Any tips on buying a new home?

**Goldy1** · 08-25-2013, 07:57 PM

ps
our current home is 1750 square feet. We want a home that size up to about 2200 max. It would cost us at least 225K to buy that 20 minutes away from where we are now and more likely 250K. My husband earns about 55K a year max(depends on overtime) and I have a useless college degree(in terms on earning bc it's an expired teaching certificate and I stay home now)
Our savings are around 40 to 50K including roths I would estimate.

**Jerry91** · 08-25-2013, 10:20 PM

I personally believe that you should only buy your new home when you are sure enough that you will be able to sell off your present home. However, if your present home is well enough and if your son is studying in an overall good school, then there is not much sense in moving on.

**Goldy1** · 08-26-2013, 05:39 AM

It kind of scares me to
sell my home and have two months to find a new one(by renting my current home from the new buyers)
and it scares me to
buy a home before selling my current one(bc I will have to finance the whole amount almost and be in the hole the mortgage payment)
I guess selling first is best esp. since have a quad level!

I guess it will feel right when the time is here!

thanks!!!

**dawnwes** · 08-26-2013, 08:34 AM

We sold our last house first, had the money in hand, and THEN house shopped. We did have to find a temporary rental and I hated it, but the peace of mind was worth it to know that we weren't worried the deal wouldn't go through, etc...before looking.

If the school district is of huge concern where you are and you want your child in the public school system, then I would be more inclined to start looking, although if he is only 4, you may be ok for a few years even in a school district that is less than stellar.

Dawn

**mikal** · 08-26-2013, 10:27 PM

If you think that there is no good school available for your child in your district then you should move to another place. I know moving house is very difficult and expensive but the truth is that if you want to get your child admitted in a good rating school you have to move on.

Before you leave or sold out or rent your house make sure that you have found a new home for yourself and try to find a home where you don't have to spend much on home improvement. Also try to do move your house with the help of your family and friends so that you can save money on moving process.

**Goldy1** · 08-27-2013, 08:21 PM

Its so difficult for me. I would like to move, but it's such a big step. It is so awesome being mortgage free, but I know this isn't my forever home. I have the option of school of choice lottery. It's no guarantee but likely I can find something very good within 20 minute drive. The schools here as many places vary in short distances with rating.
I suppose I can enroll in private school until we find a suitable option if need be.

I guess I would prefer to have the home sold before I purchase one. It's just tough to buy a home when prices are about $120 a square foot or more around here.

**LivingAlmostLarge** · 09-03-2013, 04:48 AM

What's most important with you? School? Debt free? Size? Lifestyle?

Personally I'd pick school district sooner rather than later. So my kids will have friends. I prefer a better school district rather than private school which can be very expensive.

But's at the end of the day it's still your choice. But I'd definitely sell first. Keep pressure off of having to sell.

**JoeP** · 09-03-2013, 06:26 AM

Would you be able to supplement your child's education at home?

I know what you mean about housing style. We had a quad level split and I hated it with all the stairs and the small basement under one level. At least with a ranch, you have the whole house footprint under it for a basement.

**sherylgray** · 09-03-2013, 10:23 AM

If you are a first time buyer, think whether you can afford it or not. Evaluate and assess your financial position well. Then find out a perfect home for your family. You can hire a real estate agent too. Do your homework well before going outside to search homes,

**snafu** · 10-10-2013, 04:55 PM

We've always picked the least expensive home for sale in the district of choice. You can update, re-decorate, and upgrade landscaping for any house but you can't do anything about a location that has lower school ratings, or lacks the amenities or services you need.

It's foolhardy these days to buy a house without have it checked out by a qualified, certified home inspector to make sure there are no serious or hidden defects. A lot of home up dates and features are DIY. Instruction is so good that even people like me lacking skill sets can paint a room or add a glass tile back splash. If you don't like the appliances, just buy new ones.

You'll certainly gain experience updating and -fixing every minor flaw in your current home getting it ready to sell for top dollar. Lastly, I suggest you pick two or three districts and work out a price per square foot average for asking and actual selling price. We did sf analysis plus and minus features we found desirable. You will find when you sell that buyers will make offers that are unrealistic and you just negotiate.

**Fishindude77** · 10-06-2015, 05:24 AM

With a paid for $150-175K home, you are in great shape and should be able to do this without much of a stretch. I'd talk to your banker and tell them what you are thinking about doing. Assuming all of your other finances are in order, I imagine they would be flexible enough to do just about whatever you want.

We bought our present place under similar circumstances. Found the place we wanted so bought it. Bank gave us a 12 month note with no payment due for a year. This gave us time to do some remodeling on the new place, sell the old place and get moved.

Moving into a rental, then moving again would be a real pain.

At your ages, I'd also keep the loan duration pretty short 10-15 years max. You don't want to be making house payment sin your 60's.

**Jluke** · 10-06-2015, 06:17 AM

This thread is two years old.

**bjl584** · 10-07-2015, 05:04 AM

Originally posted by Jluke View Post

This thread is two years old.

OP is still active here. They last posted in the Spring.

I'm curious to know what happened with this situation. Hopefully OP sees this thread and comments.

**Goldy1** · 11-15-2015, 08:25 AM

Yes. We moved. We moved from a quad multi level home to a ranch the same size at 1800 square feet. Selling our home was extremely stressful. We had a realtor who was good at staging advice but very impatient .we had a buyer whose loan fell thru after having home off market in summer for over 63 days for them. Long story. We went back on market and sold two weeks later. The second time the sale went thru.
We are vibrant and active but now at 40 and 44 happy to be in a ranch we can age in. We have a one year old and six year old now. The one level makeschildcare easy. No more kids for us though!
We moved half hour away. We purged a lot of clutter in the move. A lot!!!!
We now owe about 60k on a mortgage. We pay extra principal monthly. We live just fine on about 50 k give or take a year.
My son enjoys public school as local school is pleasant and top rated . Good move for us. Now thatchildbearing done we can plan for ourfuture more.

Any tips on buying a new home?