IP360 PRESENTS: THE OFFICIAL CREDIT AND HOUSE HUNTING THREAD

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Salutations folks.

Yours truly has been house hunting for the past couple months. I'm not an expert on this, which is why I created this thread. So I will be posting links of potential houses near my area, and would like YOUR opinions.

Feel free to drop any housing advice you may have. As well as your own personal house hunting experience. Hell, for those who are currently looking for new homes, post up your potentials. Maybe we can help. What do you look for in a home?
 
ASK A BUNCH OF QUESTIONS

  • Dont be afraid to walk away if you want something done by the current homeowners and they making it seem like you're being difficult.

  • check floodplains for the area...might not be an issue where you lay, but here?? they say you not in a flood zone, until your home is 4 ft under water

  • Check drainage. Again, might not apply to you, but i had no idea the backyard had no where to drain water, so it pools after heavy rains making it difficult to cut grass after a day or so b/c its so muddy

  • check the attic thoroughly

  • check the age of the AC unit. Mine currently is about 16 yrs old, but to my surprise, it is in pretty damn good condition and is pumping a lot of pressure throughout the house

  • Look into American Home Shield. I'll explain more in detail if you want, but basically, you can get plans that cover the replacement of certain appliances in the event they go out, and even if you have to pay a deductible, its still cheaper than you paying full price to replace stuff.

  • I dont think you having kids anytime soon lol, but check local school districts.

  • check property taxes

i'll add more as i think of them
 
Make sure you really sit down and and come up with a budget for yourself. Banks will pre approve you for a mortgage based on credit requirements that are the bare minimums for you to be approved. Your credit and debt to income ratio are a major factor.

Some lenders will still approve you for a mortgage even if it pushes that ratio up to 43%. So basically, they are only looking at items reporting on your credit to make this calculation. NONE of your other living expenses will be calculated in this. Keep that in mind.

Also, if you lender offers an escrow account, it could save you some headache. But that means your monthly mortgage payment could increase or decrease year over year based on property taxes and home owners insurance if its included.

I recommend taking a first time home buyer class if you can. It could also qualify your for better rates.

I work in this field and my father in law is a realtor. Good luck brother
 
See how much public information is there on the house. Who owned it and for how long. Be mindful of what you can't see. Electrical and plumbing. Make sure you get a good inspection!!!!!! Pay for two if you have to. Make sure they look at. The septic system. Most of all newer does not mean better as some is the new construction is the worse construction known to man.
 
BNE said:
If you're buying it with someone else, get a written agreement with the help of a lawyer. n take into account prior to purchase whether u wld still be able to afford it on ur income alone if things went south.
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I was typing this up but yeah @BNE waterhead is right. If you're getting this home and you're not married............. MAKE SURE YOU CAN AFFORD THE HOUSE ON ONE INCOME
 
Cosign everything @BNE said.. and the third house is best (except idk anything about the area), then the second, then the first, imo.

Congrats on buying a house :)
 
Judge_Judah said:
It's on the bum a** west side tho...
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Bruh I swear I be skeptical af wit homes like that 3rd one. Houses be lookin nice, but the neighborhood be lookin like crackhead central.

One of the things I'm also lookin for is just how diverse the neighborhood is. That plays a big part imo.
 
Cain said:
Yes and fuck em is how I feel about them. In NC they have way too much power
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Another thing I'm lookin to avoid.

Fucc the HOA. Da fucc I look like paying a mortgage, on top of their dumbazzz fees? Or getting approval to do make any changes on MY house??
 
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