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Mortgage/First-Time Buyers

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Thump;807365; said:
Man grad21, that's cheap!

Here's a problem with having a friend build a house, it's tough when things aren't done right to go up to them and ask them to correct their mistakes b/c in having a house built, there will always be mistakes and changes that need to be made.

Business and friends don't mix.

Still sounds like you have a good deal.
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I can't stress how true that is. Our babysitters husband was our contractor when we built. I ended up letting a few small things slip because of it.
And the big things that I had to stay on him about did cause a little friction.
I guess the old saying, "It's not what you say but how you say it" goes a long way in this case.
 
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Great advice from NJ there...

I just bought my first home about a month ago, and here is my advice:

-Consider the neighborhood while choosing the specifics. If the neighborhood is fairly upscale, then go for any bell or whistle you can (Especially in the kitchen, bathrooms, or consider finishing the basement). You'll reap the rewards come selling time. If the home is in a less upscale community and is more a location for first time buyers or buyers who can't afford to live in the upscale community, avoid doing the "extras". When you go a sell, people won't want to spend the additional money on the extras and you will get a crappy ROI.

-For the mortgage: Shop, shop shop! And do it all during a months time so you don't get hard credit pulls months apart. Talk to a few larger lenders (Suntrust, Wells-Fargo, Bank of America (or other bank)) and also go to a couple local places. The best I could get from a big name place was 6.25% but I got 6.125% from a fairly reputable local joint.

-If you build, by all means have your family room (or most common room) face the south! You'll get natural light in there all day long. Consider some sky lights in the family room and bathrooms as well.

-Did I mention at least partially finishing the basement earlier?

Best of luck 21...it's a long and sometimes painful ride, but it's all worth it in the end; especially after you stop throwing the money away month after month.
 
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Golferdow01;807912; said:
Great advice from NJ there...

I just bought my first home about a month ago, and here is my advice:

-Consider the neighborhood while choosing the specifics. If the neighborhood is fairly upscale, then go for any bell or whistle you can (Especially in the kitchen, bathrooms, or consider finishing the basement). You'll reap the rewards come selling time. If the home is in a less upscale community and is more a location for first time buyers or buyers who can't afford to live in the upscale community, avoid doing the "extras". When you go a sell, people won't want to spend the additional money on the extras and you will get a crappy ROI.

-For the mortgage: Shop, shop shop! And do it all during a months time so you don't get hard credit pulls months apart. Talk to a few larger lenders (Suntrust, Wells-Fargo, Bank of America (or other bank)) and also go to a couple local places. The best I could get from a big name place was 6.25% but I got 6.125% from a fairly reputable local joint.

-If you build, by all means have your family room (or most common room) face the south! You'll get natural light in there all day long. Consider some sky lights in the family room and bathrooms as well.

-Did I mention at least partially finishing the basement earlier?

Best of luck 21...it's a long and sometimes painful ride, but it's all worth it in the end; especially after you stop throwing the money away month after month.
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Most lenders will use the same credit report for 90 days.

By the way, Grad is buying a spec house.
 
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Did you build the nursery yet Golfer?

Golferdow01;807912; said:
Great advice from NJ there...

I just bought my first home about a month ago, and here is my advice:

-Consider the neighborhood while choosing the specifics. If the neighborhood is fairly upscale, then go for any bell or whistle you can (Especially in the kitchen, bathrooms, or consider finishing the basement). You'll reap the rewards come selling time. If the home is in a less upscale community and is more a location for first time buyers or buyers who can't afford to live in the upscale community, avoid doing the "extras". When you go a sell, people won't want to spend the additional money on the extras and you will get a crappy ROI.

-For the mortgage: Shop, shop shop! And do it all during a months time so you don't get hard credit pulls months apart. Talk to a few larger lenders (Suntrust, Wells-Fargo, Bank of America (or other bank)) and also go to a couple local places. The best I could get from a big name place was 6.25% but I got 6.125% from a fairly reputable local joint.

-If you build, by all means have your family room (or most common room) face the south! You'll get natural light in there all day long. Consider some sky lights in the family room and bathrooms as well.

-Did I mention at least partially finishing the basement earlier?

Best of luck 21...it's a long and sometimes painful ride, but it's all worth it in the end; especially after you stop throwing the money away month after month.
Click to expand...
 
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NJ-Buckeye;807539; said:
FWIW.. Couple things come to mind.. since I have built three times...

Have all your floorboards screwed down vs nailed...
Squeaks are the result of nails moving up and down.. and when the boards alter shape.. squeaks start... not so with screwed down boards.. and once the carpet or flooring is down.. try to fix a squeak...

Add insulation to some of your inside walls.. like around bathrooms... they'll cut off sounds.. and maybe around some pipes too... will deaden or quiet the sound of water running thru them

Consider a second floor laundry room... I have not done this yet... but sis-in-law did in Columbus.. wreaks with sense since that's where the majority of the wash comes from.. avoids the trek up and down stairs...

Not sure it's possible to have too many outlets for electric and cable... more cable outlets increase room flexibility..

Rules of thumb are.. kitchen and bathrooms are so key.. money spent in those areas have higher paybacks than any other areas in the house... knock yourself out here.. I love my granite tops... they don't scratch.. they don't discolor... and you can put any screamin hot item directly on them.. and no problem...

Whole family is addicted to ceiling fans... that make NO sound whatsoever (Hunter's a good brand)... every bedroom has 'em..

Have a mud room.. somewhere you and/or the kids can come in the house.. and peel... mud and all... might be great if there is water/sink nearby or in the room..

:oh:
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GREAT POST
 
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