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Buying a Home in USA

Discussion in 'General Discussions - USA & Canada' started by sanravi_1970, Apr 2, 2010.

  1. Purohit22

    Purohit22 New IL'ite

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    Hi all
    We want to buy a home in Woodbridge area,we leave in Alexandria (VA)
    Also i want to gain some knowledge about what sort of home would be good in long run?Is it condo,tome home or private home/
    At present we are only 2 members me n my dh.
     
  2. sanravi_1970

    sanravi_1970 Gold IL'ite

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    Good to see everybody's involvement in this thread after very long time! And thanks DKI for useful points. We are looking in morrisville, NC.
     
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  3. vidukarth

    vidukarth Platinum IL'ite

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    Focus on the budget and the area and the schools.. when we started looking for homes, i was more fascinated seeing the new homes with granite counters, stainless steel appliances and so and so.. but they were kind of far.. so ended up buying an old home, in a good location closer for work, and metro and also with good schools. Schools and location matter most. The upgrade part can be done anytime when there are deals. This is what i learnt from our experience.

    Also if you are buying a old home, go for some home warranty yearly in addition to home insurance. It will be around 400$ for a year and if there are issues, you may end up paying a standard amt for the technician visit, but that would be nothing compared to the cost of parts they replace. For example, we had to replace the food dispenser, we paid 60$ for the visit, but the cost of food dispenser was abt 400$, so which was worth it..
     
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  4. DKI

    DKI Platinum IL'ite

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    I agree with Vidukarth, make sure if you are not the original owner of the house, take a home warranty.

    We took home warranty for both the houses. The first time round it really came into use because the out of pocket for any tech visit. Within the first 2 years we had to replace the disposal in our sink, the thermostat, the air conditioning unit and had to service our furnace. If we had to shell out cash from our pockets it would have cost an arm and leg. But for these we had a very minimal out of pocket charge.

    The other things to take into account when buying a home are:
    1) What is the property tax?
    2) Is the home a part of a community? Is there a community monthly or quarterly fee? If there is a fee what all is covered under that charge?
    3) Are you going to take care of all the yard work yourself or outsource it? If you plan to outsource the services, you have to factor in the cost of cutting and maintaining the lawn
    4) Does the house come with all appliances? You may be surprised to note that many homes do not give all appliances

    As far as recurring costs: Utilities will certainly increase.
     
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  5. sanravi_1970

    sanravi_1970 Gold IL'ite

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    Thank you guys. Worth starting this thread. Quite informative. Keep going..
     
  6. vidukarth

    vidukarth Platinum IL'ite

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    and definitely read the do's and don'ts of the HOA document to avoid any surprises after home purchase
     
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  7. cj1980

    cj1980 Gold IL'ite

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    Great inputs. I am happy we decided to rent and not buy because the cost of home ownership seems to be at least 20-30% higher than renting! :)
     
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  8. DKI

    DKI Platinum IL'ite

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    It may be more expensive to own, but there is a joy in having a house that you turn into your own home....you have the luxury of putting your stamp on the house. The fun in decorating your own home cannot be experienced in a rental
     
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  9. cj1980

    cj1980 Gold IL'ite

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    True. But we didn't want to get into a financial bottleneck for these sentiments. We decided to wait a year and then re-think about buying a house, which will give us some time to weigh in other factors (getting GC, a job for me, paying off our home loan in india, etc) Most of our friends who bought single family homes/condos are paying through their noses for repairs, heating expenses, and condo fees.
     
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  10. Minion

    Minion Platinum IL'ite

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    Buying a home is a huge investment, do your homework and move with caution. Here is my 2 cents
    1. Get a real-estate agent (you don’t have to pay the agent anything)
    2. Don’t rely on the agent to find the best house, go to the following website (Find Real Estate, Homes for Sale, Apartments & Houses for Rent - realtor.com® Real Estate, Homes for Sale, Apartments for Rent, Local data - Trulia ) and search for your house. If you find something you like send the info to your agent and ask the agent to arrange for a viewing.
    3. If you have kids make sure that the area public schools are good (In US schools are assigned based on the location of your house)
    4. Go to the local sheriff’s office and get a crime report for your area
    5. Shop for your loan at various banks and make sure you understand everything that is listed on the document that the bank gives you. Every bank is should give you a document called Good Faith Estimate.
    6. Once you find a home do not sign a contract to buy immediately, always do a home inspection, there are licensed people who will inspect your property and tell you if there are issues in the house you are buying. (never go with a home inspector recommended by the real-estate agent, most of the time they work together and they will not tell you if there is any major issues in your house)
    7. Always negotiate the price, you will be shocked on how much you will save if you negotiate.


    I am happy to answer any specific question, Good Luck in finding your house.
     
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