/biz/ - Business & Finance

[Anonymous No.53465938]

I’m planning to buy a house when my lease expires in September. When should I start looking? How long does it take to buy a house? How do I avoid getting swindled?

[Anonymous No.53465970]

Dont buy yet market will crash

[Anonymous No.53465995]

>>53465970
You’ve been saying this for the last 5 years.

[Anonymous No.53466006]

Anon, I just purchased a home. It went onto market at 290K then reduced twice by 20K and that is when I made an offer that was accepted. Here are some tips:

>be there for the inspection
>use inspection to get seller credits
>get survey

And have enough for down payment and a good cushion in case you lose your income. I would start looking at the start of the summer because if you need more than 2 months you don’t want to be caught with your lease expired.

[Anonymous No.53466030]

>>53466006
I’m using a VA loan so I don’t need a down payment. Also I know virtually nothing about buying a house. Qrd on inspection, seller credits, and survey?

[Anonymous No.53467345]

>>53465938
Do the math before you proceed. Find out what it would cost to rent a comparable property. Then find out the costs of the mortgage. An amortization calculator will show you how much you pay in interest and principal. Add the monthly property taxes and home insurance. Keep in mind that at 6% over 80% of your payment will go to principal - you're not building substantial equity.

VA loan is the only reason you should be considering this, if you're had to go conventional and put 20% down I would not recommend it. When rates fall and prices go up again (not sure if that's 1 year or 5 years from now), you can refinance into a lower rate and pay less to the banks.

Check property records of your would-be neighbors before you purchase. First place I bought when I was 22 I was surrounded by neighbors that were renting, and figured this out later when I looked at property records and saw that it was all LLCs. Make sure to look at neighbor properties when purchasing. Barking dogs are by far the worst neighbors. People who park their cars in the driveway/street while their garage is used for their junk are often shit neighbors.

You're not going to find the perfect house, especially if it's your first house. The most important thing to do is to buy something that won't go down in value. Homes zone for good schools with stable demographics retain value the best.

Finding a good inspector is important - most are just there to get in and out quickly. Be wary of sellers including a "home warranty" - they're likely hiding something broken in the HVAC system and want to take the cheap route rather than replace it.

The lender is the most important part of the transaction. You have to provide a ton of documents to them. Find one with low origination fees and closing costs, while keeping a low rate. Lenders love to throw in $200-500 "processing" fees at closing to screw you, so do your research on what is required and what is not. Title Insurance is bullshit.

[Anonymous No.53467822]

>>53467345
Good shit, anon. Thanks. I’m going to start doing a lot of research on home buying as I’m really scared of getting fucked over or having to live with shit neighbors (niggers and spics).

[Anonymous No.53468922]

>>53467822
Don't be scared. 2/3 of people in this country own their home, and this country is full of morons. Just find a place you're comfortable living in, can afford, is cheaper than renting, and you'll do fine if you hold it long enough (>5 years). The Fed isn't going to let real estate crash, real estate is how most normies acquire wealth and they do not want the normies to realize that their rate hikes are what destroyed their wealth.

Just make sure you do research on who the owners are of the property you're interested in, don't assume anything they're telling you about why they're selling - always assume its because there's a neighbor with wind chimes or a dog that won't shut up, and look up property records of the adjacent neighbors.

My belief is that no neighbors are good neighbors, everyone sucks in this world, so live outside a city with amenities and get as much land as possible. I went from townhouse, to suburban home, to rural home, to a home on 10 wooded acres, and I cannot be convinced to go in the opposite direction.

[Anonymous No.53469061]

>>53468922
>so live outside a city
I want to but this is Texas and I’m terrified of snakes.

[Anonymous No.53469069]

>>53465938
>when should I start looking?
About 10 years ago.

[Anonymous No.53469204]

>>53469069