Buying a Home in USA

Minion · Apr 17, 2014

Home Warranty

I have mixed views about home warranty read more about home warranty and understand the pro's and con's before you buy it. Home warranty will not cover 100% of all your cost read these articles to get a better understanding

Are home warranties worth it? - MSN Real Estate

Why Home Warranties are No Guarantee | Angies List

chocolate · Apr 17, 2014

Sanravi,There is option to bargain even if its a new build.If an agent says that then change him/her immediately.Ask around and use your own judgement while selecting agents. Ask your agent to scan for some properties you like to see whether they do a good job or not based on how they respond and properties they find you.The builder fixed price for our house due to location features was way more than what we paid . But we paid less becoz we had a fantastic agent. Everything is negotiable and you can get the necessary things in the house.

Coming to phases in builder lots. See if you can find a lot in open phases now. Look for cul de sac lots and corner lots to get maximum value. Corner lots also have bigger yards and will be a added bonus with kids.

Limiting no of houses in phases is good for buyers in a way becoz that means bigger lots and houses.See if you can find new builds in the community you want. Sometimes when builder is finishing his builds for that particular community if you end up buying in the later stages you get more house for less money in terms of kitchen finishes and windows to other finer touches.I hope I was helpful with your queries.Good Luck.

sanravi_1970 · Apr 17, 2014

Thanks minion and chocolate.

chocolate, although the community I am looking don't have a cul de sac, it has some lots that comes in a circle ( hope u understand, don't know how to explain that ) and that gives lil. bit big lot compared to rest others. That's why I wanted in phase 3. Even I have a feeling that agent will be experienced enough to bargain for us. I hope we get a good agent! Is there any specifications to look for in an agent?

Also I feel buying a house closer to road is not good, bcos I feel there will be vibrations. Am I thinking right? The reason I think is even when we sit in our car in a signal and if a car pass by it vibrates, so it makes me think for the long term investment, houses!

Also how far we can buy houses from train tracks?

Thanks

KavithaUS · Apr 17, 2014

Minion said: ↑

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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Buying a home is rarely an investment. Its liability.

sravanitenali · Apr 17, 2014

Sanravi,

Check with your builder, whether he is increasing any base price in upcoming phases, they might compensate that price in incentives...

Ladies,

Very nice info, can anyone throw light on available loan options and criteria to go for..

Sravani

KavithaUS · Apr 17, 2014

Hello frnds.

Thought this might be useful to some.
If time permits- browse some threads in city-data.com
Here is one -

Rent vs Owning? (pay, million, taxes, rates) - Personal Finance -debt, loans, credit cards, banks, insurance... - City-Data Forum

Thanks,
Kavitha

Minion · Apr 17, 2014

KavithaUS said: ↑

Buying a home is rarely an investment. Its liability.
Click to expand...

When your income increases you make changes in your lifestyle and one of the changes is moving from renting to owning. If you make a bad real-estate investment it will always be a liability. Some people choose to lead a simple life that is a different story or some may like to live like this women Saudi beggar dies leaving million-dollar fortune behind | NDTV.com

Minion · Apr 17, 2014

sravanitenali said: ↑

can anyone throw light on available loan options and criteria to go for..

Sravani
Click to expand...

What type of loan are you interested in?

sdiva20 · Apr 18, 2014

Thanks. Yes I love the process and look forward to it. We (I) are just picky people and went and saw lots of resale and new homes and did not like anything that we could just move in. That is why we decided to build. My husband's family has experience building and my FIL and BIL are great resource.

I think there is nothing like designing the floor plan and all finishes that suit our lifestyle. Almost everything we select will end up being upgrades- marble and soap stone instead of granite which I hate, pro appliances, wide plank floors, lots of built-ins, the millwork etc. So allowances have to be decent. We have a great architect and we hope that he will guide us through the process too.

We own the land so I am not sure if builders will build on our lot so it will have to be a construction loan. My understanding is a builder will build and we can buy back if he is the owner of the lot but not if we own the lot. I will look into that. Thanks again

Minion said: ↑

Building a home is fun if you like doing it, get as much money as allowance from the builder and do not go for a construction loan if possible, ask the builder to build the house and buy the house from the builder when it is completed.
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chocolate · Apr 18, 2014

Sanravi,What you described is a cul de sac lot. When looking for agents look for how many houses he /she has sold or bought. state of houses. How is the agent in communication. One more plus wud be the agents knows the builders in community you are looking for too. that helps a lot. Not a conventional method but worked for us.

What you described in lots is a good location. See that its slightly in interior of community and has sizeable lot size. Key points you shud consider is how is quality of construction.How r the houses designed.Is there a good flow in the house. One more point never compromise on kitchen or bathroom design and finishes.it pays to invest well in these places.I mean not extravagant but basic things like stainless steel appliances granite countertops and bigger kitchens.

Don't buy houses near train tracks.Rule of thumb is you shudnt hear the train tracks from your house nor get any vibrations from train moving.The house wont appreciate rather depreciate unless you r in metros like Chicago ,NY .There it will appreciate well in these conditions.Good Luck.