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How do you buy a house?

DeadUtopiaDeadUtopia member
Ninth Anniversary 500 Comments
in Chit Chat
Seriously.

FI and I have only ever rented apartments and are completely ignorant about the home-buying process. I never really wanted a house, but it does seem more logical to have a home since we have children. So, now that I'm finally warming up to the idea, I want to learn as much as I can. We are definitely a few years out from buying, if at all. None of our friends have purchased homes either, so there's no one that we can really ask.

How does one start the process, what IS the process?
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Re: How do you buy a house?

  • crash2729crash2729 member
    Seventh Anniversary 2500 Comments 5 Love Its
    We have been looking online at houses for a while. We use websites like redfin and Readyrealestate.com.
    We picked a budget and a area, and after a while we contacted the realtor to show us a house.
    Once we did that we ended up looking at probably 10-15 houses before we finally found the one.

    If you have anyother questions you can PM me!
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  • emarston1emarston1 member
    5000 Comments Combo Breaker
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_buy-house?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:810f1b89-a8e4-4b73-ba8f-37a3511794e6Post:1d3e7626-78b5-48a4-9820-6b52c437016f">Re: How do you buy a house?</a>:
    [QUOTE]I am not 100% sure but I found the Buying A House board on TN to be helpful.
    Posted by edielaura[/QUOTE]
    This.  They are extremely helpful even if you just lurk.

    DH and I bought our first house this summer and it was quite the whirlwind process since we found one we loved on our first day out.  But here's what we did:

    1.  Before you meet up with any realtor, find out what your budget is.  A lot more money goes into owning your home than renting so it's not just a tit-for-tat kind of thing where if you spend 1k a month on rent that you have 1k to spend on your mortgage.  So find out realistically what you can afford each month for your mortgage, insurance, utilities, and other bills.  Keep in mind you may need to pay mortgage insurance too if you don't have the full down payment needed.

    2.  How much do you have for a downpayment?  What does your credit look like?

    3.  Get preapproved.  Call around to see what kind of interest rate you qualify for and get preapproved.  Remember just because you get approved for one number doesn't mean you can actually afford that month to month.  DH and I were approved for almost twice what we felt comfortable spending.

    4.  Contact a realtor and start looking :)  Make sure you have your list of must haves in a house.  For us it was 3 bedrooms, 2+ baths, and attached 2 car garage.  We had a bunch of "would like to haves" too but they weren't deal breakers.
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  • LP11509LP11509 member
    1000 Comments Fourth Anniversary Combo Breaker
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_buy-house?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:810f1b89-a8e4-4b73-ba8f-37a3511794e6Post:9533f3d0-c9d8-49e8-8b2d-0280fb030b43">Re: How do you buy a house?</a>:
    [QUOTE]In 3.  Get preapproved.  Call around to see what kind of interest rate you qualify for and get preapproved.  Remember just because you get approved for one number doesn't mean you can actually afford that month to month.  DH and I were approved for almost twice what we felt comfortable spending.
    Posted by emarston1[/QUOTE]<div>
    </div><div>This!  H and I are casually looking around just to see what we can get for our money in various areas.  We are waiting until I find a job before we buy though.  We did a preapproval just to see what we would get approved for.  It was a really easy process, but I'm shocked at how much they approved us for with only one income right now, especially with the amount of student loans that H has.  If we actually purchased a house worth the amount of our preapproval, we would be eating Ramen noodles and have no furniture.  </div><div>
    </div><div>And people wonder why the housing market crashed/so many people are foreclosing.  Hmmm. </div><div>
    </div><div>I will say though that Quicken Loans was really easy to work with for the preapproval process.  And they automatically sent us a new preapproval letter after the initial one expired (it is only valid for 90 days). 

    </div>
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  • emarston1emarston1 member
    5000 Comments Combo Breaker
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_buy-house?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:810f1b89-a8e4-4b73-ba8f-37a3511794e6Post:9bf8fe22-f6a7-4cba-a8e6-ae3e718d8c4d">Re: How do you buy a house?</a>:
    [QUOTE]I have another question if anyone comes back.  Did you hire inspectors for each house?  Does that get expensive?
    Posted by edielaura[/QUOTE]
    Yes, you pay for an inspection on each house.  Essentially you put in your offer with the inspection contingency saying if they find anything you don't like, you can walk away and not lose any money.

    It can get expensive but it's better than buying a house with a major problem.
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  • angele4200angele4200
    100 Comments
    OP, if you are not planning on buying a house for a few years, I would start by doing small things. Building your credit, saving for a down payment, etc. Then follow the advice given above :)
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  • achiduckachiduck member
    5000 Comments 5 Love Its
    I can't stress enough how important it is to do a "owning a house" budget with a savings account for home repairs. Your house will eventually need a new roof, water heater, etc, etc. It's never a matter of if, it's a matter of WHEN.
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  • freebread03freebread03 member
    1000 Comments Fourth Anniversary 250 Love Its First Answer
    edited January 2012
    I think we paid around 250$ to get our condo inspected after the offer was in. It was actually a cool process because we learned a lot about where things are (ie air ducts with filters that need replacing etc) walking around with the inspector. Definitely find a realtor you're comfortable with-ask friends, coworkers, neighbors for recommendations. Like previous posters said, also consider all the maintenance costs when determining what you can afford per month. While our condo fee might be considered high by some, we don't have to pay anything for external maintenance, gardening, garage door repairs etc (and we dont have to spend the time doing it either-we stay busy enough just doing repairs and upgrades inside our our unit).
    Report Reply
  • marriedfilingjointlymarriedfilingjointly
    1000 Comments Second Anniversary
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_buy-house?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:810f1b89-a8e4-4b73-ba8f-37a3511794e6Post:2f423867-c861-4632-b259-739cccab0b14">Re: How do you buy a house?</a>:
    [QUOTE]I can't stress enough how important it is to do a "owning a house" budget with a savings account for home repairs. Your house will eventually need a new roof, water heater, etc, etc. It's never a matter of if, it's a matter of WHEN.
    Posted by achiduck[/QUOTE]

    <div>THIS.  DH already owned so I can't comment on the buying process, but stuff comes up all the time.  I hate those commercials on the radio for the cookie-cutter neighborhood builders that say "quit throwing away money on rent!"  I promise, you will "throw away" money on a home you own, too.  Last year we had bat infestations twice, our driveway washed away and had to be repaved, and our A/C went out on the hottest week of the year.  Home ownership is so much more expensive than the monthly mortgage payment.  Not trying to discourage you, just adding to the chorus of "realistic budgeting."</div>
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  • DeadUtopiaDeadUtopia member
    Ninth Anniversary 500 Comments
    Thanks everyone! Yes, we have a few years (2-3 at least) before I would feel comfortable buying a home. We need to repair a few dings to our credit, I need a better job, and we need to get a good down payment savings set up (right now it's "wedding fund".)

    I personally like renting more because of repair issues, etc., but FI has his heart set on owning a home someday. It's still up in the air at the moment, but all the info was appreciated and noted. Going through probate court when my parents passed made me leery of buying a home and leaving our children to deal with what's left someday, but I know that it won't be the exact same circumstances.
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  • JeremyHeartTrenaJeremyHeartTrena
    100 Comments
    I took a real estate class when I was still in college, and I am so glad I did. I would highly suggest looking up a class. Many city/state governments have classes for buying your first home. Also try universities. There is so much to learn, and having someone to ask your (not really) stupid questions is wonderful. Also, they help you decide what kind of real estate you want (there are a lot more than you think!), as well if you are truly ready or financially able to buy a home. They give you the facts straight, since they are teachers or paid by the government. 
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  • DeadUtopiaDeadUtopia member
    Ninth Anniversary 500 Comments
    A class is actually a brilliant idea! I didn't think of that but I'm sure there's something like that in town somewhere. I'm the type of person who doesn't want to do anything unless I fully (or at least mostly) understand it, and a class would be perfect. 
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