Homeownership, The Good, The Bad, And The Ugly

[Jtrout]

Bought my first house most 2 years ago I'm 28 and its a lot of work but well worth owning your own house. Stay within your budget!

[DogBone_384]

When I look at a place what kind of things so I ask/look for?

Pros and cons of gas, electric, oil heat?

In the case of a condo what are the pros and cons of a large association vs a small association?

 

In MA you'll have to have a home inspection done before you make an offer/close the deal.  That'll tell you what's good about the house and what possible repairs are necessary.  Check with your realtor to see if it's OK to ask sellers what their monthly utility costs are too.  That'll really tell you what kind of monthly income you'll need to live.

 

Gas is cheaper than oil & electric in MA, especially if the house has a higher R rating.  Our home is 15 years old & 1900+ sq. ft. My winter gas bills average $225/month.  We cook and heat with gas.  

 

Oil isn't cheap and there's more maintenance to the furnace.  I don't know what it cost per gallon right now, but you can find out easily enough.

 

National Grid raised their electric rates by over 30% up here last fall, citing increased fuel delivery cost to them (my two-cents on that is the increased use of solar [which I installed last year] is a bigger factor), so you could guess what electric heat costs.  

 

Insurance rates in MA are cheaper if you have a Firehouse within 1 mile, or a hydrant close by (500' I think, though not 100% sure). If you have an insurance broker now, call them and ask how much insurance costs for houses in your price range/neighborhood.  Find out if properties you're looking at are in the flood zone.  You'll have to carry additional flood insurance if you carry a mortgage.  

 

You can learn a lot about the neighborhood too by visiting local coffee shops and supermarkets before/during/after rush hours - that's where your potential neighbors will likely be.  Your local papers might also post Police listings of crimes/arrests, more good info.

 

No matter what, owning your own place is 1000X better than renting, and can be a little nerve wracking, but as time goes on it gets easier and more enjoyable.  There's nothing like it, and if you're a Vet, you've earned and deserve it, thanks.

[Catch 22]

DO NOT GET INTO A VARIABLE FLOATING LOAN,your rates will only go up.

Early on in a loan the interest is very high with principles very low.Gang up the principle payments as much as possible to cut years off the loan and to save a heap of cash. May sure your contract allows forward payments as such.

 

Meet the neighbors before you buy. Make sure theyr`e not anti fishing,ect,or have barky dogs.

 

Get a reliable home inspector researched and approved by yourself.

 

Get a thorough test of any septic systems

 

Get the water tested

 

Stay away from older houses with underground oil tanks and lead paint 

 

Terms can be negotiable with the seller for things you may want or not want.Don`t be shy about asking. You have the checkbook. You are the lead dog.

 

Look at adjacent noise and odor possibilities [airports,farms,heavy industry,prison]

 

And a biggie for me,make sure you  have a backyard area to take a pee without the neighbors calling the cops

 

Oh almost forgot,if something breaks,falls down,clogs up or needs repair,its on you

Best of luck and hope this helps

C22

 

BTW   I`ve had my own homes for over 45 yrs now and would not have it any other way.