Starting to do research - HomeModders.com

Jdm Dina · 09-30-2007, 10:04 PM

Hello all! Got reffered here by EG6Sir from my own site. I just got married a little over a month ago! Just bought my wife a "newer" vehicle so she doesn't have to drive a manual Ej1 to work in the winter while being pregnant! So now I am looking to buy our very first house.

We live in Massatwoshits and not really looking to move out of state at this time. I am settled in my job for over 2 years now. We are looking to get a house some time next year, like around August or September.

We are not looking to spend more than 200,000 for a house we need at least 3 bedrooms, 2 baths, I want a 2 car garage.

So what advice would you all have for me and my wife right now? What are some of the things we will need to look out for? What will we have to know ahead of time?

Thanks

briansol · 10-01-2007, 03:08 AM

Welcome aboard

Mass is pretty broad. eastern, 200k won't get you a damn thing.
western and rural, you can easily get your self a nice starter home in that price range.

Advice:
with a baby on the way, take that into consideration with the time you (won't) have to spend fixing up the house. Getting an absolute shit hole for cheap might be profitable in time, but while just starting a family, it can become to much to handle.

I'd suggest looking into something that is run down, or older, and out of date, but doesn't need new walls, windows, or flooring -- even if it is hideous and ugly.

Look out for shisty realtor's. Everyone seems to 'know someone who's a realtor' but i highly suggest you don't work with someone you know. Scope a couple out. Interview them. They WANT to work for you, as your purchase gets them money. Ask a couple 3 simple questions. not even necessarily related to real estate at all. judge their CHARACTER more than their answer as fact. how they answer something will tell you a lot about the person. Are they a bullshitter? do they sound like a know-it-all lawyer? are they personable and answered honestly and truthfully?
Having a realtor that you trust is the utmost important thing in buying a home... especially your first one. I've used the same realtor in town for all 3 of my transactions to date (buying my condo, selling my condo, and buying my house). I hope she's still in the business when i move on from this place, because i honestly don't know who else i would even trust in town here. I've met and delt with many of them as the sellers agents and so forth, and they are all just annoying rats just looking to make a buck, and don't really give a shit about you- just their face on the sign out front.

august/september is generally a bad time to buy.

why? schools.

people either want to be fully settled into their new home and most likely their new school district before the start of the school year. a lot of people will simply pull their signs come july 1 if they aren't sold.

I started seriously looking in May of this year. there were 10 new places a day to look at for a while. Come mid summer, there was one new listing every other week at best. I'd suggest starting to look around april... people who want to move will start posting up around this time and plan for an early/mid june closing date.

Close on the 1st of the month.
every day after that, your closing costs go up (due to mortgage interest that must be pre-paid and taxes that are pro-rated). I closed on the 14th at my sellers request to wait 2 more weeks (as their place wasn't ready yet)- and thus, i made them re-reimburse me $1200 for property taxes and mortgage interest for those 14 days.

save up for closing costs. depending on taxes in your area, a 200k home will probably run you about 5000-7500 in closing costs. You need these in cash assets on top of anything that you're planning to put down.
Speaking of, with all this subprime fall out crap, getting a loan is harder and harder. No one is doing 100% financing any more. Do you have 40k to put down, for the 20%? if you don't, you might be in a tough place trying to secure a loan. I'd go talk to a couple finance places now to get an estimate of what they can work for you.

Obviously your wife is working now... but will she when the baby comes? be sure to factor (the lack of) her salary into all your finances and add baby expenses.
health care will go up (you need to add another dependant... usually kids aren't cheap to add) meaning your check will be smaller. and then theres feeding it and what not that will easily run you 400 a month in formula, diapers, and random crap.

do you rent or own something else right now?

Jdm Dina · 10-01-2007, 10:11 PM

Thanks for this we live in west springfield and would like to stay here or move to chicopee, hadley, ludlow, or the surrounding areas not in springfield or holyoke. My wife will continue to work after the baby is born, we wont have to worry about child care because my mother will take care of our son.

I am 32 years old and I would like to have my own house before I turn 35.

oh and we are renting right now in west springfield.

briansol · 10-02-2007, 02:53 AM

cool deal. a girl i was seeing for a bit last year was from hadley.. only about an hour and change from me

09-30-2007, 10:04 PM	#1
Jdm Dina Junior Member Join Date: Sep 2007 Posts: 7 Rep Power: 0	Starting to do research Hello all! Got reffered here by EG6Sir from my own site. I just got married a little over a month ago! Just bought my wife a "newer" vehicle so she doesn't have to drive a manual Ej1 to work in the winter while being pregnant! So now I am looking to buy our very first house. We live in Massatwoshits and not really looking to move out of state at this time. I am settled in my job for over 2 years now. We are looking to get a house some time next year, like around August or September. We are not looking to spend more than 200,000 for a house we need at least 3 bedrooms, 2 baths, I want a 2 car garage. So what advice would you all have for me and my wife right now? What are some of the things we will need to look out for? What will we have to know ahead of time? Thanks

10-01-2007, 10:11 PM	#3
Jdm Dina Junior Member Join Date: Sep 2007 Posts: 7 Rep Power: 0	Thanks for this we live in west springfield and would like to stay here or move to chicopee, hadley, ludlow, or the surrounding areas not in springfield or holyoke. My wife will continue to work after the baby is born, we wont have to worry about child care because my mother will take care of our son. I am 32 years old and I would like to have my own house before I turn 35. oh and we are renting right now in west springfield. Last edited by Jdm Dina; 10-01-2007 at 10:16 PM.

10-02-2007, 02:53 AM	#4
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 31 Posts: 499 Rep Power: 10	cool deal. a girl i was seeing for a bit last year was from hadley.. only about an hour and change from me more in a min...

10-08-2007, 10:12 PM	#6
Celerity Junior Member Join Date: Oct 2007 Posts: 7 Rep Power: 0	Anything you do outside of Massachussetts is a good move. You're GOING to be cheaper than there. Come to CT.

10-01-2007, 03:08 AM	#2
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 31 Posts: 499 Rep Power: 10	Welcome aboard Mass is pretty broad. eastern, 200k won't get you a damn thing. western and rural, you can easily get your self a nice starter home in that price range. Advice: with a baby on the way, take that into consideration with the time you (won't) have to spend fixing up the house. Getting an absolute shit hole for cheap might be profitable in time, but while just starting a family, it can become to much to handle. I'd suggest looking into something that is run down, or older, and out of date, but doesn't need new walls, windows, or flooring -- even if it is hideous and ugly. Look out for shisty realtor's. Everyone seems to 'know someone who's a realtor' but i highly suggest you don't work with someone you know. Scope a couple out. Interview them. They WANT to work for you, as your purchase gets them money. Ask a couple 3 simple questions. not even necessarily related to real estate at all. judge their CHARACTER more than their answer as fact. how they answer something will tell you a lot about the person. Are they a bullshitter? do they sound like a know-it-all lawyer? are they personable and answered honestly and truthfully? Having a realtor that you trust is the utmost important thing in buying a home... especially your first one. I've used the same realtor in town for all 3 of my transactions to date (buying my condo, selling my condo, and buying my house). I hope she's still in the business when i move on from this place, because i honestly don't know who else i would even trust in town here. I've met and delt with many of them as the sellers agents and so forth, and they are all just annoying rats just looking to make a buck, and don't really give a shit about you- just their face on the sign out front. august/september is generally a bad time to buy. why? schools. people either want to be fully settled into their new home and most likely their new school district before the start of the school year. a lot of people will simply pull their signs come july 1 if they aren't sold. I started seriously looking in May of this year. there were 10 new places a day to look at for a while. Come mid summer, there was one new listing every other week at best. I'd suggest starting to look around april... people who want to move will start posting up around this time and plan for an early/mid june closing date. Close on the 1st of the month. every day after that, your closing costs go up (due to mortgage interest that must be pre-paid and taxes that are pro-rated). I closed on the 14th at my sellers request to wait 2 more weeks (as their place wasn't ready yet)- and thus, i made them re-reimburse me $1200 for property taxes and mortgage interest for those 14 days. save up for closing costs. depending on taxes in your area, a 200k home will probably run you about 5000-7500 in closing costs. You need these in cash assets on top of anything that you're planning to put down. Speaking of, with all this subprime fall out crap, getting a loan is harder and harder. No one is doing 100% financing any more. Do you have 40k to put down, for the 20%? if you don't, you might be in a tough place trying to secure a loan. I'd go talk to a couple finance places now to get an estimate of what they can work for you. Obviously your wife is working now... but will she when the baby comes? be sure to factor (the lack of) her salary into all your finances and add baby expenses. health care will go up (you need to add another dependant... usually kids aren't cheap to add) meaning your check will be smaller. and then theres feeding it and what not that will easily run you 400 a month in formula, diapers, and random crap. do you rent or own something else right now?