Buying a house.

I'm on my second house.... The biggest thing I can stress is, You can improve your house, you can't really improve your location. Pick someplace that will maintain your investment and a place you can stay happy in.

My first house was brand new in a new development... the problem was, the area around it was still being developed and it grew quickly. Traffic became a nightmare. They put in townhomes and apartments and a shopping plaza all right close.
My current house is about 17 years old and needs some work (which I can mostly take care of) but it's on a cul-de-sac. My backyard backs up to a golf course and my neighbors rule. My house will have some projects but within the first year it has gone up about 15,000 in value.

So, bottom line, check the area out first. Test it in early mornign traffice and see what is planned for development in the area.
 
Thats true noonan....We looked at a lot of houses in the area that we want. Its all developed land (i dont think theres any undeveloped land left on LI),plus traffic on Li is a nightmare anywhere around here. But the house we found is on a nice quiet block, which is what we wanted.
 
[quote name='Ericnmel99']Thats true noonan....We looked at a lot of houses in the area that we want. Its all developed land (i dont think theres any undeveloped land left on LI),plus traffic on Li is a nightmare anywhere around here. But the house we found is on a nice quiet block, which is what we wanted.[/quote]

People really over look that a lot of times. It's so important. I know people in terrible neighborhoods because they found a house that was a good deal or in their price range. It makes a difference to spend a little more if it means you are safe, and not annoyed with your surroundings. ..

Plus, living on a golf course means I can practice the hole after they close. LOL.
 
Its true...and around where I live houses are so expensive that most people ahve no choice but to buy a house in an undesirable location. It just happened to my friend that just bought a house. All they could find in their price range is a tiny house on a main road in a bad neighborhood. I think their problem was that they just wanted to get out of their apartment badly, so instead of dropping $1000 every month on rent they just got their own place for what they could afford. I think they would of been better off saving some more money and trying to get something better, but unfortunatly the real estate market around here just keeps going up and up and up.
 
[quote name='Ericnmel99']Its true...and around where I live houses are so expensive that most people ahve no choice but to buy a house in an undesirable location. .[/quote]

I have a question, I am in a similar boat as you, I am in NY looking for a house in bellemore and the taxes are rediculous. Did you go to any websites or read up on any books to get the info on your first home purchase. Like I said I am looking to buy my first house too, hopefully this year. Any help is appreciated.
And on a side note.....damn.....I had no idea so many fellow cag's were home purchase savy. Learn something every day. Thanks
 
[quote name='Ericnmel99']Its a 30 year fixed rate mortgage at 4.25% and there are no points. Thanks for the concrats squirms I know what your saying. Even though i havent purchaced it yet its really an exciting time....if only it wasnt so expensive![/quote]

Hard to go wrong with that sweet of a rate. Hopefully you had a good home inspector. My main advice would be to use a good inspector and trust that he will ferret out anything that needs to be taken care of.
 
[quote name='big_squirtle']
I have a question, I am in a similar boat as you, I am in NY looking for a house in bellemore and the taxes are rediculous. Did you go to any websites or read up on any books to get the info on your first home purchase. Like I said I am looking to buy my first house too, hopefully this year. Any help is appreciated.
And on a side note.....damn.....I had no idea so many fellow cag's were home purchase savy. Learn something every day. Thanks[/quote]

Howdy Neighbor... Im buying in Levittown but was looking in Bellmore, Wantagh, Levittown area. The thing is that my sons allready in school in levittown (2nd Grade) plus my wife grew up here in levittown (island trees) so she wanted to keep him in the same school......
Anyway theres a lot of different 1st time home owner programs out there, you just have to qualify for them. North Fork bank has a 1st time home owners club where they help you save toward a down payment and then match what you contribute (i think its up to $5000). As far as mortgages go theres SONYMA (State of New York Mortgage Assosiation) that helps 1st time home owners get a mortgage. The benefit with this is that you can put a low down payment if you dont have the money and its a lower interest rate (right now between 4.25 and 5%). The conditions with SONYMA is that you have to make under a certain ammount and the house has to be under a certain value. Both programs are definatly worth checking out. Ill Post the links

http://www.nyhomes.org/sony/sonyma.html
http://www.northforkbank.com
 
Oh yeah.... And as I'm sure you know theres the STAR program to help you with your taxes. Its the stupidest thing ive ever heard of being that Everyone qualifies for it , but it will give you a discount on your taxes. I know the house im getting has $6000 taxes, but with STAR their like $5000. But when your looking at houses, make sure you find out if the taxes their telling you are with or without the STAR. A lot of people try to fool you saying the taxes are only 5 or 6 grand. (in bellmore more like 7 or 8k) Ask your real estate agent if those are with or without star because if its without you know you can lower them by at least a thousand. If they are allready with star than add about a thousand to what they are telling you. If you have any other questions just ask here or PM me.
 
I'm lucky I have a daughter that isn't in school yet, so we are trying to get a home b4 she starts. My wife doesnt want to wait too long what with interest rates about to go up, and so we dont have to keep changing schools for my daughter (when she does eventually start (hope fully I will be a better shot with a shotgun by then...lol)). Thanks alot for the info, I just might take you up on that and PM you later. Good luck with your purchase!
 
[quote name='Tespo125']Why can't buying a house be as easy as it is in The Sims?![/quote]

If only that rosebud code existed in real life. ;)
 
I like the comment about animal crossing... then i could fish and trade in fruit all day instead of working.... allthough if i spent my days talking to animals i think the government provides a nice shelter for you. I think they even give you your own rubber room and jacket to keep you warm.
 
[quote name='kaw']This is an interesting topic. My wife and I just bought a house too. We're excited and a little scared. We're going from paying a total of 450 a month for rent to 1400 for a mortgage. I got to save up for a lawn tractor now so I won't have any money to buy games for awhile. Maybe this will give me time to play all the cheap games I haven't opened yet... Although, with all the added responsibility I probably won't even have time to play anything.[/quote]

Samething is hppening to me. I pretty much won't have any money left for game. I have to save money for paying Property tax at the end of the year. :(
 
Hey - I've been away from the site for a few days and just wanted to check in to make sure that I didn't leave you in the lurch but it looks like you are being well taken care of.

Re: closing costs, there are certain fees you can't avoid, namely title insurance and taxes (out on the island you will probably pay about 1.5% of the loan amount in taxes alone). Sucks but they are pretty impossible to avoid. Other costs may vary slightly (depends if there are any points, underwritting fees, etc). Make sure you request a GFE (Good Faith Estimate) so you know what your closing costs will be, and if you are not eligible for any of the crazy programs that people have previously mentioned (any rate under 6 is great - that 4.something rate is bananas) try to shop around to see where you can do the best.

Re: PMI, I forgot who said it but assuming you have good credit (and your down payment is less than 20%) you might be better off going with a 1st and a 2nd mortgage to avoid this mortgage insurance. The second mortgage rate will be much higher than your first, but you should get a lower rate on the first now that this is a second as opposed to one big loan (because the first loan will only be 80% of the value of the house).
See the previous PMI e-mail if you are confused.

Sorry if some of this is repetitive - its all about CAGs helping other CAGs buy houses that they can play cheap ass video games in.
Best,
broke
 
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