Don’t let any contractors into your house until you’ve lived there for at least a few months, and learn how to recognize high pressure sales pitches from them. They’ll take advantage of you if you don’t. Always get more than one quote. If you’re as much as tell them you’re getting multiple quotes, they’ll start lowering their prices pretty dramatically.
Congratulations!
I’ve had my place 20 years. Here’s a couple of tips:
If you’re not already in a fixed rate loan, refi into one as soon as its feasible for you.
The Home Depot 1-2-3 series books will save you thousands in basic troubleshooting and repairs. YouTube is really good for general handyman advice too. Caveat: learn your limits and don’t take on anything you don’t know ypu can see through. Several hours’ research is generally all you need.
Be judicious about home warranties. They’ll spam you with FUD. Just hang out at a local trades bar and chat with the regulars. You’ll learn a lot.
Electric and water generally* pretty are easy. Don’t mess with the gas lines.
If you DO undertake your own repairs, don’t cut corners and leave it for the Next Guy. That Next Guys will inevitably be you.
Nothing will be plumb, square or true. You learn to deal with it.
If you like to use rich colors in your décor, learn about tinted primers, especially when dealing with red paints.
Equity is Capital. Don’t touch it except for capital improvements to the structures & grounds, and even then be judicious. I’m talking new roof, new sump, kitchens & baths. Do not usenit to pay off consumer debt or college loans. No matter how tempting.
Really, Don’t Touch The Capital.
Live there for you. Its your house. Make it your personal retreat from the world, and set it up how you like it. Don’t worry about resale until it’s actually time to sell.
Again, congratulations and good luck!
–
* for basic repairs, receptacle replacement, and the odd new branch. Know your limits.Lots of great advice here. I’ll 2nd the YouTube as a resource. I’ve repaired AC units, a garbage disposal, and replaced the damn water heater all from an hour or 2 of research and watching YouTube.
Also keep a note book that you jot down the seldom done stuff, like blowing out sprinklers, which furnace filter size you need, etc.
Anything you buy for home improvement, from new cabinet handles to drywall, get an emailed receipt and put it in a special folder/tag that you can find again when you sell. Those dollars spent are tax deductible when you sell your house.
Builder’s grade = cheapest shit they can buy in bulk.
Enjoy your new house!
Congrats, I read it as horse first time round, either way, best of luck!
Enjoy your home OP. May you live out many happy years under its shelter.
Thank you very much, kind stranger
We’re in the same boat. We’re just waiting for an official moving date. We’ve been moving boxes today. Scary times doing grown up things.
Congrats! You’re now going to find out that some of your expenses will go down. Your insurance specifically and that unless you take out another loan on the house or got a balloon loan, your monthly bill won’t change. It’s a fun thing to find out.
I’m counting on it 😅
It’s still a weird feeling when you’re 3 years later and everyone is complaining about their rent going up and yours is staying still. It kind of feels like cheating.
Insurance and property taxes are likely to increase.
After a huge decrease though in insurance.
I’m taking about their insurance rates going up in the three year span you me mentioned. Just saying their “rent” is unlikely to stay the same.
100% agree. It’s crazy that we have 30 year fixed rate loans with basically no penalty to refinance. Don’t get me wrong, it’s working for me, but I wish it was different because it’s so unfair.
What is unfair about it?
I think you misunderstood me, rentals should have more of limit on how much they can raise the rent, not that banks should get more money from homeowners. I guarantee that banks are making a shit ton of money or they wouldn’t do it.
May your foundation be sturdy, and your roof leakfree. Godspeed OP.
Congrats bro! I’m happy for you and also a bit jealous 😁
As you should be 😁
grats.you have my well wishes and supreme jelousy.
Hell yeah, one of the smart ones. I hope you got a fixed rate mortgage.
I did!
Fuckin’ Smarrrrrrt. You’ll be one of the ones who doesn’t get fucked if the housing market crashes, because your interest rate won’t balloon through the roof.
Not sure what this is implying. I personally know a few others (myself included) who have been working to get a house but stuck in the rent going up/cost of homes going up cycle. I feel (opinion) that most people would rather have a home instead of renting.
Many states have first-time homebuyers programs that will absolutely shunt the issue of transitioning to Rent/homebuying. Most people are too lazy or stupid to take the initiative though. Every person I have talked to about renting vs home owning has always managed to make excuses why they can’t do something, instead of working to make it happen. It’s daunting as fuck, for sure - but it’s possible if you scrimp and do without for a while. That short-term of doing without, ultimately ends up with you paying into something you OWN. You’re building your personal equity with a house, and many people will argue against that because of learned helplessness.
Most people are too lazy or stupid to take the initiative though
Full stop, go fuck yourself.
Aww…lol It’s okay, they have a totally different type of home for you.
I would point to demoralized instead of lazy or stupid. If you talk to a lender they will immediately tell you about the programs as it’s in their interest for you to buy a home. A coworker and myself are military vets which lets us do the VA program. Even the finding a house to buy that isn’t paid for with cash 5-10% over asking is a nightmare. I lost 8 bids the first year trying. Also the prices for an home are just absolutely insane as starter homes don’t really exist anymore. New construction is focusing on McMansions and any 2 bedroom home is built in a 55+ community. Now I’m just venting.
Congratulations OP on the home. I hope to be in your shoes before I retire.
Yeah, I probably used too harsh of a term there – It’s not stupidity or laziness, but more ignorance. You can’t exactly chase something that you haven’t been taught about.
And you’re right, the process is daunting - many of the people that argue against it are those that have to live in the city, and refuse to live further out in order to get better pricing. I’ve got plenty of housing around me being built in the 200k-300k range (2/1 and 3/2) - in Florida no less. But it’s in the country.
I went the “buy a slum house and live in squalor, putting whatever extra money I have into it to fix things” route. I learned a lot about housing maintenance; installing your own appliances, replacing well pumps and tanks, electrical, etc.
A buddy of mine is shacking up with his brother and they’re buying a house together for now so that in 10 years they can sell it an split the equity for their own individual houses.
It’s all possible, though for sure - you may have to do some things that we’d consider unconventional today. It’s definitely not ideal. The big guys are going to find out sooner or later that not paying people for jobs ends up with nobody having any money to spend.
Stoked for you! Here is to hoping it’ll not bite you with any failing parts in the near future so you’ll have time to get used to how things work! We’ve only had ours for almost a year now and I’ve already replaced half the house. But we got a fixer upper. Lol
Amateur, I just find an empty one and squat.
Wait [X] years as defined by your state. Boom free housing*
*Terms and conditions apply
