Tuesday, March 31, 2009

More home buying advice from a friend

At the beginning of March I also emailed a friend of mine to ask for some thoughts/comments/advice on buying a home. He purchased a home this past summer, so I figured he would have some good insights. I was right. Here are a few of the things that he shared.
  • Trust your instincts as to the layout of the home you want. For example, if you know your family lives in the kitchen, don't sacrifice the kitchen size for other things.
  • When you are looking at houses, picture where you would put all you things. Do the closets make sense? Is there a place for coats? Is there enough room in the master bedroom?
  • Make a scenario to work from for collecting good faith estimates (GFEs). That way you can present the same information to various people and banks and get comparisons. Be honest, and they will hedge offers because they haven't done the actual research yet, but this can be useful.
He also pointed out a couple of excellent sites. First he suggested I listen to a bit of an NPR podcast about the current state of the economy: Bad Bank. Next, he mentioned how he had found his lender through Lending Tree (more on that later, as I use it).


Anonymous said...

Like the upgrade... gm

Anonymous said...

By coincidence I came across your blog as I search for good information on buying a home. The best information I can give you is do not fall too much in love with any one particular house. A year and a half ago I bought a home and after the inspections I found the house had many expensive problems but because I was in love with the house I ended up buying the house anyway. It was a huge mistake and I wish I never bought the house. Between all of the expenses to fix the home and the rising cost of the heating oil to heat the home in the winter, I nearly went broke. After a year and a half later I now look to buy a home that is far less a burden on my financial situation. I wish you luck in finding the home of your dreams but my advice is too not jump into any home purchase that perhaps maybe become a financial burden to you as it did to me…