during the buying/selling of my last 3 homes. The first lesson was: Trust no one! Secondly: Always have a attorney/lawyer that you trust in on the deal, that is the paperwork and discussions etc. Third lesson: Do not at all trust an estate agent, even if they are working for reputable company I want to repeat, always have a lawyer by your side when you start with buying a home!
• United States
29 Dec 06
Not all real estate agents are bad. The best thing to do is do your research. Before choosing an agent - look who is number one at the board of realtors. Then check her references. Does she have other people you can talk to to see how she performs? Not all of us are irruputable and untrustworthy. I've had my license since 1998 and my mother since 1982. She was #1 at her office and #11 at the Board. She has tons of excellent references and she hasn't been sued once.
• United States
29 Dec 06
sounds like you have almost completed the deal, so just be happy and grateful..if there are things that need to be fixed up, remember you don't always get what you put into it...an example, we put a new bathroon in our last house and i went all out and used the best contractors, bought the best material, made it a nice room...problem was, we sold the house a couple years later and my beautiful bathroom was just another room to the buyers...i lost a fair amount of money..
1 person likes this
• United States
29 Dec 06
Are you to planning on getting married? If not you might want to get a contract written up before you sign the paperwork for the house stating exactly what each person will receive if you break up. There are different legal protections that the married couple will have, that you currently do not so just be careful.
1 person likes this
• Canada
29 Dec 06
Congrats!!!!!!!! When my friend first bought her house, there were leaks in the basement!! lol!!! Make sure to put lots of locks on. Good luck
1 person likes this
@SarahEC (545)
• United States
29 Dec 06
Oh no! lol. We looked at many different houses and this was the one of the only ones that didn't have a leaky basement. Luckily, it was very rainy and damp while we were house-hunting so it was pretty easy to spot the leaking ones. Hopefully we don't get any surprises!!
@jen20619 (1302)
• Ireland
29 Dec 06
Well done .I think the main advise I can give you is to stay sensible.Remember your repaymentes and stay clever with your money .Always have your payments in bank before spending your money.Good luck to both of yous.
@SarahEC (545)
• United States
29 Dec 06
Thanks. We have been paying bills for a long time, so as long as we don't go too crazy, we should be okay!!
@medooley (1874)
• United States
29 Dec 06
Congradulations on the home! I hope that either you or your boyfriend is handy around the house. Because there is always something that needs fixing. And you will end up paying threw the nose if you have someone come in and do all the things that need to be done.
1 person likes this
@SarahEC (545)
• United States
29 Dec 06
We know how to fix small things, but I'm sure we'll learn new things through the experience of owning a house.
• United States
29 Dec 06
Oh! The biggest thing is DO NOT BUY ANY NEW CARS OR FURNITURE OR ANYTHING until your loan goes through. I work in real estate and mortgage and that is the most common mistake people make. They get the house and start charging furniture. Bad Bad Bad! Don't change anything until the loan closes and you have the keys in your hands.
1 person likes this
@tambdy (1969)
29 Dec 06
Financial just make sure you will get buy and make all the payments, the worst thing is not being able to pay and getting your home taken from you. Also dont rob peter to pay paul, basically dont borrow from someone to pay another debt you will never get out of that hole. Congratulations on your success on your new home, i wish you all the best.
@ShannonK (18)
• United States
29 Dec 06
Congratulations! My wife and I have been married for 6 years and we just got our house 6 months ago. We too were tired of throwing our money away helping someone else pay their mortgage. I am glad that we now have an investment of our own. We would have done it sooner except I was in the service. God was on our side because my father and mother-in-law are in real estate. Here in California, property is going sky-high. We managed to get a lot with all utilities and even got it for 5K less than the asking price. Not to mention, my in-laws made commission of my purchase! I hope that you stay level headed about budgeting and credit. Remeber...Pay off the little debts first and then apply that amount to the bigger ones. GOOD LUCK!
1 person likes this
@malsun (1528)
• United States
29 Dec 06
wow. you must be a proud homeowner. good for you. but that means the responsibility to keep away the monthly repayments relegiously, no matter what. we bought a house recently and though it may look easy, it is the most difficult thing to do. but just your resolve will get you through and keep you away from spending that on anything else.all the best for your new home.
1 person likes this
• Canada
29 Dec 06
Congratulations SarahEC :) Home ownership is just the best feeling. I hated renting because I felt like I was just giving my money away, with nothing to show for it at the end. I hope that you will be present at the home inspection and that the home inspector will provide you with a really good written report. I'm on my fourth house and I've always found the inspections to be very informative, a good time to ask a few questions of someone who knows what they are looking at, better than I do. I also use the inspection report as a guideline to know what work I need to plan for, whether it will be new windows, doors, a roof in the next "x" number of years, that kind of thing. That way, you can save in a way that's easier on you than having to come up with the money all at once. It's exciting to own a home and to be able to do things to it and make improvements here and there. I take a lot of satisfaction even in the small things. I recently redecorated both of my daughters' rooms for them and it's like a breath of fresh air all over again. I wish you peace and happiness under your new roof... best of luck ;)
1 person likes this
@vanities (11387)
• Davao, Philippines
29 Dec 06
you have already chosen it so i presumed you really like it i mean the house...have you first ask the agent if whose the previous owner? and when it was built??for me its impt to know the history of the house...
1 person likes this
• United States
29 Dec 06
The only advise I have is to make sure BOTH of your names are on the papers! I am not saying anyting will happen but just in case you need to protect yourself and for him as well. but other than that WooHoo contrats, and have a house warming party to get the stuff you need when starting out!
1 person likes this
• United States
29 Dec 06
Congratulations on your new home and good luck. Always remember that everything will come in time with patience. I know when we moved into our new home, we wanted to do everything and anything, but didn't exactly have all that money to do it with. Just enjoy the moment and always remember that after you are done paying off your house you won't have to worry about that bill anymore! You will own something you can always call yours free and clear! That's one of the biggest achievements in life to me. Being able to own that house and live without having to worry where you will end up living, or where will the money come from to live there, is one of the biggest satisfactions in life.
1 person likes this
@jay_85 (186)
• India
10 Jan 07
hey congrats girl.. u r abt to realise ur dreams.i wont b able to help u much but want to tell you that you just be a bit more patiently for all the formalities to get over.after that it will be you and ur boyfriend..in ur dreamworld
@SarahEC (545)
• United States
12 Jan 07
Yes, we only have about a week left til we get the keys, so it's not too much longer now!
@meeshee1 (188)
• United States
20 Feb 07
Good luck and let us know how it goes!! :)