what do i need to think about before i buy my 1st home?

[Queensgrad]

i need a list of things to consider now that i am house hunting for the 1st time. FWIW, I am a graduate student so my budget is south of 200k.

[chesspain]

hhmm....if there were only websites one could to in order to receive free advice about househunting.

[Queensgrad]

websites are fine for the boring essentials, but I thought OOT could supply some creative, insightfull things that a site for mom and pop might not have.

[JackInDaCrak]

stripper pole.

[TwoOuter]

I'd start by figuring out exactly what the annual expenses are- taxes, insurance, utilities, etc. This may be too basic for you but I know several people who bought homes and were surprised by some of these things- for example, how the sale usually triggers an increase in property taxes ("But the sellers told me they were only paying $1000 a year in taxes!").

Then I'd read up on home inspections and learn how to avoid the disaster of undisclosed and undetected issues. Of course you'll be hiring an inspector but it's good to know anyway.

Third, start looking for a good agent/broker. The seller will be paying the commission and a good broker is invaluable.

Fourth, don't trust anything a seller says. Check with the building dept. to see if the proper permits were pulled and finaled for any repairs/additions. Note that just about everything requires a permit these days. Be especially wary of electrical and plumbing "improvements." They may not cause any problems while you own the place but could be an issue when you sell someday.

[Howard Beale]

[ QUOTE ]
I'd start by figuring out exactly what the annual expenses are- taxes, insurance, utilities, etc. This may be too basic for you but I know several people who bought homes and were surprised by some of these things- for example, how the sale usually triggers an increase in property taxes ("But the sellers told me they were only paying $1000 a year in taxes!").

Then I'd read up on home inspections and learn how to avoid the disaster of undisclosed and undetected issues. Of course you'll be hiring an inspector but it's good to know anyway.

Third, start looking for a good agent/broker. The seller will be paying the commission and a good broker is invaluable.

Fourth, don't trust anything a seller says. Check with the building dept. to see if the proper permits were pulled and finaled for any repairs/additions. Note that just about everything requires a permit these days. Be especially wary of electrical and plumbing "improvements." They may not cause any problems while you own the place but could be an issue when you sell someday.

[/ QUOTE ]

All of the above PLUS do NOT, repeat, do NOT, give in to the temptation to over-buy, to stretch yourself to get the bigger or better house. Buy what you can afford. Don't fall for any gimmicks (teaser mortgage rates, etc) that make it appear that you can afford the bigger house. Know what you can afford and stick to it.

[By-Tor]

location, location, location?

[oddjob]

don't forget the added expense of repairs for after you throw your first party and your ahole friends trash the joint.

[JasonK]

Buy the worst house in the best neighborhood rather than the best house in the worst neighborhood.

[Spec]

Are you getting a place in Kingston? Lots of stuff available in that price range... are you looking for a house or condo? Either way... get on mls.ca and start looking around. Also, make sure you shop around a bit with mortgage rates.

I just finished my undergrad there last year, but moved to Toronto and bought a place here.