Personal Finance, The Home 

Ten Tips for Buying A Home If You’re Clueless

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The Money 101 lessons are pretty good, especially if you have no idea to start, and lesson 8 involves buying a home – quite possibly the biggest financial decision you’ll ever make (besides having kids, getting married, and retiring… so… it’s pretty important). They outline ten “tips” that you probably should know. Now, before you start reading these tips and scream about how obvious these tips are, remember that you don’t know what you don’t know and lots of people have absolutely no idea. In fact, before I started researching the process, I didn’t know that you could get a loan for more than 80% (oh, you can!).

Here are the tips:
1. Don’t buy if you can’t stay put.
2. Start by shoring up your credit.
3. Aim for a home you can really afford.
4. Don’t worry if you can’t put down the usual 20 percent.
5. Buy in a district with good schools.
6. Get professional help.
7. Choose carefully between points and rate.
8. Before house hunting, get pre-approved.
9. Do your homework before bidding.
10. Hire a home inspector.

via CNN Money.

{ 9 comments, please add your thoughts now! }

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9 Responses to “Ten Tips for Buying A Home If You’re Clueless”

  1. Brian says:

    Can’t say I agree with #4 – we rushed into buying a home and only put down 10% which I would not do again – you’re forced to either take out a piggyback loan or pay PMI. However, I’m glad we did do #10!

  2. mark says:

    If youre single… dont buy a house. If you do… don’t do it until all your debts are paid and you have 20% down. Why you ask? Well because you’ll be a prisoner of debt for a long time … esp if you were dumb like me and did an adjustable rate piggyback STRONG ARM! Kicking my butt now with 11% interest rate. If youre single and theres a fair chance that marriage is in your 3-5 year future… just get a cheap rental and rock the retirement accounts… you’ll be much better off…. and your wife will hate your bachelor house anyway… and all the furniture that you buy for it. Good luck.

  3. Well, buying home is a biggest investment in life and never should be hurried upon. Take your time and decide what you are looking for before starting to look for. This would help a lot. And also, make sure you have 20% down payment. This will keep in a good shape as having 20% down payment proves that you are worthy to own the home.

  4. real estate pro says:

    Get pre-approved, but if you go through an agent, they will typically use that information against you, if you tell them HOW MUCH you are approved for, since they represent the seller.

  5. Chris Martin says:

    Obviously these tips are for primary resisidences right?

  6. saving money says:

    I’d also add, don’t buy houses with incorrectable defects (on a busy street, etc) You may get it cheaper, but it will not incease in value near as much and will lose vaule more if the housing market tanks.

  7. Harrison says:

    I agree the point #2 and #3. First we must gain back the poor credit score, so we can bargain for a better deal for mortgage and loan. Then only aim for those we can really afford. Then change to those you dream for when you make money more than right now

  8. CK says:

    I’ve now purchased 2 houses and had 2 home inspections. They were both pretty worthless. In the future if I’m buying a home that is fairly new I’m skipping it.

  9. jim says:

    Has a perfunctory home inspection ever come back to haunt you?

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