Has anyone bought their own home/apartment/co-op/condo
 

Well since I am officially graduated forever I hope, I am thinking of BUYING a place to live. I am thinking of getting a condo or co-op so I don't have to do the maintenance myself. Anyone have any advice on all of this? Also if anyone is on the board that lives in Long Island, I am thinking of looking for a place there. What kinds of things should I do to get started? Obviously I am clueless in this area.

I've owned my second condo for almost 5 years now (bought the first in 1995) and I would never go back to renting.

When I bought my fisrt place, the mortgage was going to be less than rent I could get anywhere close.

Don't go in over your head, get a realtor to help you look, and remember location, location, location. You will eventually want to sell it and the location will help.

I just am in the process of buying my own place..it's a beautiful condo in Blaine, Washington. It closes on the 14th of June, 5 days before I get married! 1200+ sq ft w 2 bed/2 ba and an attached garage..just enough space for the two of us :)

We own our house, but I'm quite sure the markets in Milwaukee and in Long Island are quite different. :)

I have bought and sold many properties and houses but that is in California. Sorry I can't be much help for Long Island.

I don't know anything about the NJ market, but I would recommend you check out the resale value for condos in your area before you buy.

It's not the same everywhere, but in some places they are difficult to sell when you're ready to move into something bigger.

The joke here used to be, "What's the difference between AIDS and a condo in Aurora. The answer is "Someday you'll be able to get rid of AIDS." (At least we all pray the second part is true)

So true. You also want to check out the % of renters in a particular condo. High number of renters makes it harder to sell, at least in the state of Georgia. Check out any protective covenants. I know that NY real estate is much different than any other place. Many real estate professionals have free seminars on the homebuying process. Of course they are trying to get business, but some can have really good information.

It goes without saying to pull copies of your credit report from all 3 reporting agencies. THat way, if you have an error on your report you will have time to correct it.

Regarding maintainance, make sure you understand what you "own". For instance, in many condos you own the exterior and grounds in common, but own the inside of your unit. In other words, if there is a major problem in say the parking lot, the association can assess each owner a certain amount or place a lien on your property. Also, if a pipe bursts in your unit and damages another you are liable for their damages.

Don't buy the biggest, grandest house in the neighborhood!

A couple of streets over from me, someone just bought two homes that stood next door to each other, razed them and is having this huge monstrosity built. In a neighborhood where most of the houses are in the 3,000 - 5,000 sq ft range, this thing is around 8,000 sq ft and he's gonna have one heck of a time when he wants to resell it.

Buying is a great idea, if you know the area well (what neighborhoods are good/bad, how property values have appreciated, etc) and if you can handle the down payment and mortgage payments for the property you're interested in. A realtor can help you with this, but do your own homework too.

When you buy, every time you make a mortgage payment, you're building up equity. If you later sell and move, you can potentially make a nice profit. If you rent, you have nothing to show for it at the end of your lease. Plus, your mortgage interest is tax deductible.

Good luck. :)

Ugh, I've seen people do this. It just doesn't look right at all!!!!!

thanks everyone for the tips. i am also going to go to the best people i know to help me with this decision.........**my parents**. i was speaking to one of those credit guys today and he said since i am single it may be in my best interest to go into this with them.

From the perspective of a newly-minted lawyer who has already seen several dozen cases with miserable new homeowners, a little advice:

1. READ everything, I mean every little word on every little document you get that is related to the transaction. Read every paper that comes from anyone involved - the broker, any lawyers, the sellers, the mortgage people, any inspectors or repairmen, etc. If you don't understand something, ASK. Most of the time, if you sign a contract, you're stuck with what it says. "Oops, it was teeny print and I didn't read all of it" is rarely a good defense.

2. Your new two favorite words are "Home Inspection." I don't care if the building is brand-new, built by the most fabulous builder in the history of the world, or the sellers reassure you that "everything is absolutely perfect!" Even if the sellers promise to protect you and grant you warranties, in a lot of cases, when something goes wrong with a house, it's a BIG F-ING DEAL, and if the sellers have few assets and not a lot of insurance coverage, you'll be stuck with paying out of pocket to fix the defect. Better to know beforehand, and the cost of the inspection is your best protection.

3. Your next two favorite words are "Title insurance." Get a good policy from a recognized company. Look at Rule #1 again - READ the policy, make sure you know what it covers. There are a lot of shady little surprises that can pop up with a real estate sale, and you need to be protected. I've seen clients find their "dream home" and then lose it because the seller didn't really have a valid deed. Title ins. will cover your butt. You might still lose the property, but you would get $ to compensate your damages.

[Disclaimer: This is not legal advice. I am not licensed to practice law in the State of New York. Heck, I've only been a real lawyer for a month and a half. If you need legal assistance, you should contact an attorney licensed to practice within your jurisdiction. Please don't sue me for malpractice. Have a nice day.]

I have been working in the real estate industry for about 3 years now- not tons, but enough to know better.
READ EVERY LINE OF G8Ralphaxi's post and take it to heart!
The Mortgage company requires you to purchase title insurance FOR THEM, not for you- "But the title company says they do a search!" you say? SO WHAT! I know of a neighborhood (note, not one or two houses, around 30) that are in a very pricey part of Louisville and someone went WAY back and discovered that the land was donated to the city with a stipulation to never be developed... now all these homeowners have to cough up anywhere from $20,000-$200,000 and pay to the descendants of this guy.
What does that tell you?
Home Inspections shouldn't even be an option- they should make them mandatory. Period.

I have worked at a mortgage company and also the #1 real estate company in KY. Here are me $.02:
1- Get preapproved first. The guy you talked to earlier that said you may want your parents to go in on it with you is an idiot. Only if you have to. Go see a lender- they will pull your credit. Also, if you don't plan on living there for 30 years, do not get a 30 year fixed rate mortgage. THere are balloon loans and arms that will give you a lower interest rate for the first 5-7 years and then it jumps (or asks you to pay the remaining balance) but you can REFINANCE before that if you decide to stay longer. Why pay the interest rate for a 30 or 15 year fixed when you can pay 2-5% less for the 5 years you intend on living there?

2. Interview your realtors and lenders like you would someone taking care of your children. There are hundreds and thousands of realtors and lenders in your area... you don't have to go with the first person you meet. There are realtors that are "buyer" realtors and ones that deal more with "sellers".
Also- remember that if the realtor that has listed the home is the one that also is the buyer's realtor (another words the realtor represents both the buyer and seller)... they get a full 6% commission, which is great for them. But this can lead some realtors to act unscruplulously. Having a realtor that helps you look for property and caters to your specific needs is much more important. As the buyer you pay the realtor NOTHING- the seller agrees to a 6% commission on the house with 3% going to the buyers agent and 3% going to the sellers agent. Also, be sure and let your realtor do all of the contacting and talking to the other realtor and the sellers- otherwise you may unknowingly keep them from getting their rightful commission (6% is industry standard nationwide). As for your lender, you can shop around, just like you would for a car loan. There are literally thousands of home mortgage programs, so don't hesitate to remind them that there are people willing to help you if they decide not to!

Hope this helps, feel free to contact me if you want anytime.

I am really so unprepared to do this on my own LOL. I think this will be my next biggest thing like earning a Master's degree.

Why would the homeowners have to pay the descendants 20-200K? Wouldn't the title insurance company have to pay the claim?