Buying a house will likely be the most expensive purchase you’ll ever make, so it’s no surprise that it can be an intimidating process. But this is the very same reason you should be a well informed buyer- so much money is on the line! Today we’re covering several steps everyone needs to take before purchasing to make sure that you’re getting the best deal possible on a house that you love.
And as you’re shopping for that home loan, check out NCUA.gov to find a local credit union. We’re huge fans of credit unions because they’re looking to serve their customers with the best products and rates since they’re not for profit.
During this episode we enjoyed an Ink Imperial Stout by Rhinegeist Brewery which you can learn all about on Untappd. A special thanks to Natalie and all of our friends at Rhinegeist for donating this beer to the show! And if you enjoyed this episode, be sure to subscribe and give us a quick review in Apple Podcasts, Castbox, or wherever you get your podcasts- we’d love to hear from you.
Best friends out!
I just happened to listen to the podcast on Before You Buy a House and wanted to give some thoughts…
First off, I don’t know if the intention was to take the word ‘house’ literally, but if so, perhaps you should state that at the outset. In other words, I took the use of the word ‘house’ to mean ‘property’, which can mean a free-standing house, and in other instances, a townhouse, a condo, a co-op, etc.
So again, perhaps this podcast was more intended for folks who live in the countryside or the suburbs. Otherwise, if you intended the info to be intended for a broader group – and surely, much of what was talked about would indeed apply whether one is looking for a house, a condo, a co-op or whatever…. otherwise, it would be good to add some indications that some of what you say will not necessarily apply to all marketplaces.
I live in NYC. 😉 If we were to drive down a street, even a street in the outer boroughs (i.e., Queens, or Brooklyn…) …. and wave to people we don’t know, we should not expect a ‘friendly wave back’. 😉 Also, NYC realtors are a very different breed than elsewhere. You said on the show that if a potential homebuyer were to see the same realtor’s name/face on the signs for multiple home listings, that that realtor is probably a good realtor that they may want to consider using. In NYC, we would think the opposite. 😉 Usually the biggest scum realtors in NYC are the ones whose faces are plastered all over For Sale signs in a particular neighborhood. Such realtors are typically very aggressive and slimy and will lie to your face.
Otherwise, I liked much of the advice you gave folks, on how to prepare and do research BEFORE they are ready to seriously start considering places to buy.
Another thing I’d recommend….particularly for first-time home-buyers…. if there is a home you are seriously considering, don’t allow yourself to feel any pressure from the broker and/or the current owners. If the current owners and/or broker are breathing down your neck, ask them if you can have a moment alone to walk through the rooms of the house. (When I was younger and naive, I was looking for a condo to buy. I found one that I thought would fit the bill, and so I went back later for a second visit. It was a small one bedroom apartment, and so of course the broker was right there beside me, as I was looking around. But more importantly, and bad for me, was…. the current owners were also inside the apartment. Again, because I was young and naive, I am sure I felt a bit of pressure…didn’t want to seem ‘rude’ or impose too much on the current owners… I didn’t snoop around enough…and I think all the people in the apartment plus all their personal possessions ‘distracted me’ from looking at the basics and the ‘guts’ of the apartment. It was only after I closed on this condo apartment, and the owners vacated with all their possessions….it was only once the apartment was empty….that I realized the walls, ceilings, floors and kitchen and bath fixtures were in worse condition than I’d initially realized. Lesson learned.
Also, when buying a condo or co-op, you not only want to look at the current building financials, but you also want to consider what % of the building is owner-occupied. You want to meet with some of the board members. Pass by the building at other times (WITHOUT the realtor) and if you see a resident coming/going, tell them you are considering buying, and then ask them if they are willing to give you their honest thoughts on the building, the property manager, the board, etc. Try and get a few opinions from different tenants. And you want to look at the board’s records going say 10 years back, to see if you note any disturbing patterns (i.e., if they seem to change property managers every year, that would indicate that they don’t seem very good at conducting due diligence before they even SELECT a new manager). These too were all problems in the condo building where I bought, and which I was too naive to understand initially. Another lesson learned. 😉