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Old 01-18-2013, 12:51 PM

RE: Any tips on buying a house?

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Quote:
Originally Posted by smartshopper08
Congrats on taking a huge first step!

There are so many factors in buying a home...especially for first timers, that sometimes many things are over looked.

Area is important, so you want to know exactly what the property taxes are. When looking through sites like realtor.com (or the county auditor's site) you can look at the property history and many will give you the tax amount. Just recently after relocating and doing our new home search we found a lot of township areas will have higher tax rates, but the best schools in the area. We found some with property taxes as high as $10,000/yr, which is over $800/mo. on top of your mortgage...nuts!

Don't forget to add in Insurance and definitely 20% down, the cost of maintenance and repairs, lawn care and any other fees like HOA/Covenant. All of that, on top of your monthly utilities and mortgage can increase your costs significantly.

And the most important...live within or below your means if at all possible! Typically the rule of thumb is to purchase a home at a third or less of your income.

Good luck!!!
Thank you!!
I cannot see the property tax prices for the county we live in, on their website but we are also considering the next county over and their site does show the tax prices. I'm not sure where to see it on realtor. Com?
Wow!! You must live in a nice area! That's so much for property tax! We want to move to beavercreek but their taxes are 3-4,000 a year and that's a lot around here but they have one of the top 5 schools in the state.
If we stay here they will be around 2,000 a year but the schools aren't as good, not the worst though. And my son in kindergarten got so sad when I told him we might move to a new school because he wanted to bring his friends with him and I told him he couldn't. Poor guy, that's one reason I wanted to move before he got into kindergarten. But every other time we almost got a house, something came up! I know he's only 5 but I just feel bad taking him away from his friends.
We won't be putting 20% down, we are getting the FHA loan and putting down 3.5%. It would be nice to have 20% but my husband is the only one working so it would be a long time before we saved up that much . Plus we are getting out of credit card debt and all of our extra money lately has been going towards that!
Thanks for the advice!!

Last edited by dianak9938; 01-18-2013 at 12:53 PM.
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