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Hello,
Im Donna Smith, my husband and i are a young married couple( 20s) and looking to buy or build a home and need to know the steps in making one of our dream become a success. we have been a married couple for 2 yrs. husband is in the navy and we are always moving from house to house every 6 months.(renting) my husband will be done with his duty in 2013. we thought since we have almost 3 yrs to start working on 1) finding a house. or 2) building our own. Can we please have some advise to what we should start doing now.
Donna Smith
we are currently in San Diego Ca. paying anywhere from 975-1400 $ a month on rent along with our bills .We are looking for out in the country with lots of land in Texas maybe the Ft.Worth area,. We already have a 2yr old son. my husband and i want to take the chance to use what we are giving from the navy to get us ready for when we are civilians again.

5 Thoughts on what steps to take when buying our first home?
  1. Reply
    gatesjennifer@prodigy.net
    August 28, 2012 at 7:01 pm

    I am a Realtor–what state are you in?

  2. Reply
    Courtney
    August 28, 2012 at 7:44 pm

    I’m n the same boat my fiancee is in the navy and his tour is up july 2012! I want to buy a house soo bad I hate renting I feel like we waste $ 1000 per month on something we can’t keep… Seems pointless We are more than ready to buy!

  3. Reply
    John
    August 28, 2012 at 8:20 pm

    3 years? Way to start early 🙂

    My wife and I bought our first home when we were 30. My advice is to first realize that it is expensive – lol. It can definitely be a money pit but we loved our house so it was well worth it to us – and probably will be for you. One thing to know is that you can deduct the interest portion of your payments.

    You can contact some homebuilders in your area to get a sense of prices and options of homes – contact your areas homebuilders association for referrals to reputable builders. You can also search on line for real estate in your area to get a sense of what’s available and what you can afford.

    My wife and I were very deliberate in what we did – we did not want to make a bad investment or get a poor home. About a year after grad school, we began looking. First thing we did was to identify the neighborhood rather than concentrate on the house. You need to decide if you want a rural area, the burbs, urban, etc. Then, think about the future – will you have kids? If so, you need to look at the safety of the neighborhood of course but also very important are the schools. If you want Jr to get a good edumication :-), you’ll probably need to shell out more $ for a neighborhood that has good schools. That neighborhood will not only have higher home prices but higher taxes (that go to the schools). But, if you are OK with terrible schools, then just move to Florida – just joking.

    After all the neighborhood considerations are sorted out, you can focus on the best areas that suit you. That’s when you start looking for properties. Remember to keep in mind the real estate taxes as that will be a significant portion of your monthly expenses. Ask other homeowners about all the other expenses of home ownership (e.g. maintenance, insurance, etc.). Is the home well insulated? If not, your heating bill can be huge. Does the house need, or will it need a new roof or driveway or painting? Prior to home purchase, the inspection will alert you to that kind of thing. There really is a lot to know and it can’t be explained through here. I would advise you to get friendly with someone knowledgeable who’s owned a home to help with the process.

    In the meantime, decide on neighborhood, look on line for homes on sale, and attend some open houses.

    Best of luck

  4. Reply
    Joanie
    August 28, 2012 at 8:29 pm

    The military has classes you can take that cover first-time home buyers. Check with the base housing office or MWR (Moralre, Welfare, Recreation — whatever the navy’s version is). Buy a couple of books about home buying, and read them well. Start saving for your down payment. You’ll need to lookat school districts (good or bad can have a huge impact on the vale and especially resale value of the home). Start with “The Idiot’s Guide to Homebuying…” and wrk your way up from there.

  5. Reply
    Bill Tsouvalas
    August 28, 2012 at 9:07 pm

    hi!! We bought our first home last month, so I understand where you’re at.

    1. Get pre-approved for a loan.
    2. Start looking at homes.
    3. Find a real estate agent.
    4. Find a home you want to buy.
    5. Put an offer in.
    6. Read terms of counter offer.
    7. Sign a purchase agreement.
    8. Have the home inspected.
    9. Have the title work done on the home (real estate agent will probably take care of this.)
    10. Call your insurance company and get insurance on the home – before the closing date! (You’ll have to pay a year up front.)

    Thanks

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