Looking to buy my first house any advise

[chris327 30]

So im looking to buy my first house. First choice of towns is verona then cedar grove. Looking for something within 20 minutes of work in passaic. Don't have kids but would like a place for when I do they would be ijn decent schools. Anyone live in these towns or have any suggestions?

[Sigman 41]

I would suggest getting as far from Newark as possible. In any direction even if it means driving 45 min. to work. Stolen vehicles has become the hot item and it's only going to get worse. I'm more familiar up north and like the Sussex county area. I live in Morris county bordering Passaic county. I commuted to NY, so an hour drive for me is fine. It's well worth the drive not having to deal with city life.

 

No offense to the people in that area. I grew up close to Newark and would not live in that area again.

[mikeyboyeee 66]

Wait, houses are only going down in price for the not so near future.

[BarkNBite 15]

Yup..........call my wife, she's a terriffic realtor.

[AverageJoe 95]

There was a thread on this few weeks back...some good tips here:

 

http://njgunforums.com/forum/index.php?/topic/32556-putting-in-an-offer-on-a-home-1st-home/page__st__30__p__436762__hl__house__fromsearch__1#entry436762

[this_is_nascar 162]

Congratulations. The only advise I'll give you is to make sure you live within your means as it relates to the mortgage. The realtor and mortgage company will tell you that you can afford a mortgage of X. Don't get a mortgage for X. Get something for X - Y, where Y equals 15%-20% less than what they told you that you can afford. This country has seen to many instances where people have bitten off more than they can chew, because they had to have the $350k house, instead of the $225k home.

 

Good luck.

[hiker88 22]

If you find the house that you like, make sure that you get a really good Home Inspector.

[silverado427 10,770]

Don't do it, Move out of this state AFAUC !!! this state is like quicksand once it has you it doesn't want to let go. The tax vampires haven't tasted your blood yet , you still have a chance. JMHO...

[Ronald Silver 2]

Ask the real estate agent if the house is haunted or if anyone died in the residence.

Hey they should work for their $$$ :-)

[MandM 2]

Being a fairly new home owner myself (less than 2 years now)... the things that helped me:

 

1. Don't rush yourself.

2. Be very budget minded. Do not get in over your head.

3. Home inspector is important.

4. A good realtor will help a lot! (And usually will help you with the first 3, and finding a lawyer, etc.)

 

I didn't know squat when I started looking, and my realtor helped immensely. She recommended a few inspectors she'd worked with, a lawyer (who I still maintain a working relationship with for business purposes) and all sorts of stuff I didn't know about.

[Sandy 44]

Congratulations. The only advise I'll give you is to make sure you live within your means as it relates to the mortgage. The realtor and mortgage company will tell you that you can afford a mortgage of X. Don't get a mortgage for X. Get something for X - Y, where Y equals 15%-20% less than what they told you that you can afford. This country has seen to many instances where people have bitten off more than they can chew, because they had to have the $350k house, instead of the $225k home.

 

Good luck.

 

This. Lenders will often approve you for more than you can afford , and the Realtor will steer you to spend what you qualify for with your Pre Approval. Sit down , figure out what you can afford long term , leaving enough wiggle room to save a war chest for a specific fund you will dip into if you can't make the mortgage for a period of time. Stick to your number no matter what the Pre approval is and no matter what "great deal " the Realtor shows you that is like 20K off your max approval .

 

If you find the house that you like, make sure that you get a really good Home Inspector.

 

And this. Ask around for a good home inspector. Don't go with one the Realtor recommends unless other sources recommend him too. Our was in cahoots with the Realtor company I think , because he said the basement is dry. After living here for 3 years and talking to the neighbors who have been here on this block for 40 years we learned the basement is not nor will it ever be " dry" . We live above an underground creek bed that feeds into the river a block away. We are uphill from the river , but the underground creek negates any uphill advantages. The water table is extremely high on our block. As we got to know the home we saw evidence of water damage repair and prevention modifications. They lied and covered up , I looked into it but we are past the statute of limitations to do anything about it.

[greatgunstatenj 32]

The only advise I'll give you is to make sure you live within your means as it relates to the mortgage... This country has seen to many instances where people have bitten off more than they can chew, because they had to have the $350k house, instead of the $225k home.

 

+1 It's very important to have all of your finances figured out first. That way you don't get swept up in a "dream house, gotta have it" scenario. There are tons of properties out there on the cheap, short sales, foreclosures, out of state where houses are going for less than $20k! Some of these situations take more work but might be worth it. The after-purchase expenses catch most people by surprise. Home ownership is not cheap!

 

If you find the house that you like, make sure that you get a really good Home Inspector.

 

Personally I feel you should not rely on a home inspector. If you simply read the list of things they are not accountable for you will quickly ask yourself, "why am I paying this guy $300+ for 1hr of work and a canned report?". That being said, still get one because they will know codes and stuff you may not know. However, in addition to the HI, you must do research yourself and inspect yourself!! Make a spreadsheet with items to check and check them. Most inspectors won't move furniture, lift carpet, get on a roof, crawl into crawl space, etc. You need to do all of that and more!

[Shawnmoore81 623]

Check the roof, that's a huge expense if you have to fix it.

[GeorgeHM 5]

I am currently trying to save money for one myself. I have grown up watching home improvement shows. A good one now to help see where problems might be is Holmes on Home and Holmes Inspection. He shows a lot of good info what to look for when doing a home inspection on your own. He is in Canada but building problems are still problems.

 

Also when looking you can check out FEMA's web site for info if the house is in a flood plain. I also check out Trulia and Zillow website for other info that might not be in the listing.

 

Hope this helps.

[BCeagle 12]

a) get a competent attorney

b) get a good inspector, dont waive it. I have clients that ask about waiving it and i literally have told people to sign a waiver that they were told not to.

c) I almost lived in Verona and liked the town but it is in a difficult area to get to, also living in essex county means you subsidize newark schools. Make sure you check the taxes before putting in a bid.

[autoxnyc 4]

Personally I'd avoid Essex county due to the crazy property tax there. All towns there have to feed Newark. Cedar Grove is actually relatively low for Essex county though.

 

Avoid Wayne also because it's a flood plain.

 

So im looking to buy my first house. First choice of towns is verona then cedar grove. Looking for something within 20 minutes of work in passaic. Don't have kids but would like a place for when I do they would be ijn decent schools. Anyone live in these towns or have any suggestions?

[coldsolderjoint 84]

Do alot of research online.. we basically where pro-active and sent lists of houses we wanted to see to our realtor.. and she set up the appointments.. we eliminated tons of houses just by driving by.. didnt even need to see the inside.. take a spin past the house the realtor is going to show you before you actually go... if nobody is living there, and there is a for-sale sign out front.. we walked the yards by ourselfs.. (don't really know the legalities of this.. but i figure if anyone ever called the cops on us.. it'd just be "hey.. we saw the for sale sign.. we where gunna tell our realtor to take us back if we liked it) talk to the neighbors or the old guy who is outside messing with something... (you'll find out ALOT :-D) we did lots of very slow roll-by's to look suspicious.. then asked the people who noticed about the houses we where interested in.. , go to the pizzeria and have a slice.. get the feel of the neighborhood.. do this (if you can) before you go with the realtor cuz there is going to be pressure there.. then go by again at night.. then go by again on a different day (day/weekend/etc) before making the offer.

 

Plus what everyone else said.. the house inspector is good.. but he's gunna miss stuff.. and theres almost positively going to be stuff that is hidden.. he's not mike holmes.. lol..

 

I'd say the number 1 thing is make sure you can afford the house.. not just make the payments.. but like really afford it.. plus when your new.. everything costs lots of money.. especially just stuff you need.. like tools, lawnmower.. new furniture, curtains.. all that stupid shit that just adds up

 

edit: look up the tax info yourself online.. the listings are usually wrong or have data that is years too old

[tommy3rd 132]

what's your budget???

clifton near the montclair border is pretty good.

[chris327 30]

Thanks for the info. Alot seems obvious such as your own budget. I did this before anything. And what I want to be at is around 20percent less than I can be approved for. I'm planning so I could afford everything plus save. Also I'm looking at asking price as my max budget nothing over. I'm finding my own listings then driving by eliminating.

[Hailskins 0]

Verona/Cedar Grove is a good area, I have friends that live there. One of them has significantly higher taxes (neither Verona nor Cedar Grove is cheap), I forget which is more though. If you need any mortgage advice, feel free to contact me.

[oneshot 45]

Morris county.. More for your tax dollar,not subsidizing crappy schools. Some good deals available

 

make sure you can get a mortgage as the banks are not lending unless you have a good down payment,excellent credit and a good work/income history.The days of lending 120% are pretty much over. Or ask Obama and the GSA for a bailout/funding for a green home

[Springfield1911 22]

So im looking to buy my first house. First choice of towns is verona then cedar grove. Looking for something within 20 minutes of work in passaic. Don't have kids but would like a place for when I do they would be ijn decent schools. Anyone live in these towns or have any suggestions?

 

Not sure what your budget it but Essex County is not the cheapest county to live in. Property taxes are out of control in Essex County. Im with Sigman...move further North.

[chris327 30]

Its not an option to move further with my work hours. And the fact that I need to be able to get there in like 20 min any time of the day or night.and yes I got pre approved from the lender for more than im looking to spend.

[Hailskins 0]

Morris county.. More for your tax dollar,not subsidizing crappy schools. Some good deals available

 

make sure you can get a mortgage as the banks are not lending unless you have a good down payment,excellent credit and a good work/income history.The days of lending 120% are pretty much over. Or ask Obama and the GSA for a bailout/funding for a green home

 

This is blatently incorrect. There are multiple programs still available that offer 100% financing. Also, minimum credit scores are as low as 580 - far from excellent credit. Refinance programs through Fannie Mae and Freddie Mac allow you to go up to 125% of the value of your home.

 

OP - talk to an expert instead of listening to random advice on a message board.