Recommended resources for home buyers?

kddani · #1 07-06-2006, 04:47 PM

I know there's been a thread on home buying before... but I wanted to get some slightly different info.

I'm looking to buy something in about a year. I know zip about real estate, etc. I would probably get a townhouse, or possibly a condo because it's just me and I don't really want to deal with a big yard and all that. It's probably not something that i'll live in for more than a few years and i'm also looking at it as somewhat of an investment.

Does anybody have any books, websites, etc. they would suggest as resources? I picked up Home Buying for Dummies and "Fix It and Flip It" today at Barnes and Noble (as ultimately i'd like to make some improvements and make a bit more money on it).

valkyrie · #2 07-06-2006, 05:25 PM

I'm sure you already know about realtor.com. You should check out Zillow to see what home values have been doing. You can search by address (a good idea if you're interested in a specific area or building).

Make sure you become very familiar with home values and trends where you are. In some areas, it's possible to make gobs of money on a condo, and in some areas, it isn't.

aephi alum · #3 07-06-2006, 05:44 PM

Talk to a realtor. As the buyer, you pay nothing for the realtor's services; the seller pays the commissions to both the buyer's and seller's realtors.

As valkyrie suggested, look at realtor.com to get an idea of what's available. The main disadvantage of realtor.com is that it doesn't provide addresses, so you may not be able to tell if a property is on a cul-de-sac, on a busy street, near a highway or railroad track, etc. When I bought my current house last fall, I brought listings I found on realtor.com to my realtor, and she threw half of them out because I'd told her I didn't want to live on a heavily trafficked street.

valkyrie · #4 07-06-2006, 05:53 PM

That's weird -- whenever I've looked at realtor.com, it always gives addresses. It must differ by location. I've noticed that it gives square footage in some areas but not others. Odd.

If you do talk to a realtor, see if he or she will send you email updates of suitable properties. I'm pretty sure most/all realtors can set up something where you automatically receive listings once a week or so. That's how we found our house.

kddani · #5 07-06-2006, 05:55 PM

Great suggestions! Like I said, i'm about a year out from buying. I'm just renewing my lease for the next year, I need to save up some down payment money.

How did you guys pick what realtor to deal with? There's so many.

Peaches-n-Cream · #6 07-06-2006, 06:19 PM

I really like this house:

http://www.realtor.com/FindHome/Home...me&poe=realtor

Squirrel Hill, PA 15232
MLS ID#: 618032

Consider buying a multiple family dwelling. You can use the rent to pay part of your mortgage, taxes, and other expenses. I know a couple who did that and made out quite nicely. Also, buy in the best neighborhood you can afford even if the home is small and needs work. It's all about location. Good luck.

kddani · #7 07-06-2006, 06:37 PM

Quote:

Originally Posted by Peaches-n-Cream

I really like this house:

http://www.realtor.com/FindHome/Home...me&poe=realtor

Squirrel Hill, PA 15232
MLS ID#: 618032

Consider buying a multiple family dwelling. You can use the rent to pay part of your mortgage, taxes, and other expenses. I know a couple who did that and made out quite nicely. Also, buy in the best neighborhood you can afford even if the home is small and needs work. It's all about location. Good luck.

Lol, I know that house. It's pretty big. Tudor's aren't my thing. This is much more my thing:

http://www.realtor.com/FindHome/Home...9&lnksrc=00002

It's about a mile up the road from my apartment. Unfortunately, it's not quite a "starter home". Lol

valkyrie · #8 07-06-2006, 06:57 PM

Quote:

Originally Posted by Peaches-n-Cream

Also, buy in the best neighborhood you can afford even if the home is small and needs work. It's all about location. Good luck.

I think the most money can be made if you buy in a neighborhood that isn't "good" yet but is improving or likely to improve in the near future. Of course, that varies by city and you have to be right when you gamble on a neighborhood.

Scandia · #9 07-06-2006, 07:12 PM

I did not know that the buyer paid nothing to the realtor.

I am looking to buy a condo for myself in about a year. I know what I want and the general areas I like. It will be a bit hard to find- I do want an attached garage.

I'll check out all those websites.

Munchkin03 · #10 07-06-2006, 07:13 PM

Quote:

Originally Posted by valkyrie

I think the most money can be made if you buy in a neighborhood that isn't "good" yet but is improving or likely to improve in the near future. Of course, that varies by city and you have to be right when you gamble on a neighborhood.

As someone who has made her life restoring old houses, I endorse this statement.

I want to buy a house so bad right now it's not even funny. I just don't have the money for an NYC-style down payment. Any other city and I would be a homeowner. We live in a duplex now, and we love our neighbors--they're our friends, so we always have them over. It's just seeming too much like Real World: Astoria.

JenMarie · #11 07-06-2006, 08:17 PM

Talk to a mortgage consultant. See how much you can spend and get pre-qualified. If they are a good, well known firm, they will refer you to a good realtor. But it's hard to start scouting for places to live if you don't know how much your loan amount will be. If you have X amount for a down-payment, but your credit won't get you a loan to cover the rest of it, you'd want to know that before you find your dream home.

Pre-quals around here are usually free.

If you can, scout the newspapers for "free homebuyer seminars." Usually they are put on by loan consultants or people in the business. And you can learn about the different types of programs available to you.

Peaches-n-Cream · #12 07-06-2006, 09:28 PM

Quote:

Originally Posted by kddani

Lol, I know that house. It's pretty big. Tudor's aren't my thing. This is much more my thing:

http://www.realtor.com/FindHome/Home...9&lnksrc=00002

It's about a mile up the road from my apartment. Unfortunately, it's not quite a "starter home". Lol

Wow! Pittsburgh has some big houses. Maybe one day.

Valkyrie raised a very good point about buying in a neighborhood that is improving or likely to improve in the near future. There can be a big payoff, but it can be risky so definitely do your homework.

I also agree with JenMarie that you should begin to get your finances and mortgage in order if you haven't done so.

RACooper · #13 07-06-2006, 09:30 PM

Also for the sake of those Canadian buyers out there... or those thinking of buying in Canada:

www.mls.ca (residential property listings)
www.cls.ca (commercial property listings)

AlphaFrog · #14 07-06-2006, 10:00 PM

Quote:

Originally Posted by Peaches-n-Cream

Consider buying a multiple family dwelling. You can use the rent to pay part of your mortgage, taxes, and other expenses. I know a couple who did that and made out quite nicely.

Check your market first, some places (such as the suburbs of Charlotte) it can be near-impossible to get rid of a multi-unit when it comes time to sell. Also, if you do decide to do something like this, read up on becoming a landlord, leases, your responsibilities, etc...

honeychile · #15 07-06-2006, 10:55 PM

Quote:

Originally Posted by kddani

Lol, I know that house. It's pretty big. Tudor's aren't my thing. This is much more my thing:

http://www.realtor.com/FindHome/Home...9&lnksrc=00002

It's about a mile up the road from my apartment. Unfortunately, it's not quite a "starter home". Lol

kddani, you just really, really blessed me. My daddy was one of the contractors on that house (and most of Nevillewood).

As for rental property, I did that for a while, and my mother still has some. I managed to find five of the world's worst tenants in the world whose best assets were owning king-sized water beds! If you're not handy, or have access to a handyman, rental property can be a real money pit!