House question

[SnakeEyeSS]

I, too, ahve been looking into buying a house. This is orta the same subject as the other, but:

 

I've been looking at houses, and several, around 20 years old, are selling for the same price, or MORE, than houses similar is size and features that are old a year or two old......and the new ones have some extra goodies.....the different areas are nearby each other, and the new ones are in a newer neighboord hood........I don't get why they'd be the same or less.

 

It's kind of scary, since I want a 3 car garage, but older houses with 2 car garages only 5K less? red flag for quality?

 

I'm kinda stuck on what I want to even start looking at.......I'd like a house with all new stuff, but thereis one right across the street, built in 1984, remodled 5 years ago, then sorta again a few years ago, a room added, 2 car garage, (very well lit specifcally for working on cars, previous onwer was a big car guy).

 

I figure it migth be better to get into something like that, then if I ever wanted a bigger or newer house, I'd be more ready and knowing what was "going on".....

 

if so, ?I think I could be in a house before July if I tried. I wanna beat the interest hikes

[Mark_in_Tulsa]

Well the diff in price can "sometimes" simply be that they are more desprate to sell, or its been on the market for to long. But the ones with higher prices maybe be able to go down in price if you know how to bargin.

 

I've been in a lot of homes in Tulsa threw my line of work. So I can give you some insight about some neighbor hoods. PM me if you got questions.

I to plan on buying my first house this year. Got married last year, and am really tired of this apt, and living so close to 71 st.

[blue2kzr2]

In my area, the older neighborhoods are nicer. When the one my parents live in went up (I think it was the 60's, they're not the first owners of the house), they didn't clear-cut the trees, they cut what was needed for the house and some grass and left the rest. The newer developments are just getting clear-cut and then new trees planted (if you're lucky).

 

I also get the impression that the older houses around here were built to last. Seems like these new homes are going up VERY fast, though one of my parent's neighboring houses went up in a month and that was 30-40 years ago.

[Greg]

Keep researching:

 

Talk to neighbors in both neighborhoods

 

Talk to people in other new developments by the same builder

 

Look at the quality of applicances, furnace, a/c, windows, construction in both types of homes.

 

Walk / jump on lino or wood floors. Some new house are too shakey for me.

 

Know what you're buying in a new house. Do you have to shell out more bucks for landscaping, driveway, garage door opener, appliances, A/C, etc.

 

Good luck.

[71GMC_3/4T]

Watch out for anything built in the early 70's. They used a lot of copper clad aluminum wire that is now known to cause fires in those old houses. Some insurance companies won't even cover you w/ aluminum wire...

 

Also, avoid those home owner's association type neighborhoods. Unless you really like having someone tell you how your house can look, and whether or not you can have a car sitting in the driveway at night.

[SnakeEyeSS]

thnaks for the advice guys......I'm thinking in maybe a month, if its still for sale, the house directly across from my parents(where I live now, remember I'm only 19, lol)....the one I mentioned in the thread.

 

LO, then my dog could travel back and forth between houses, lol

 

after the hike today, a local company is offering a 5.375% 15 year fixed loan with no points, and 5.750% 20 year loan with 0 points. on loans 125K and up.......If I need one for 105K, would it be higher or lower. I wouldn't be in a situation to purchase for about 1 month.

 

 

or should I live at home for a year or two more and save up some money? the reason I don't want toknow is because the interest rates are getting jacked up, so if I wait, the money I save to put down might be overruled by a interest rate 2 or 3% higher by then.

[Mark_in_Tulsa]

Well being a first time home buyer you have a ton of options. But unless you can save over 20% for a downpayment, then its not really worth it. From what my friend in the home lending dept. told me. I would do it now before rates go up.

[71GMC_3/4T]

When I bought my first house, I was scared, real scared. Man, that was a lot of money! That, and the loan papers said I'd be paying 3 times that amount back if I used all 30 years to pay it off! It was a HUD fixer-upper, but it was cheaper than renting and had a garage and fenced in yard for my golden. It was a small old house, but it was all I could afford.

 

Then, 7 years later, I was married and we sold the house for more than twice what I had paid for it originally! That's when I learned how good an investment a home can be. It's also a great tax write off!

 

I'd say GO FOR IT! Pay extra if you can on your payments. Otherwise you spend the first few years paying interest and your principal only goes down a couple hundred bucks. The more you pay earlier, the sooner it will be all yours! Something would have to go terribly wrong for you to lose money on it...

 

Good Luck!

[Halen5150]

Trying to find a house is tiring. It's hard to find a used one with everything that you like, and one that doesn't take a lot of work to fix. I've looked at over 20 houses in the past couple of weeks, and nothing really seems to impress me. I might have one built if all goes well. The only thing that I like better about the older houses is that the backyards are so much bigger than the ones on newer houses. Interest rates are going up all the time. It's 5.375% here also for a 30 year loan. It's was 5.1% just a few days ago. I'd buy now if you can.

[blue2kzr2]

I agree on the lot size. My parent's lot is about 1 acre. New houses selling for approx. what my parent's house would go for, are on smaller lots.

[SnakeEyeSS]

okay sounds like I need to move on it and start looking or just get the one across the street, anyone know when the next rate hike will be?

[silverado man]

If you are thinking of getting a place in the next month talk to a lender get pre-approved and then they will give you the rate that it is at the day that you talk to them, some times call a good faith estimate. They will usually hold it for about a month and if they are a good lender they if the rates dropped from the time that you talk to them they will give you the lower rate.

[MillerClemsonHD]

next rate hike with be in june or july when the next federal reserve meeting is. it will be going up about the same amount. One main thing you arent thinking about is how high your credit score is which will greatly impact your rate even more so than the federal funds rate. If I were you I would check your score etc and make sure it is as high as you can get it, and talk to your bank about what rate etc you could get with your score. Agree with the post above to, pay extra as often as possible an extra 100$ during the first year will probably mean 1 less pmt in yr 30. If you got any more questions I have a bunch of good info from wells fargo bank that you might be interested in send me a pm with your email address and I will send it on to you.

[SnakeEyeSS]

I plan on a 15 or 20 year loan

[gave20]

Snake: You definately want to check into first time home buyer programs. PA, most every state and the Feds can all offer you a better interest rate than private companies. The USDA Rural Development offers low interest rates about 1/2% lower than most banks on existing homes up to 170K and new construction up to 200K. You have to meet certain qualifications but a single incomer you'll be okay. Another thing is take a 30 yr mortgage its a safer, even if you can pay it off in 15-20 yrs you can always double payments and put towards the principal and if you can't make 2 payments one month you won't be pentalized, remember it doesn't matter how much you pay ahead if you miss a payment that's bad news.

 

Here's a couple links I found:

http://ohfa.org/HDT/Bond1/Types/HOMEPlus.html

http://www.okrehab.org/searchfiles/rural-housing.htm

 

Keep in mind with Rural Development it may look like they only help low incoming housing but they also offer first time home buyer programs as well.