Any tips for a first time home buyer? (Louiville area)

The wife and I decided to pony up and buy a house. These days it seems the rent for a decent apartment is no different then the mortgage for a decent home. Plus now is the time to take advantage of everything offered.

Weve got some in savings but we dont want to wipe it all out for a downpayment, we want at least a 3mo cushion in case something happens. So we figure we can do about $10K down. Not much but better then nothing I suppose.

We want to buy a house that is in our budget NOW. Even though my wife will be an RN in a year from now, we still want to buy what we can afford with our current income vs our projected income in a year, again as a little cushion.

First I have to ask this. We found a home we REALLY like. Problem is, its a repo and needs some major work. We havnt had a professional inspection done yet but will. We can put 30-40K on top of the asking price and still be in budget. Is it a smart idea to buy a rehab as a first home?

Anyother tips or suggestions? Dos and donts? Pros and cons of a fixer upper?

Figured Id ask some of you with MANY more years of experience on me. :p

[QUOTE=JD7.62;362240]The wife and I decided to pony up and buy a house. These days it seems the rent for a decent apartment is no different then the mortgage for a decent home. Plus now is the time to take advantage of everything offered.

Weve got some in savings but we dont want to wipe it all out for a downpayment, we want at least a 3mo cushion in case something happens. So we figure we can do about $10K down. Not much but better then nothing I suppose.

We want to buy a house that is in our budget NOW. Even though my wife will be an RN in a year from now, we still want to buy what we can afford with our current income vs our projected income in a year, again as a little cushion.

First I have to ask this. We found a home we REALLY like. Problem is, its a repo and needs some major work. We havnt had a professional inspection done yet but will. We can put 30-40K on top of the asking price and still be in budget. Is it a smart idea to buy a rehab as a first home?

Anyother tips or suggestions? Dos and donts? Pros and cons of a fixer upper?

Figured Id ask some of you with MANY more years of experience on me. :p[/QUOTE]

The idea of buying a fixer upper seems novel when you are looking, but remember you will be committing a lot of time to doing the repairs. That translates to a long honey-do list and less fishing time. Plus you'll need to be somewhat of a handyman.

be patient and get the deal you want. it shouldnt be that hard now cause its a buyers market.

me and my wife settled on the first home we bought and it was a huge mistake. now we have what we want and what we should have bougt the first time.

dont settle for something ya dont want if you dont have to and be patient and youll be happy with your purchase.

Her side of the family owns a home construcion company they do pretty much everything but foundations, major plumbing, and electrical so hopefully we could get a good deal with them for things like the roof if needed.

I can dry wall, paint, tile, lay carpet and other "easy" DIY stuff.

Fishing time...did I mention this property backs into the stocked neighborhood pond? :)

Since you stated you are 1st time home buyers you will get the 8000 tax credit. Since the home is a repo you will want to research the deed and make sure there are no other liens that were not accounted for during the master commisioner sale. I would think the bank has bought this property back and is trying to cut their losses so offer well under the list price (you can always come up) if this is a private seller don't offer too low as you can insult the seller to the point they won't deal at all.
With that being said you will have 30 days beyond the closing to purchase buyers title insurance [B]be sure you get it. [/B]
Definately get the home inspection, there will probably be no contengencies allowed so make everything as simple as possible.

The house is a bank owned repo. Priced at $100K less then other homes in the neighborhood for sale.

Whatever you buy have a thorough and I mean thorough home inspection done. Get a reputable outfit that will look for anything and everything. Also consider location and the type of people that will be living near you also very important. Owning a home of any type demands alot of work and time factor this in.

I love when realtors use the term, ''Totally Maintenance Free'', trust me there is NO such animal out there.

That one goes right up there with..

Never play poker with a man named after a city or a state.
Never buy a car from a man with 200 dollar shoes on.
And last but certainly not least is...
Never trust anything that bleeds for five days straight and doesn't die.

[quote=mhall;362250]Whatever you buy have a thorough and I mean thorough home inspection done. Get a reputable outfit that will look for anything and everything. Also consider location and the type of people that will be living near you also very important. Owning a home of any type demands alot of work and time factor this in.

I love when realtors use the term, ''Totally Maintenance Free'', trust me there is NO such animal out there.

That one goes right up there with..

Never play poker with a man named after a city or a state.
Never buy a car from a man with 200 dollar shoes on.
And last but certainly not least is...
[B]Never trust anything that bleeds for five days straight and doesn't die.[/B] [/quote]

So that's what Ive been doing wrong! haha

This place is in Crestwood, I could walk to Open Range!

[QUOTE=JD7.62;362254]So that's what Ive been doing wrong! haha

This place is in Crestwood, I could walk to Open Range![/QUOTE]

Great another Oldham co. boy and I promise Mark and I won't drink all your beer hehehehe

On any newly purchased home, In addition to the title insurance, buy a good home warrantee. They can be purchased cheap when you first buy, usually the seller will split the cost - under $300. This is good for a year, and will cover anything that goes wrong with the house outside of an insurance claim. They can be renewed, but the price doubles or triples to re-new. I wish we would have re-newed ours.

[quote=JD7.62;362254]So that's what Ive been doing wrong! haha

This place is in Crestwood, I could walk to Open Range![/quote]

Ahh now we see why this is so appealing!:)
Seriously, get the deal that works for you guys. Your being smart by buying within your means and not your projected means.
I would want plenty of garage space and electric on everything...no gas.

A good home inspection is a must but if you have family in the bidness get them out there first as they will be better than anyone else finding faults. Then take that list and ask the inspector you hire what he thinks and if he agrees he can write it down as well. Might help get some more money off the selling price. JMO

My only advice is don't "Fall in love with a house." The house will NOT love you back.

My wife once mentioned in front of the car dealer that she "loves that car". I thought the dealer would crap his pants when I told the wife, "Well that car sure doesn't love you in return."