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Rodney · 07-07-2004, 12:43 PM

What to look for in a house? Part of that depends on you. If you just want to stay in it for a few years while it appreciates, then move up to something larger, get something small -- a condo, maybe, possibly a townhouse. Two bedrooms, max. Live in it for a few years, maybe with a roommate to help make the payments, then sell it and use the appreciation (if any) to help you buy a bigger house when you get married or whatever. In the meantime, you can also use the mortgage interest as a tax deduction, though the real attraction there is when you're up above the lower tax brackets.

If you do go for a condo or townhouse, look at the homeowner association fees, of course, and also ask around to see if there are any issues in the development -- particularly crappy workmanship or widespread construction defects (anything from mold to soil problems), lawsuits, rabid dogfighting on the HOA board, and so on. You probably want to buy something in a small development without many common amenities or common areas -- translates to lower fees and less hassle. And with a condo or any house, look for a place that's reasonably near shopping or other amenities, not out in the middle of nowhere.

The other thing about condos -- are you up for home maintenance right now? With condos, much of the maintenance and all of the groundskeeping to be done is handled by the association, not you. That's what you pay for. Single family homes are a lot more work than they appear to be. As a young, probably single guy, you might be happier letting somebody else take care of the hassle for a while.

As for where to start; you've already got the money guy lined up. Talk to him, tell him the kind of loan that you want, and have him qualify you -- tell you how much home you can buy. Then find a good agent, give her/him the info from the moneyman, and say, "what can you do for me?"

Actually, before you even do that, start looking at the real estate ads to see what's available, check out some open houses of places you think you might like, and get a good idea of what's out there. It's fun, do it. Then you'll have a pretty good idea of what you're looking for even before you talk to an agent.

07-07-2004, 12:43 PM	#2 (permalink)
Rodney Observant Ruminant Location: Rich Wannabe Hippie Town	What to look for in a house? Part of that depends on you. If you just want to stay in it for a few years while it appreciates, then move up to something larger, get something small -- a condo, maybe, possibly a townhouse. Two bedrooms, max. Live in it for a few years, maybe with a roommate to help make the payments, then sell it and use the appreciation (if any) to help you buy a bigger house when you get married or whatever. In the meantime, you can also use the mortgage interest as a tax deduction, though the real attraction there is when you're up above the lower tax brackets. If you do go for a condo or townhouse, look at the homeowner association fees, of course, and also ask around to see if there are any issues in the development -- particularly crappy workmanship or widespread construction defects (anything from mold to soil problems), lawsuits, rabid dogfighting on the HOA board, and so on. You probably want to buy something in a small development without many common amenities or common areas -- translates to lower fees and less hassle. And with a condo or any house, look for a place that's reasonably near shopping or other amenities, not out in the middle of nowhere. The other thing about condos -- are you up for home maintenance right now? With condos, much of the maintenance and all of the groundskeeping to be done is handled by the association, not you. That's what you pay for. Single family homes are a lot more work than they appear to be. As a young, probably single guy, you might be happier letting somebody else take care of the hassle for a while. As for where to start; you've already got the money guy lined up. Talk to him, tell him the kind of loan that you want, and have him qualify you -- tell you how much home you can buy. Then find a good agent, give her/him the info from the moneyman, and say, "what can you do for me?" Actually, before you even do that, start looking at the real estate ads to see what's available, check out some open houses of places you think you might like, and get a good idea of what's out there. It's fun, do it. Then you'll have a pretty good idea of what you're looking for even before you talk to an agent. Last edited by Rodney; 07-07-2004 at 12:45 PM..