Randall's House Buying Research Plan
Requirements:
- Garage
- Centrall located
- <20 minute commute for Koel
- Pull any and all construction permits in that area or on the house. Avoid any and all sinkhole repair.
- Research utility costs
- Any repairs / rennovations require 3 separate estimates from different contractors.
- look at molding
- look at air conditioners / heaters
- research original builder, look for lawsuits
- research zoning laws
- research fema zones
- figure out insurance requirements based on 2 above
- aim for one story so mana can get around easily
- one story is also easier to repair and maintain
- which way do the windows face?
- western facing windows get warm in the afternoon
- easy facing windows will be dark sooner
- aim for facing south/north for even exposure
- Ignore furnishings, wall color, trim all of that can be changed
- Pay attention to the floor plan. No cramped doorways. How does the kitchen attach to the rest of the house?
- Create a geo-map of noise and light sources - do those interfered with living?
- Don't fall in love with a house
- look beyond decor, imagine functionality
- don't get the best house in the neighborhood because other houses will pull down it's value
- have written exit strategy for relationship breakdown
- avoid lead-bearing paints
- consider outlet locations
- stay near shopping (walking distance preferably)
- are similar properties in the area cashflow positive as rentals?
Buying Plan:
- Contract is contingent on independent home inspector.
- No adjustable rate mortgage. Fixed rate only.
- Never be afraid to walk away, this affects the next 10 years of your life.
- Have insurance and property taxes put into escrow and paid through mortage payment
- Have bank show large positive balance at least 2 months prior to mortgage qualification
- Use 401k money for down payment
- No more than 6-7k per month
- play banks off of each other to negotiate loan