Current Events > I want to look into getting a house in the next year, what should i be doing

(+) Yeah! (+)

Apart from saving money, is there anything I should be specifically watching for? Looking at prices of houses in my area and prices and seeing what they sell for.

What else?
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assuming you rent now so there's nothing to prep on your way out to maximize moneys
how's your credit? may want to start laying groundwork for working with someone on that with the intention of trying to get the best rate for when you're ready
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apply for mortgages and compare rates
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Probably research how you're going to mortgage and what type. Scope out lenders.
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The Trent posted...

assuming you rent now so there's nothing to prep on your way out to maximize moneys
how's your credit? may want to start laying groundwork for working with someone on that with the intention of trying to get the best rate for when you're ready

Ya I'm renting right now.
Credit is good. 780-800 it seems

Romulox28 posted...

apply for mortgages and compare rates

Before I start looking for a place?
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Also, townhome, condo, house? Which one
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yeah you can start scouting what you'd prequalify for and even start to engage someone with the intent of locking in a rate when you're closer to trigger time
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Also, no one puts down 20% right...? 20% of some of the houses in this area is like 40k+
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emblem boy posted...

Romulox28 posted...

apply for mortgages and compare rates

Before I start looking for a place?

Yes, you'll know what budget you have to work with. Banks are happy to talk you through what offers and deals they have, as well as looking at your income, credit and savings etc to give you a realistic figure you'll be working with.

Get a condo. That way your HOA fees actually go towards stuff you don't want to deal with (lawnmowing, maintenance, etc.)
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Save enough money to get out of PMI cause that shits a scam.
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HypnoCoosh posted...

Save enough money to get out of PMI cause that shits a scam.

That 20% is no joke though
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emblem boy posted...

HypnoCoosh posted...

Save enough money to get out of PMI cause that shits a scam.

That 20% is no joke though

Yeah but, well, that's reality unfortunately. It's a tough time for young people to be getting on the housing ladder. I'm glad we did when it was easier!

Also, are you single or looking to buy with a wife/fiancee/partner? This will obviously also be a big factor in your budget and mortgage options - whether it's two monthly incomes or one.

ArchiePeck posted...

emblem boy posted...

HypnoCoosh posted...

Save enough money to get out of PMI cause that shits a scam.

That 20% is no joke though

Yeah but, well, that's reality unfortunately. It's a tough time for young people to be getting on the housing ladder. I'm glad we did when it was easier!

Also, are you single or looking to buy with a wife/fiancee/partner? This will obviously also be a big factor in your budget and mortgage options - whether it's two monthly incomes or one.

I wish it was two people, but it's just me sadly
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Well, best advice for now would be to research current mortgage deals and make a realistic price range for what sort of houses you can afford to put money down on.

As a single person starting out, you might not be able to get what you really want to begin with in terms of house size and neighborhood compared to a couple that have twice the average income coming in, but it's a starting point to build from - your mortgage payments are going in to something you can sell again rather than rent into a landlords pocket.

If I was you, I would rent. You're going to find someone and then your priorities might change and stuff. Young, single and, flexible.

During my house searching now I've noticed townhouses are the best for my budget(200k). Houses are expensive in IL, you need to spend like over 300 if you want something nice. Townhomestend to be newer. Pretty much all keep the laundry units and stuff, hoa fees actually go toward snow and lawn

With regular houses I've noticed they tend to be older and have a lot of areas of concern. Roofs, heating and a.c. shit, and it's usually 50/50 if they keep the units
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If it's looking like I can't get something I like for the money I have, I might just keep renting and saving. Real estate in general is something I want to get into so maybe keep saving until a good real estate investment opportunity comes along that I can put money in, rather than a home I'd live in
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Man, maybe I really should wait for a house to actually live in until I meet someone.
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emblem boy posted...

Man, maybe I really should wait for a house to actually live in until I meet someone.

Not really necessary.

I recommend prioritizing a place (city/state) you want to live over a person you want to live with.

Find a city or state you really like and could see yourself staying in for a long time. The person will come later.
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