House Buying Tips

So we already have Wendell’s-House Build Hacks, which is great for people who have a house and want to upgrade parts of it, but I’m wondering if you guys have any tips for first time homebuyers? This could be as simple as explaining the 50/30/20 rule or as detailed as how to determine if the house has good plumbing/wiring/etc.

Personally, I am going to be looking for a house soon and I will try and make it a “smart” house with tech stuff everywhere, but more general home buying advice is always appreciated.

New as possible.

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You typically have a house inspection as a condition of purchase. Avoid DYI electric. You can get a electrician to inspect things also, like checking grounding issues and such. Same with plumbing, and make sure you’re not in a flood zone and the basement is dry and in good condition. Mold is also a show stopper that is easy to test for, and in some casses is available for free from your local government. Lead pipes are not so hot also.

Just thought I’d toss in a few issues to check. :wink:

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dont hire a inspector that is related or something, you might want to sue him for missing things down the line like faulty electric that burns down your house.

if you cant get good internet, pass.

take plates off the electric and lights and have a look at the wires. if they look like this https://inspectapedia.com/electric/Old_Electrical_Wire_526_IAP_DDcs.jpg pass

make sure their is no mold/extensive water damage(check basement)/termites/asbestos/lead

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When you are looking at the house yourself have a good small flashlight and look under every sink for water damage, check the fuse panels and see how well they are labeled out and if its actually readable. I also take a marble with me and when on non rugged flooring, particularly in the kitchen set it down in the middle and see how far/fast it will roll to see how level the floors are. Walk the perimeter of the house if you can and look at the base of the walls and see if you notice visible cracking. Horizontal, vertical or worse yet diagonal cracks can all indicate problems with the structure itself or the foundations. Sometimes its subtle but you often can spot odd patches from mis-coloring in the walls etc. Ask about them since such things need to be disclosed anyways.

I don’t inspect homes but I went through roughly 90 of them before I settled on the last one I purchased. Things like non square walls/corners are no big deal but you will be surprised if you look how often your eye will pick out anomalies when you are looking for them. The area I was looking for was in Southern California and that area had in the last decade a serious earthquake so damage was often found and usually repaired but the question often came down to was it done right or was it slipshod work so keeping an eye on things saved me from more than a few “nightmares” in my view.

Hope that helps some with your search.

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If you find a house you like, always sleep on the decision. If you want to renovate things yourself, multiply the expected time and money with at least three. I would buy a used house where some has to be renovated, simply so I can upgrade electrical, plumbing and the like.

Always check the state of the roof, windows and walls. If your house is weather tight, you can make it work just about anywhere. Check corners of windows for condensation/mold, check bathroom for cracks in the wet areas. New kitchen is cheap and easy to do, unless it’s some fancy designer kitchen. Bathroom can be very expensive to do. If you’re in an arid climate, check if there’s moss around the house, especially the sides that get little to no sunlight.

Use Google to get some visual examples as to what to look for with walls, foundation, roofs etc, just so you know what to look for.

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If you want (or think you will have no option but) to get an electric vehicle, then do some math and work out how many kWh you will need to support your commuting and miscellaneous needs. Calculate what recharging said vehicle will do to your electricity bill. Then think about how much money an equator-facing photovoltaic array could save you. If the numbers are even remotely as large as they are in my neck of the woods, then you can eliminate >95% of all potential properties right off the bat because their roofs are unsuitable — either not large enough for a solar array, don’t face the right way, are likely to be shaded for significant parts of the year, etc., etc.

If your world is going all-electric, owning a property that allows you to generate all of the electricity (that your lifestyle needs) is advisable.

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Advoid, cast iron pipes and aluminum wiring like the plague. Make sure to get an inspection of the roof and for termites. Think around 200 amps is the atound what you want for you mains power at your breaker, older panels can be much lower.

If you are doing smart home stuff check that you have a neutral on your light switches. And that the attic has adequate space to run wires.

Check the foundation look for cracks in paint around corners, windows and door frames. Make sure doors close and latch. Check the driveway for crack because if it us cracking so is the rest of the house.

Check the age and brand of your hot water heater and AC. Make sure the AC condenser doesn’t have corrosion on the coils. And listen to blower (ahu) if you here dripping water you have an issue.

Source: Facilities Maintenance Project Manager for the past 5 years.

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Hows your credit score?

Avoiding a shitty loan is probably the biggest favor you can do for yourself. FHA loans will always require mortgage insurance and so you’re throwing money away each month on paying to cover someone elses bet. You can still have this insurance on a conventional loan but if your credit doesnt suck then you can avoid this unnecessary expense. Building credit before buying is kind of a big deal.

Talk with a mortgage company before you go looking to see what you can realistically afford to buy. They will only let you finance so much. This will give you a ballpark figure to work with, but you should avoid spending the maximum for obvious reasons.

Pick a term that allows for repayment in excess of what they say you owe each month. Theres nothing stopping you from paying more than your payment and any extra principal debt you pay down early is that much less interest you will pay them over the life of the loan. In the beginning almost all of your payment is going to be interest to the bank due to the way banks set up amortization schedules.

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