Hi gals. I am currently in my late 20s and have been renting (in a very expensive area) for the last five or so years. I consider myself very lucky to afford the luxury of living by myself and supporting myself in these troubled times for my generation. Most of my peers cannot afford renting (or the cost simply isn't worth it) and either still live with their parents or with roommates. However, I am getting to the point where I think I would like to buy a house. I just honestly have no idea where to start because I don't know anyone my age who has done it. I'm looking for basic tips and maybe some advice on how to determine if I can actually afford it. For example, if I'm looking at the "estimated monthly cost" on a website like zillow, how reliable is that really? Do I have to learn how to negotiate pricing or haggle when it comes to bidding? And, potentially, if i were to view a house, I have no idea what types of questions I should ask about it or what to look out for. I only know that my state requires a house inspection to be passed prior to signing any contracts, so there's that.
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Get a private mortgage broker if you don't want to trawl through everything - one who works for you and not a bank. It costs a few hundred, but it can save you thousands in getting the right mortgage.
Keep ALL the paperwork that the surveyor sends you. If after you've bought the property you find out that you were misinformed of something - and that something is expensive, you might be able to make a claim.
Be aware of where the house is situated. Every place will have different hazards to look out for. I live in Britain and there is much deforestation to create new residential zones, and we're pretty wet to begin with. New development zones are often at a risk of flooding, so I either look for a property on high ground or I look for really good insurance.
You can change much about your house but not the location. Location location location!