Ask HN: Hacks for buying a home

https://news.ycombinator.com/item?id=1712784

by matt1 • 16 years ago

3 2 16 years ago

news.ycombinator.com

Next week I'm moving to an apartment in the Boston area with a six month lease with intent to find and buy a place before my lease is up.

I'm a first time home buyer and while I've read a bit on the subject, I'm worried I'll make costly mistakes due to my inexperience. Any tips, tricks, or hacks you'd recommend to help me and other home buyers make good decisions?

etm117• 16 years ago

Note, not a hack, just a friendly piece of advice... Unless you plan to live in the same place for at least 5 years, do not buy, keep renting/leasing. A few years ago, you could buy and sell multiple times and each time not lose money because of rising property values. That time is gone, it may come back, but it may not. In a more normal market, closing costs and Realtor fees take up most appreciation of a place and it may take 5+ years of paying your mortgage (and thus reducing your principle) to sell the place without taking a loss when you include those fees at selling time. This is important if you are still young and have that itch to move around and find a place to call "home".

Yes there are a ton of other reasons why to buy a house and how to do it minimizing costs (which I am sure others will chime in with), but that one above is my favorite reason NOT to buy a house that I think everyone should think about.

maxdemarzi• 16 years ago

You got 6 months... get a real estate license. Seriously. The requirements vary by state, but they're not hard to get, and you get to save 3% on the final price of whatever you are buying. Also access to the MLS system (the only thing that's really worth it). You can use the data to become better educated about what and where you are buying and maximize your purchase.

Ask HN: Hacks for buying a home

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