11 Tips Every First Time Homebuyer Should Know (according to Reddit)

Sep 17

When buying a property, there are so many variables to consider. I followed Reddit's discussion forums pouring over information that dozens of experienced home buyers wish they new before purchasing their first home.

TOP TIPS FOR FIRST-TIME HOME BUYERS:

Online permit search: If your prospective property is located in St. Pete, use this website to search for any permits pulled on the house for construction. Look for sinkhole repairs, new roofs, or any other construction related permits to find out what significant repairs may have been performed in the past on a property of interest.
Bills, bills, bills: This is especially important if you are moving from out of state or perhaps are moving from a smaller rented space. Call the electric company, gas company, trash pickup, water utilities and get quotes for your potential new home. Need contacts? Let me know!
Repair reserve: Set aside a conservative amount of savings specifically for unseen repairs. A busted water heater or a leaking roof can be a lot less stressful when you plan for those unanticipated repairs.
HOA Bylaws: If you are moving into an HOA neighborhood or condominium, carefully read over the bylaws. Be sure to review the HOA's balance sheet too! If the balance sheet indicates major repairs and reserves aren't available, prepare for increased dues.
Sunshine: Pay attention to which way the house is facing. Rooms with windows facing western sky can become toasty in the afternoons. Rooms facing east will get morning sunshine so dark curtains may be in order. South/North facing is ideal. However, trees can counter this logic as they provide great shade and help reduce cooling costs!
Floorplan: Furnishings, wall color, and flooring can be changed at the drop of a hat compared to layout. Make sure the floor plan works for you to avoid running into problems like a 15K steel beam in the kitchen wall.
Sirens: Pay attention to where the nearest hospitals, fire stations, police stations, and schools. Will you be okay with the noise?
Unmarried: If your unwed SO is not on the loan, the default will be to leave them off of the deed. Instruct your agent and Title Co. if you’d like this handled differently.
Drive-bys: Drive through the neighborhood and park in front of the property on weekend night and again during a thunderstorm. On the weekend trip, you will be looking for loud neighbors, disturbances, etc. On the rainy day ride, check out the elevation of the property. Will your home flood at the drop of a hat or will certain parts of the lawn experience water damage?
Inspect your inspector: A quick Google search should suffice. Though I will recommend someone who I trust, if you choose to find your own home inspector, make sure they don't have pending lawsuits and find out what their reputation is.
Clean bank statements: In the 3-months leading up to the purchase or closing of your first home, live frugally and predictably. This means no late payments, no big splurges, just a boring auto-pilot type of budget.