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I am 19 years old & in college.
I work a full time job as a hairstylist. I make hourly + commision + tips.
I just have no idea where to start on this..
I found a home for around $ 30,000 it is a great starter home that will need some cosmetic fix ups but nothing too serious.
Where in the world do I start? I have no clue on anything.. other than to contact the person selling the house =( im lost, lol.
Thank you for any advice you can give!
*I know some of you may not feel like the best advice is to not buy it, but I’d rather not hear that.. sorry!
I have very few bills each month right now. I actually have a full ride in college from my academics in high school. But i figured the marker it so down right now that it is a good time to buy. I plan on staying in this area (NE Ohio)

5 Thoughts on I need advice on first time home buying!?
  1. Reply
    Judy
    July 9, 2011 at 3:38 am

    1. Get a realtor – see if they will accept a 1% commission.
    2. Put 20% down, if you don’t you will have to pay PMI which is not tax deductible, and does not go towards principal or interest.
    3. Get a home inspector = the best 200 bucks you will ever spend in your life – he will tell you if the roof is about to cave in or if you have termites or mold.
    4. Make sure the area does not flood = ask neighbors door to door
    5. Make sure there are no loud barking dogs – drive by at night and see if neighbors are throwing loud parties.
    /

  2. Reply
    src50
    July 9, 2011 at 4:20 am

    Frankly, this is not the time for you to buy. You’re still in college and don’t know what you’ll be doing or where you’ll find a job when you graduate. Finish school first.

  3. Reply
    baycitybettas
    July 9, 2011 at 4:55 am

    Before even considering the purchase, get a home inspection. A few hundred can save you thousands down the road. Even if you do find someone to finance you, do you really need the responsibility and expense at 19?. You life is going to change alot yet, what’s the rush? Carrying a mortgage is not easy on your own- I speak from experience.

  4. Reply
    Marty S
    July 9, 2011 at 5:33 am

    I would love to assist you with obtaining a mortgage. Email me, and let’s discuss!

    [email protected]

    Martin

    I am on line now!

  5. Reply
    fastest2
    July 9, 2011 at 5:53 am

    I’m a realtor and this is what I tell my first time buyer clients.
    Know basically what you want in a home.
    Get-pre qualified and know what you can afford.
    the lender ratio is toooooo high for my comfort.
    Know your bills. know your budget and don’t let your realtor talk you into buying more house than YOU KNOW you can afford. (It happens much of the time.)
    I wouldn’t say you are too young to buy for any reason. BUT, if you know you most likely won’t be staying in the area then it is not a good time for you to buy. Wait a while and work on having pristine credit and money in the bank.
    And that gives you negotiating power.
    Once you figure up how much you can afford then get on the internet and look at homes in your area. see what you can get for the buck. IF it is not at all what you had in mind then you know you must wait and save more money first.

    If you’re a woman know that you’ll have to try harder.
    OK if you decide you can afford the house you have in mind.
    1. get pre-approved
    2. pick a realtor/agent to show you homes. Try to find a referral from a friend. (or if you’re in Kansas City Metro pick me because I’m seriously all-about my clients) LOL
    Generally, agents require you to sign an agreement with them to represent you. I recommend you make that agreement for as short of period of time as possible. like 60 days. Then, you can get out of it if you can’t stand your agent. (It happens more often than you think)
    Too many times realtors are “too busy” to take you when it’s convenient for you and you, as the client feel slighted and unhappy (as you should when this occurs) A short contract will make them work harder.
    Your agent should show you homes at your convenience and once you make the first offer they should handle everything for you and with you.
    for you: the negotiations, submitting paperwork, making sure your best interests are taken care of.
    with you: Generally, you, the buyer make the appts. for your inspection, surveys you can pick your own title company, etc.
    They know them all and they could recommend someone to you or give you all the phone numbers and then they dshould guide you in meeting all the required deadlines. (IT’S OUR JOB) :O)
    And by the way, in MO & KS the buyer usually doesn’t pay a commission to the agent. You should know what the norm is for your area before you agree to give them a commission at all. The seller in MOST cases pays the commission.
    Take care and good luck to you.
    Mary

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