First Time Homebuyer

[jdlilfan]

Well I think I'm going to take the plunge and save for a down payment and look into buying a house next year. Right now I live with Mom & Dad and commute an hour to work 4 days a week. I'm going to tough it out and do it this winter, but Indiana winters are pretty lousy...so that'll be the only winter I will hopefully do that commute. At least gas isn't $4 a gallon anymore, but I don't even want to look at my credit card statement...

I just feel like renting is throwing my money away when I could be investing in something I can call my own. Plus, with a sun & nanday (double trouble) together under one roof...that won't fly in close quarters! haha no pun intended.

Any first time homebuying tips would be appreciated. Thanks! :>

[Jag]

If you have the credit... now is the time! The prices are going to start going back up. My sister finally bought her first house, and got the 'first time buyers' credit. I also think there may be more down payment assistance out there right now. Keep in mind, though, that you'll need money for repairs, etc. as they come up. I knew I was buying a house that needed work, but at the time, I was making a lot of money. Get an FHA loan... they will do an inspection and tell you if something 'really bad' is wrong. I didn't get that kind of loan (I'm NOT even going to go there)... so there could be 'major' issues I'm not aware of.

I LOVE owning my home!! I get great tax returns (I also have kids, though) bigger than before I owned. I also can do what I want... including having a bunch of screaming ara's in my house!! The repairs is the only real downside, and that's my fault because I got a home that I knew needed work. The first one we looked at was in MUCH better condition, but my wife said no to that one. Now we both regret that decision!

Good luck with house hunting. Do the pre-approval first, and it will make it easier on you.

[PetiteJadie]

Congrats! I'm right behind you! living with mom and dad to save for a house, find a career, blah blah blah.

basically get my feet underneath me.

[loyallyroyal]

ehh... I hate to burst bubbles but I honestly wouldnt rush into things. Make sure its a house you are really in love with, have it thoroughly checked out, bring your plumber, your drywaller, eclectrician, everybody. Trust me.

Next in 30 years do you still want to be living in that area? Its easier to rent and not get stuck somewhere.

Just another viewpoint.