How long did you search for your first home?

Question

My husband and I just started. I love love love the first house we looked at (so cliche, I know), but I don't want to jump the gun and purchase if there's a better one out there. This one needs work, but I am already decorating it in my head. Do you recommend buying a semi- fixer- upper or a move- in ready as a first home? I plan on living in it for a long time vs flipping.

Answer 1

I looked at 7-8 houses my first day, and picked the house I ended up purchasing that same day.  I looked online at houses for a couple of weeks inbetween that day and when I made an offer on the house, but I didn't actually go out to tour houses again.  I was pretty sure about the area I wanted to move to, my price-range, and how soon I wanted to purchase though, so it was just a matter of picking the one I liked best.  

Regarding fixer-uppers - It's a lot of work, and probably more money than you think it is.  If you or your husband have basic skills, you'll be in a lot better shape to tackle a fixer-upper.  We do not have *any* skills, and we purchased a 20 yr old house, so everytime something goes wrong, it's kind-of a disaster for us.  We had a pipe burst within a couple of months of moving in, and did not know WHAT to do.  We could not even figure out where the water was coming from (if it was an appliance, the HVAC, or a pipe).

It probably will be hard to find a house that exactly matches your taste, that's in move-in condition, and have a good price.  Floors and roofs are expensive, so make sure you factor that in when you make the offer on the house, and when you budget.  Your first year at the house will be difficult if you don't have a lot of money at your disposal to throw towards repairs.      

Good luck!

Answer 2

We looked at around 20 homes physically, once we were ready to buy. We had been looking online cross country for a little over 3 years. We saw our home in the beginning of physically searching, priced 15k over what we qualified for. Kept an eye on the market, and kept looking. After about 2 months, still not finding what we wanted, we checked our home again. Drove by and looked at the property again. Waited a week, checked the mls to see it had just been reduced 15k!!! I freaked out called the agent, did a walkthrough within an hour, and closed 2 weeks later. Best choice we made. Now have a nice home, on an acre of land 2 miles off the lake. Reduced quick sale purchased at 99,900. Can't beat that, it was the best home/land that we'd seen at that price in the 3+ years looking in person and at mls listings. Be patient, know what you want....and when you see it go for it.

We were looking at fixer uppers. Our home had been 100% updated, perfect move in condition. The only thing that wasn't brand new in the home was the windows. People were picky about the windows, so we got the house. Perfect everything...just needed new windows lol.

If you have the time/money now to fix something up go for it. If you don't have the 10-20k for fixing up, go for something move-in ready.

Answer 3

The idea of getting a fixer upper it to get a house like you want for less than finding it already like you like it.  I've bought maybe 12 over 30 yrs., I can do anything needed on a house.  I would do it different today.  Find one in good structural condition always and then ask to see homes that haven't been updated or decorated for 30 yrs or so or that needs carpet and paint.  Maybe one with outdated baths and kitchen.  You can get a good idean from contractors or Lowes for estimates on baths and kitchens.  If you diy, you have to do a professional job.  Even though most can't cut a board straight, they sure can see when someone elses work is a little sloppy or unprofessional.  My advise, get one that needs things that most people have hired out like carpet & kitchen and make an offer 25% at least, below asking and also deduct what the cost of the carpet, painting etc will be.  Get comparibles from real estate office.  This is a great time to buy.  Lots of desperate sellers and they are afraid things are going lower, so look around and make a low ball offer.  Stay away from mold, bad foundations, sagging brick and old wireing.  Check that it has appropriate electrical service or deduct for that also.  90 some % of millionaires made it in real estate but as you know D. Trump never fixed anything so you don't have to either, just buy it right.

Answer 4

We are 6 months in and have seen nearly 100 places but we are looking for instant equity and are competing with investors ie. agents and the like...and have been burned three times so far.  1st place was flooded, second place was snatched in a crooked possibly illegal deal with another agent, and the third was caused by my realtors slow responce time.  Best of luck and don't get to attached until you have the keys in hand...

Answer 5

Only the two of you can decide that together, I looked at two houses in close areas that I was considering and picked the second one but at that time there was not a lot on the market and I was in a hurry to get out of where I was.  Second time I spent about three weeks and viewed 10+ places, then just picked the one I liked best out of the two (and the better investment potential) I had narrowed it down to.