Hey guys! I know theres a lot of older folks on here and I want your knowledgeable 2 cents on this subject. I am looking to buy a house, hence the reason I am wanting to downgrade from a 2011 Ranger lol. I have been looking mainly at new mobile homes and theyre more reasonably priced than I figured! My mom has 6 acres that Iv got permission to park on so land and land taxes arnt an issue. My biggest fear is the most obvious: money. How did some of you guys do on your first house? Do you guys have any advise? Thanks a lot!
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Id like to know this also. Except I was thinking of just taking a loan out and buying the house I want then renting it out till im ready to move in and let it pay for itself.
Eh... renters can be a pain lol. My dad bought a rent house a few years back. He says never again lol
lol My dad has one right now he dont let **** fly if your late without a good reason your out if you mess something up you pay when he upgrades things the rent goes up. Itll be alright lol and the house im gonna buy my dad built so he knows every nook and cranny
Secure your financing first. THEN go looking with a specific budget in mind. Otherwise folks commonly go looking at houses/locations they LIKE but can't in all honesty afford easily.
Add all your bills up first then add home insurance, appliances, furniture, mortgage payment, stuff like that add what im forgetting because I only know a little.
So what your saying is go do the loan paperwork and see what payments will be THEN go looking for a house?
Check copper pipes for swelling, if it has a septic system, ask when the last time it was pumped, check the attic for leaks, check the shingles for missing sections, etc. There are MANY things to look for. Also, check the area it's located in such as school districts, tax information (you could pay out the ass in some areas for taxes), etc. Remember, LOCATION, LOCATION, LOCATION
Im not leaving my town lol. I dont think anyways. Our taxes arnt too terrible around here, and besides, my mom will pay the property taxes lol
Check if the roof is bowed in. If it is, then it's going to need an entire new roof and support system. Also, look and feel if the floors are buckled at all from either flooding or pipes exploding. Check the last time the furnace and hot water heater were examined by a professional. Look at who owned it last, whether it be an old couple or middle aged people. And Brad covered the rest lol
Don't go based on a monthly amount. That will vary depending on escrow, taxes, ect ect. Go to a bank/credit union, and have them run all your info and see what amount you get approved for. $40k, $140k, $240k ect ect. Then once you know how much you can afford and bank is willing to loan you, then go looking with that amount in mind. Are you doing a down deposit? That helps as well.
If on your mom's six acres, you would probably have to have a septic installed also and water and electric ran to the MH.. There are a lot of places that sell mobiles that will finance you too, but beware intrest rates are generally higher at those places. If you have good credit go to your local banker get a loan , yes that is the first thing is get pre-qualified then you know how much home you can afford.
