I've been thinking of writing a no-nonsense house buying guide for Millennials. I want to share my experiences and expertise in the engineering field as a way to help novice buyers. When I look at the portfolio of properties my wife and I own, I can't help but think of the mistakes we made. This isn't like buying or starting a business! They were silly mistakes with big ramifications that were completely avoidable.
So here's a multipart set of blog posts on the right way and wrong way of buying your first house.
Your First House
Buying the first house is stressful. There are so many questions you need to ask and answer.
- Where do you want to live?
- Will you like the neighborhood?
- Is it close to public transit?
- If I have kids, what's the school system like?
- What are the market prices?
- Does it make sense to rent instead?
- Am I looking for a fixer upper?
- Do you have a decent sized downpayment?
- Will I have money to furnish my house after I close?
- Do I need an attorney to close?
- Can I buy a house from auction, or is that a scam?
- What's a septic and should I buy a house with one?
Your very first house is a life changing event. It feels like a huge commitment and, let's face it, shows the world that you're setting your roots. Of course, people buy and sell houses in the US like crazy, but your first house feels like a HUGE commitment.
Breaking out this series
There are so many moving pieces to buying a house and I'll try to break them down as follows (subject to updates):
- Location/Schools/Flood Hazards
- House Infrastructure
- Fixer Upper or Move in Condition
- Expanding the House
- Courthouse Deals
- Ancillary House Stuff
This list will be updated as I start to write this house buying guide, but that's it for now.