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in Finances· House & Home

Decisions to make when purchasing a home.


mortgage trends

After the decision to search for homes that needed work, we had to go ahead and decide how much money we were willing to spend for a mortgage payment each month.  This is something that’s very personal- and I would not ever tell you what to do, but I will say to look very carefully at your financial situation when you are given that amount of house you can “afford.”  For us, we were told that we could afford a house more than triple what we felt we could afford- and that was with both of us working full time….and no children.  We sat down and factored in what our utilities might be on a house that size, and also what the property taxes would be (in Connecticut, they are high!) Once we knew what we could afford, we started looking around in our target areas- and quickly realized that to be able to afford the home and be able to have the cash to fix things, we were going to have to rethink how much we’d be placing as a down payment.  For us, what the bank said we could afford and what the reality of our budget was were very, very far apart.  Sure, we could have afforded that number the bank gave us- but we’d not have any money to pay for food, nor utilities, nor gas for our vehicles, let alone property taxes.  We opted to go with a number that WE felt we could live within based on what our budget and expenses were each month.


When you buy your first home, regardless of size, location, or price, many people decide or have to purchase mortgage insurance.  There are reasons for purchasing this insurance, and it is meant to offer a financial guarantee the lender should the buyer default on the loan- it will help to decrease or eliminate the loss for the lender altogether. It kind of makes things more “even” on the risk scale for the borrower and the lender. For many first time home buyers, private mortgage insurance is almost always required if you are putting down less than 20% of the mortgage.  For us, mortgage insurance was a way to ensure that we COULD get into our first home, and also have the funds available to do necessary renovations- we were buying a fixer-upper that ultimately we had to “gut” and had we put that entire 20% or more down and not done the mortgage insurance, we’d have had to end up taking out a second mortgage or a homeowner’s loan, neither of which we wanted to do. There are many resources available to help you find out about mortgage insurance options- Genworth financial has a very comprehensive section about purchasing mortgage insurance. This article about planning your first move may be helpful to you as you start this journey.

What are some of the things that you look for when purchasing a home?  Be sure to also read the post about what made us decide to purchase life insurance policies. 

 

 

This is a supported post with information provided by Genworth Financial. All thoughts and opinions are my own.

 

About Brett

I'm a 40 something lifestyle blogger living in Connecticut with my husband and our 3 kids, plus our two rescue pups. We love to hike, travel, play games, watch movies, and just be outside together! Having 3 active kids makes for a hectic schedule and I try to share content, recipes and other things that can help to make today's busy family life simpler, easier, or just plain more fun!

I started working full time at a local middle school in fall 2021 and some of my students are insistent that I am mean.

Comments

  2. Raine says

    My parents just had their hot water heater break and pipes burst also flooding their basement-HUGE cost and mess. I’m glad I’m a renter right now-great post thank you.

  4. Stephanie Dake Thompson says

    I ran into the banks trying to say we could afford more than we actually could. I wonder if people go for it and then end up having to foreclose or go without important things to be able to pay for their loans. Very good advise, especially for young people getting into their first big buys.

  5. Xmasdolly says

    We bought a handy-man special too & was so happy that we found a good house, good neighborhood & we did it up the way we wanted. As far as mortgage we keep all our eggs in one basket. Everything at the same bank.

  6. ANN*H says

    So much information to take in . Lots of things to do and consider when purchasing a home. Thanks for all the tips you gave us. Sometimes if you have the money and can do alot of repairs yourself to a home you can get it cheaper. That way you can do alot the way you want it to look.

  7. Wendy Elliott Lindsey says

    We had to take out mortgage insurance too… it was the same scenario, where 20% down or pay PMI. It hurt a little, but got us into our first home, which we are still in! lol We said 2 years, but it’s been almost 12. Go figure! We are saving pretty heavy and hope to not need mortgage insurance when we upgrade. Guess we’ll see! Nice blog. 😀
    welindsey at gmail dot com
    wendy2lindsey at yahoo dot com

  17. Bella T. says

    This is our biggest concern! We still live in an apartment because we fear that the costs of a house will be far greater in that you usually need to pay for a handy man versus a complex where you can just call maintenance for free.

  18. Maddie K. says

    Trying to find a house that has a nice kitchen and bathroom and uses gas as a heating source is so hard in my area and IN my budget. blah.

  20. Karen Hand says

    For a first-time home buyer, it usually is best to economize where you can and by purchasing a home that you can make the necessary repairs yourself you can save a lot of money.

  24. Terri Betz says

    We do so want to buy a home with some land, but the paperwork is intimidating! Thanks for letting us know about this and Congrats on your new home!

  28. Michelle S says

    I think these are all good questions and I’ve ‘learned” a little watching property brothers on HGTV lol. The more you educate yourself the better you’ll be able to manage.

  33. She says

    Just make sure it has enough storage and the rooms are adequate. Also make sure your inspector does a plumbing check on all outside pipes, and drainage for sewer, etc. Can’t tell you how many times I’ve seen old, rusted pipes and sewer pipes with tree roots growing inside..bad, bad. Just minor details…

  35. christal c willdebbie says

    I’m glad I do not have to plan on buying a home today, we bought our forever home 18 yrs ago.
    willdebbie97/at/yahoo/dot/com

  41. Barbara F says

    This is wonderful for people to be aware of. I have never seen a lender before now that explained this to you. They all charge you for it, and never let you know you have this policy, since it is meant to protect them…..while you are paying for it. Finally, some honesty so that you can be in control of who you have this insurance with, and how much you pay for it.

  42. Helene Tienda says

    Even though I’m not in the market to buy a home, this is some really great information. I will keep this all in mind when/if my time ever comes. Thanks!!!

  43. Crystal says

    Thank you for the advice! I wish I could find a financial institution that would give a loan to someone with no credit.

  45. beth cushman says

    My husband and I have purchased 2 homes so far – we were very lucky with our first house to find one we could afford and was in good condition from the original owners. We also had the PMI and also chose to include the taxes in our monthly payments. That was one of the best decisions we ever made. I was grateful to not have to worry about paying taxes. We lived in our 1st home for 5 years and we have been in our 2nd home for the past 15 + years.

  47. Caitlan Meador says

    This is all great advice 🙂 I have only gone through the home buying process once myself and those are all great pieces of advice!

  49. Lucero De La Tierra says

    We had to consider our budget for sure, distance to work, distance from family, yard space for kids, proximity to neighbors, property values, etc. One thing we didn’t weigh carefully was property taxes. For where we live I feel they are way too high. It’s probably because there isn’t a lot of industry in the area to subsidize taxes in our area.

  55. Tammy Hollar says

    I think we are in our 4ever home now. We are in my husbands GRandfathers home that built himself. My husband grew up here. LOts of fond memories for him.

  58. Paula V says

    Great advice. I’ve purchased three homes in my life and never bought mortgage insurance. I usually don’t buy warranties on things either. Now, of course, as required I do have homeowners insurance but not on my mortgage.
    Good neighbor, price, distance to town…like just for a gallon of milk. 🙂

  62. Karen Hand says

    Simply qualifying for a certain amount on a mortgage does not mean that you have to utilize the full amount. It is best not to overload yourself as there are bound to be unexpected expenses that arise when you first move into a house.

  64. Mimi says

    I’ve never purchased a home on my own, I always relied on my ex to take care of everything! I have so much to learn if I’m ever going to purchase my own home. This is a good place to start!

  68. Wanda Tracey says

    Since buying a home is probably the biggest puchase and investment people will ever make,every aspect of their budget has to be taken into cosideration before signing for ownership.This is basically the advice you are giving and it’s so worth taking the time to absorb this piece of valuable info.

  69. Ariel Abella says

    when purchasing my home never come into my mind the practical way of being a buyer, now I got point and lesson, thanks for awesome tips..

  71. Maddie K. says

    We went to look at a “fixer upper” today. All I can say is no thank you. This was more than a fixer upper. It was a gut project, down to the bone of the house. Might as well build from the ground up.

  72. librarypat says

    We had our finances lined up before we went looking, deciding how much we could afford monthly and looking at houses in that price range.
    We did look for a house that needed work so we could get more house for less initial cost.
    One thing we did make a mistake on was our choice of real estate agent. He was a friend of a friend and didn’t listen to a thing we said as far as what we were looking for. He also was not up front with us as far as who he was representing. After he had all our information and I finally found a house, on my own, that I liked, he informed me he was working for the seller, not me.
    Nothing like fighting your agent the whole way to try and buy a house.

  74. Jane Ritz says

    Your advice is very good for those wanting to p[purchase a home, particularly young couples. It’s important to look at all scenarios.

  78. April Habiger says

    This is a great post since we are looking into buying our first house in the next year! Thank you!

  79. Joann Alvarado says

    This was one of the more interesting blogs that I’ve read. Thanks for sharing the truth about how they over state the amount you can afford. The handy man specials are the best ways to go, most of the time, unless your husband is like mine…lol. He starts projects, but almost never finishes them! lol Thanks again for this well written blog. 🙂

  80. Stephanie says

    It will still be awhile before I’m able to purchase my first home, but these are some great tips that I’ll definitely use when the time comes!

  81. Maddie K. says

    If you are building a home or doing renovation work and need a contractor I highly recommend paying the membership fee and going to Angie’s List.com for some real reviews of contractors, good and bad.

  83. Wanda Tracey says

    I think it is so important for people who are buying a house to do up a budget first and calculate everything in with the morgage to actually see for themselves if they are earning enough money to go ahead with the deal.Your comments ring so true and you gave great advice.Thanks

  84. Wanda Tracey says

    I love this momma’s bargains and want o thank you for hosting such a great prize.I really want to gift it to my husband who has trouble walking and getting out.It would be so wonderful for him to socialize.

  88. Maddie K. says

    Something to remember, is if you choose a house that needs work, remember to allow a 20 to 30% buffer in your renovation project since most projects tend to run over due to unforeseen problems.

  89. sandy weinstein says

    i am trying to sell 3 properties now, so i can move out of state to fl. i hate the process. b/c of the new credit requirements, b/c i am semi-retired, it will hurt me….to get a loan. otherwise i have excellent credit. this will be my 3rd home, i want to build a forever home. thank goodness, i dont need pmi anymore.

  90. Lisa Sicora says

    Such great information. I think so many new home buyers are at a disadvantage with limited info. This article really helps!!

  91. laurie nykaza says

    Great information especially for a first time homebuyer or someone out of the market for awhile will share with friends thanks you.

  94. Vikki Cousin says

    Just dropping by to say thank you, for sharing such valuable information, and doing this research.

  96. Amanda Lebeck says

    Thanks for the good information, we currently are looking into buying a home, so any insight is better than none!!

  97. Heather says

    Staying within your budget is so important. Great that you could make so many repairs with family help!

  100. Terri Betz says

    Aw yes! I remember going through most of the steps! Big decision! Thanks for your approach very well done!

  101. Chriss Connor Pooler says

    We had an inspector, check out our home before we bought it, most everything was good, but that is really the best way to go. Very helpful information you gave to those buying a home.

  102. Meghan says

    This is some great honest advice, thank you for sharing! My Mom owned a Condo and we ended up loosing it and a lot of money with it. I am too afraid now to buy a house in my own personal situation. I have to say the HandyMan idea is a good one! Coming from a independent contractor and his wife (me) it is the cheapest and also the best quality way to go. Plus Cash is always going to save you money in the end when you are purchasing services or actually anything. I don’t really believe in credit much anymore. Good Luck to you! To find a decent Handy Man ask neighbors, and community members as word of mouth is the best advertising. Angie’s List can be very reliable but consumers have to pay to use it.

  103. Wanda Tracey says

    You are so right and I feel bad for the people who are misguided because this is probably the most important buy in their lives.

  105. Jennifer Hedden says

    One of the things that amazes me is how much the bank thinks you can afford and how much you can actually afford. When we were looking to buy a house it was crazy because the bank believed we would be ok paying a monthly mortgage that would not leave money for any other necessary expenses such as groceries, gas, utilities. When we did end up buying a house we made sure we would be comfortable with the monthly mortgage amount. Thank you for sharing this very informative post!

  107. Sandie says

    It’s so important to know how much you can afford to spend on a house. Love that this is pointed out. it’s important to own your home, not have your home own you.

  108. MD Kennedy says

    Regardless, the most important thinkg to consider when you buy a house is how much you can afford!

  112. Laura Mckissock says

    I think most people now a days want to and seem to assume that they are going to buy and move into their dream home on the first try…We followed much of what you talk about here when purchasing our first home…its not my dream home but it works for our needs now and like you said by getting a home that was a bit of a fixer we were able to get more home for the money we were comfortable spending…Very good advice in this article…thank you for sharing it with us.

  121. Brenda Widner says

    We purchased our 2nd hm 10 yrs ago and upgraded from our first home. There were really no repairs that had to be done. We got a very good deal on our hm but did have to pay the mortgage ins. For several years.

  122. Sarah Short says

    Thank you for sharing!! You guys always have something helpful to share…I have to admit that I wouldn’t know half the things I do if it wasn’t for these blogs and giveaways lol Thank you!! 🙂

  124. Juana R. says

    Thanks so much for the post. There ARE alot of things to consider when buying a house. I guess fixing it up is the best way and the house truly become more a part of both of you considering all the work done by the both of you… love and sweat.. lol

  127. Candy storm says

    This is a great article. You covered all areas that need to be met when looking for a great home. You chose to take one and make it your own. I find that a great choice, and it allows you to personalize it.

  133. Tammy says

    I am divorced and I found it extremely scary to purchase my first home as a single woman. This article would have given me a great insight 3 years ago.

  136. Karen Hand says

    I’m sure that you can save a lot of money doing the repair and/or remodeling projects yourself. It is great to have someone who is handy with a hammer in the family.

  137. joann tompkins winborn says

    not only great for the first time buyer but also for anyone who is thinking about purchasing a second home as well. thanks

  140. Sharon Siqueiros says

    I would imagine one of the most important things when buying an older home is getting it inspected first….so many things can’t be just “seen” by the potential buyers

  145. Tina says

    Thanks for the very informative post. I will keep this in mind whenever my finances allow for me to start looking into buying a home. Good luck with yours.

  146. sara m ford says

    It took us almost 2 years to close on our home it was a short sale but so worth it. it was everything we wanted so I say if you find your dream home do whatever you have to to get it because it is worth it

  148. denise rivera says

    Thanks for the great tips and advice seems like it can be very stressful or exciting thing to do but lets hope the house we do buy is the one we can and will fall in love with and stay a lifetime

  149. denise rivera says

    Thanks for all this helpful information . this is stuff i really needed to know because i hope in the next few years to try to buy a house and now i know 🙂 Thanks so much for this post

  151. Maddie K. says

    I spent about 2 hours today looking online at houses. What we can afford ends up being too much in the end because of the dayum property taxes. I don’t know how people find the money to buy a house. I’m getting discouraged and aggravated as well. I am a first time home looker (cannot call me a buyer just yet) and I refuse to fall into that first time buy the first thing you see syndrome that I have seen so many of my friends fall into. It so isn’t worth it. I’d rather see 100 houses then just pick one that seems to appear to look good only to have it be a piece of crapola. Yeah, I’m a bit cranky about it all today.

  152. Emily Wells says

    My husband and I are thinking of buying a house in the next year or so. Very informative post!

  154. Melissa R. says

    Good advice. Hubby and I rent an apartment. Unfortunately we will never be able to realize the dream of home ownership (not unless we win the lotto). I admire those who can afford to buy a new home. I’m scared of things like taxes and insurance.

  156. Robin Quick says

    Great information. I know knew nothing when we first bought our home. I had no idea what steps in took in getting a mortgage. But I learned fast that you have to educate yourself!

  162. Maddie K. says

    My sister in law does title insurance. She handles all the filing and paperwork on the house should we ever find one to purchase. Her fee is so much less than that of a lawyer. Something else one should look into.

  163. Debra Gibbs says

    I enjoyed your opinons expressed here. I would like to add, We all know that the more that we can put down as a down payment the less our monthly payments will be. Too many people make that mistake and then once in the home they discover that they do not have enough funds to fix those little things that just happen to pop up that were not found in the house inspection, thus forcing them to take out a second mortgage, usually with a much higher interest rate and adding the two mortgages together their payment is double what they originally wanted. It is sad but it is a simple mistake that a majority of new buyers always make.

    • queenb says

      It is sad, but we have to educate ourselves! Clearly we can’t rely on the banks to tell us!

  168. Karen Hand says

    Deciding how much money to spend on a home is a major decision. You most certainly don’t want to stretch your budge too thin in order to enjoy your new home. Thanks for the review.

  169. JJ Caraway says

    I went through this when looking to purchase my first home. I had a lot of thinking to do before making such a big commentment finacially. Great review, tahnks.

  171. Saraven Tura says

    I’ve only lived in apartments and rented rooms. Haven’t has the money to purchase a home but these tips seem great to keep in the back of my mind when I do have the steady income to buy my first house.

  172. Angela Ivey says

    I have never bought a home and hope that you are able to find the right place for you and your family :))

  173. krista grandstaff says

    I can see this being a good idea for most people… we didn’t exactly go this route because we bought a house to fix up, and had the time and resources to do it ourselves while still living someplace else… We made sure we did enough that we could move in and at least have bathrooms etc…mortgage insurance def would have hurried it along!

  174. Celina K says

    Property taxes here are sooooo expensive, I agree! And unfortunately, so are the houses in CT! When we were looking we were going with an FHA loan, which prevented us from getting a real fixer-upper unless we wanted to go with a 203K, which let me tell you….not an easy process! We tried one in New London, the whole process was a mess! Everything took so long, and then the house didn’t appraise and the bank would not move on their price. After about 6 months that finally fell through. Foreclosures and short sales are so tempting, especially when housing prices are so high here. But in the end it was just too difficult to go that route. 2 more houses fell through before we found the perfect little starter house, that was not a short sale or forcelosure this time. I agree, location and price are the two most important things. FHA regulations on the condition of the houses are very strict, so that’s something we also had to keep in mind when house hunting. Who knew that a house would not be approved for a loan if it had peeling paint on the window-sills?! We also had a problem with a house someone else had remodeled..very very poorly. Good thing we had a good inspector, because nothing was done up to code, and some of the “improvements” were so short-cutted that they were downright dangerous.

    My how I ramble on. So many things to consider when buying a house! Very good information 🙂

      • Celina K says

        We ended up in Groton, and I like it here more than I thought I would! Very central location, within 20 minutes of both of our jobs which is great.

  175. jorjanna hacken says

    Buying a house is nerve racking. We went through all of this about 6yrs ago, and I thought I was going to have a nervous breakdown. 🙂

  176. Dianna Ray says

    This post was very relevant to me as we are now weighing these issues ourselves. I thank you for the valid points and informative nature of the post we are seeking SPACE more than anything – lots of kids and pets and projects – we’re THAT family, lol. Fixer upper is in our vocabulary too- cosmetically I can overlook anything- I’m really seeking the right piece of property, a foundation, a good roof and the proper zoning for our hoped for livestock:) We are VERY conservative about what we want to spend on the mortgage because we’re older, we know that is just a fraction of the actual costs in life.

  179. Amanda Lebeck says

    There are so so many factors to take into consideration. Price, Location, Schools, Community, Neighbors, Land taxes…etc. Thank you for the great information.

  181. Brooke B. says

    Lots of great info and advice in this post, thanks! I own a home right now but am wanting to move in the near future.

  182. Rebecca Reinwalt says

    I am lucky in that my fiance’ was buying his home when we met. Between his wage as a teacher and my small disability income, we can afford our home as well as all the monthly bills that we have. Something new homeowners might also want to look into and figure into their budget is getting a home warrantee. This covers appliances, electrical, plumbing, heating, air conditioning and so many other things at a cheaper rate than having to call a repairman to come out and complete the repair on your own. You pay a certain amount each year and then so much per call when the repairman comes and it generally will cover replacement of most parts up to and including the actual product. And, if the repair fails within 30 days there is no fee for another repair call. You may not use it for several years, but trust me… if your furnace goes, or your plumbing backs up or a pipe bursts… you will be more than happy that you paid that extra out each year.

  187. Heather says

    So smart of you two to work within your own reasonable budget rather than what the bank said.

  193. Debra Neiman says

    Our first home was a fixer up. Our second home was a new construction AND we was on site everyday. Good thing too, we found problems quickly and the builder had to correct them. I love the DIY series on TV.

  196. Eileen says

    I was talking about home ownership to my husband the other night. I don’t like the house we have been in for 11 years but sometimes I wish the headaches of home ownership was gone. Looking for the right size home in the right location, and the price being a huge factor…and one that is not going to require heavy maintenance or fix its that creep in. I wonder sometimes. A home that is purchased at 150K REALLY costs over 300K when you are in it for 30 years and then factor in all the repairs…I mean in THAT many years practically everything needs to be replaced or repaired besides the frame and cement. I am not so sure anymore.

  199. Charlotte Raynor says

    This is a very good and interesting article. You share some very good points that need to be addressed by anyone looking to buy their first home. Thanks for the article!

  201. Aundrea L. says

    When we were looking at buying a home, we looked at the “bones” of the house. Next important are the taxes, location then neighbours, and schools in the area.
    Thank you!

  204. Jo Ann Moffatt says

    In the past 12 years I became disabled and then my husband left me. I was left to raise my two children while living close to the poverty level. I lost my beautiful show home I had worked so hard for plus all my savings went towards making up for the horrible amount of money disability pays me monthly. While I appreciate your article and how helpful it may be, I will never own a home of my own again.

  205. Maddie K. says

    Went out today to look at a house and as we went through it the realtor was doing her sales thing about this and that as I quietly said nothing. When we were done she asked me if I wanted to make an offer and I said “you’re kidding right?” Apparently she mistook my silence for taking it all in when in actuallity my silence was from shear and utter disbelief in what she was showing me given what they were asking which was WAY TO FREAKING MUCH for a dump!

  206. Karen Hand says

    Location is critical in purchasing a home. You want to select an area that has good resale value, just in case.

  208. mrs cheryl e martinez says

    This is great advice. I am going to pass along to my grown daughters and nieces about your site.

  209. denise says

    Good advice about figuring out what you could afford vs what you should actually pay. Too bad more people don’t follow this advice.

  211. amy says

    if we were in a position to buy a home i’d look for something that needed cosmetic work…more house for your money..and cosmetics can always be changed!

  212. Oscar says

    had that happen to me the bank told me what i could afford after i had showed my monthly income and budget they showed me what i could afford and me being gullible bought into it. 7 years later my house was up for short sale. I wish I had read your post back then. From experience on learns though and im glad you are sharing yours so that others may learn from it and not make the mistake i did in trusting the banks.

  214. Heather says

    That’s amazing all the work you did yourselves. Great way to save money and make the house even more special.

  216. Cheyenne P says

    I really wish we could afford to buy a home in the city we live. Unfortunately a shoebox sized condo starts off at around 350k and with us having 2 children, that’s not really an option.

  219. Kristin Gilbert says

    I look for location when looking to purchase, if I am happy in my location, I can always fix up the house over the years

  221. Maddie K. says

    We are just starting to look for a house and already I am hating it. In NJ PMI is required so I suppose we will be paying it because we don’t have 20% to put down. Oh well. You do what you have to do.

  224. Carmen Lebron says

    Many years ago I looked to own my own home, of course it is expensive..Now I am glad I rent rather than own..The American dream of work hard to finally have your own home no longer exists…Its a shame that dream is all but gone for the many who come to America to make a difference…

  225. Sylvia Zajis says

    My son pointed out to me yesterday that he is among the first generation in over 60 years to have to seriously worry about his ability to buy a home when he is grown. What a sad state of economics we are in when an 8th grader has to worry about this! I truly hope our youth can overcome this depressive era to enjoy home ownership.

  226. Jeannie says

    I actually dont own my own home at the moment but loved the advise and will take it into account when I buy. Thank you!

  227. Corey Olomon says

    If you are looking at how much you can afford, if it is a fixer upper, be sure to make a realistic estimate of the repairs that HAVE to be done and factor that in like it is part of the mortgage payment.

  229. Kelli Taylor says

    I totally agree about NOT buying a home priced at what the bank tells you that you can afford. Our home is half the price of what we were told we could afford. We wanted to live comfortably and not stress about a big fat mortgage.

  236. Cheyenne P says

    I know some people who can definitely use this information 🙂 totally passing it along!

  239. Jen Gangan says

    Most important to me is LOCATION, LOCATION, LOCATION. It should be near supermarkets,hospital, church and if possible,school and workplace. Then the PRICE of course and the amenities/ function-ability of the house itself.

  242. Sheri Dickinson says

    It was very smart of you to go lower than what the mortgage company says. A lot of people don’t take into account the utilities and possible maintenance and repairs costs, or the property taxes.

  243. Jenn says

    The very first and maybe the most important step is setting a budget and sticking with it. Dont go overboard with options

  244. Eileen says

    Location was and is always our biggest factor, having 6 kids and always looking for the best school area and then STAYING in that area. We are down to 3 of 6 kids, with our youngest having just 5 1/2 more years until out of high school. We do really like our neighborhood, but with kids out on their own someday, we will be looking out of this comfort zone probably. Then, the next is looking for a house that “fits” us for years to come and has the amenities that offer a couple growing older soon enough, like one level home with basement, laundry on first floor, guest room and enough room for kids/grandkids to come home to and hang out. Of course PRICE is the first consideration. Cant buy what you can’t afford. Especially these days with uncertain jobs and in the next 15-20 years, not enough for retired people to live on.

  246. crystal vanginkel says

    We are buying a home right now a HUGE factor I found when buying a home is that to make sure it is well insulated if you live in a cold climate 6 months out of the year as I do… The home we are purchasing now cost us a fortune to heat We are paying almost a second house payment just to heat it… SO I will be looking more into my next home purchase a little better…

  247. Viv Sluys says

    We just bought a house a few months ago! One of our big things was windows. The house either had to have new (ish) windows or that would be our first project. The seller wanted us to be happy with purchasing so he had new windows installed before selling it to us. He also paid for a brand new roof!

  248. Karen Hand says

    Most lenders will require that a buyer purchase the mortgage insurance, but it is a good idea to get it anyway.

  253. Betty Baez says

    Great post, I’ve never heard of mortgage insurance before me and hubby will be house hunting starting next year so definitely some things to consider

  254. Wendy Mastin says

    There are so many things to consider when purchasing a home. Thank you for putting this into a blog for new buyers to follow.

  255. Julie Wood says

    Are we supposed to keep leaving a different comment on this blog post for our extra entries for the Acer Notebook. I thank you for all of these home tips for buying a new home. It is so important to make sure that you all the costs up front!

  257. Hope Phor Tooday says

    Thanks for the great tips! We got lucky and had a house given to us by family 🙂 I was definitely a fixer-upper though, abandoned for two years..

  258. Mildred Floyd says

    can i afford the payment, insurance, taxes, utilities and up keep on one salary. do not depend on both spouces always having an income. put the other persons income away for that 20% down payment on the next place. never take out a loan that is due in 2 years or 5 years nor an interest only loan.

  260. Jo-Ann Brightman says

    There certainly are a lot of decisions to make, but you can only start with a handyman special if you can do the work yourself.

  261. Kristin Gilbert says

    I want to buy my own home in the next couple years and your advice is priceless- Thank you- I can’t know/learn enough

  267. Stacey Roberson says

    I think the two most important decisions in purchasing a new home is 1) choosing a good location and 2) deciding how much money you want to spend on a monthly mortgage. Great article!

  271. Jennifer Mae Hiles says

    We really screwed up buying our first house. The real estate agent was my best friend’s mom so I really thought she would look out for me (this being my first time buying). I was so wrong. We are in way over our heads and have no idea what to do. Wish I could do it over again!

    • queenb says

      Oh I’m so sorry to hear this Jennifer. Can you contact a financial person and see about refinancing or something?

  275. mistyzephyrs says

    We rent a house right now. Previously owned one. Before that rented an apartment. The one big factor in all residences has been energy efficiency and leakage (ie: cold drafts, too hot in summer). So, weatherization would be my number one priority, then energy efficiency over all.

  276. cole mckinnon says

    We just sold our home and purchased a new one this past Sept. I wish I’d had the info. provided by you just a little sooner.

  280. tami s says

    I rent but hope to own so this is very helpful. Id love to have a home that is very energy efficient, maybe solar

  281. Anita Leibert says

    Very helpful advise you’ve given on this subject. Many people may not take all these factors into consideration. I am fortunate to have a hubby who is awesome with woodworking and all kinds of remodeling, so should we ever decide to relocate, we could purchase a fixer upper and do it ourselves!

  282. Maria Iemma says

    Getting a handyman special is a wonderful idea especially if your husband, you or a family member friend is handy. Unfortunately my dear departed husband was not so we had to spend a little bit more money in order to find a house that was move in ready. Congratulations on the new home, I hope you have many years of happiness there.

  285. Huguette English says

    We’ve owned our home now for 23 years. We were lucky that my husband was able to do most of the work.

  289. Sheila Colbert says

    Congrats 1st off. Very interesting reading i hope to try and start over again as i lost my 1st home after getting divorced and losing a job.

  294. librarypat says

    The reason so many people are losing their houses today is because the banks encouraged and gave mortgages that people could not afford. We had one house while in the military . We bought when the market and interest rates were high. By the time we had to move, houses were selling well and for a nice profit. The market bottomed out in the three weeks between getting orders to move and putting the house on the market. We were lucky to sell it, but we didn’t make a penny. When we retired, I ignored what the bank said they would loan us. My husband had just had cancer surgery and the prognosis was iffy. I looked at his retirement pay and figured what I was comfortable spending. It was much less than the bank and the real estate agent were pushing. We did get a house that needed work, but that turned out to be enjoyable even if expensive.
    You were wise to consider all the factors and not make yourself house poor.What good is a house if all you have to do is worry about how you are going to pay for it.

  297. Jen Rodrigues says

    Great article on purchasing a home. Home insurance is very important you never know what will happen. Any little thing could happen and you have to be prepared.

  298. Karen Hand says

    Very good information. Like you, my husband and I did not opt to use the entire amount that we qualified for to purchase our home. There are always miscellaneous expenses when you first move into a home, despite any renovations that you might want to do. It is best to plan for these unexpected expenses as you did.

  301. Heidi C. says

    It really is important to look at location when purchasing a home, not only in terms of short term plans like kids in school but also for possible resale at some point. Thanks for the interesting post!

  302. Laura Lane says

    My advice is to be absolutely certain that you want to stay in that location for a long time before purchasing a home.

  303. ANN*H says

    Congratulations on your home. This is a good list of tips when buying a house. There are so much to look at when buying a house. So much to check and so many decision too.

  304. Valerie says

    We own our own home and any work that gets done is from my husband and I. This spring we will be remodeling our kitchen.

  305. Sylvia Zajis says

    I would definitely take a house inspector with me to check the foundation and such. I think location is very important so drive by the area not only during the day but also at night….you may find more than you are bargaining for.

  311. Nicole Becker says

    Thank you so much for all of the tips! I wish that I was in a position to buy a home because when you rent like I am, you are paying for you landlord’s mortgage payment plus!!

  313. jose gueits says

    it is a big decision to buy a home but it is a great feeling when you do and in my house i do all the handy man work

  314. JD Hoppe says

    Great tips, although i probably dont see a home purchase for me. but if i did location is key!

  317. Susan Broughton says

    We now own our own home. My husband likes to do everything on his own, mainly because of the cost. But he does it

  318. Renee Travis says

    I have never owned my own home and probably never will. My husband and I are both disabled and we don’t make enough to afford a home. Great tips though and Congrats on your new home! 🙂

  320. Michelle.A. says

    Great tips. I don’t think many people factor in private mortgage insurance. I think it’s a good reminder that this will be an extra cost for many buyers.

  321. Sandra Greenberg says

    We purchased a mobile home as our “starter home” although it fit our needs and budget at the time we have really outgrown it and been here longer than anticipated. Unfortuantly moving is not an option currently. I think the most important thing is to be realistic when purchasing a home and think of how long you really may be in the home and ensure that it will meet all your current and future needs.

  322. Lisa R says

    We bought a new home but there are so many beautiful homes that have had an owner before. Handy man is great for people that have money to fix it, are very handy or even have a group of friends who are handy and help each other when it’s their turn for them to have something done. These are great tips for first time buyers and welcome to the homeowner world

    sibabe64 at ptd dot net

  323. musingsfromme/jill says

    I’d like to be able to call a handyman, but my husband likes to do all the work around the house…but he is just so busy with other stuff that the handyman type work never gets done.

    • queenb says

      Jill, I find when my husband is slow to start, if I start it myself, it gets him moving. I’m kind of a disaster waiting to happen when I’m doing things solo! LOL

  324. Sharon Siqueiros says

    If I were in the market for a new home, these are great tips! I would hope to get a home that is “green” as possible
    Thanks again

  326. Becky Bryant says

    I am a renter and would love to own a home someday so this information was very helpful. Congrats on the purchase of your new home.

  328. Bernice M Garcia says

    Good starting points to consider if you do want a house. I’m quite happy renting, as it is within our budget, excellent location when my boys were in school and we do love our neighbors. We are caretakers in our building and receive a credit off of our rent. This makes it more affordable than purchasing a home (or condo). There are so many housing options available: rent, buy, trade, trailer parks, condos. Do what works for your budget.

  330. Julie Wood says

    It is a must to look into everything when purchasing a home today. There are hidden costs that can add up. Make sure to know exactly how much the mortgage is and all the other bills that you have to pay each month, or a person will default if they go over! My sister did not investigate enough and lost her home!

  332. Debbie Welchert says

    We purchased our house almost five years ago and everything is working out so far. It was a fixer upper too.

  333. Brigid OHara Koshko says

    I had to take cost and time into consideration when buying this house (sold the old house in 13 days and had to get out ASAP and I was 8 1/2 months pregnant.) I wish I had spent more time looking for neighborhoods with pools (we live in the south) and one with lots of kids in the neighborhood.

  336. joann tompkins winborn says

    our first house was a pre fab custom designed to our liking. saved a lot of money going this way and the house was beautiful

  337. Rebekah Mercier says

    These are some good tips. I would want a safe neighborhood or area with maybe some land for the kids to play with good school districts.

  338. Debra says

    I look at the neighborhood and the school district mostly. I can adjust to a lot of living circumstances, so I am flexible as to whether we buy a home to fix-up or a newer home, but my kid’s whole life depends on the people in the neighborhood and their education- so that’s my biggest focus when buying a home,

  341. tara b. says

    i was in the running to buy my own place….i was a single mom at the time of 4 kids and i found the best place in the area and size and price and i got beat out 🙁 i guess for the best cuz the company i worked for went under and i lost my job…..there went my credit shot in the ass again after working so hard to get it back up there!! but i am back to work….working on the score once again to get the owning my own home!!!! i hate renting 🙁 so expensive……

  342. Debra S says

    We wanted a HUGE huge kitchen and lots of bedrooms, we had 6 kids… and NOW, we are ready for the small retirement home! But I still want a huge kitchen!

  344. MD Kennedy says

    Great tips, particularly about planning for the future. So many of my firends found themselves stuck when they decided to expand their families and couldn’t upsize…

  346. Megan says

    I’m guessing it was a few years ago that you went through the process? In case you’ve been missing out on current events the last few years, banks have had to get a little more realistic with their lending of late. 🙂

  351. Erin R. says

    We are actually in the market for a new house. We bought our first house and made way too many mistakes and lost a lot of money. Now we are trying to get the right this time around. Your tips are all very true

  353. Leah CB says

    If you have kids location is always important. When we were looking at houses, I thought about the school district, how far the school was, if there were kids in the neighborhood, how busy the street was. I also a yard. I wanted a big yard.

  357. Gloria Walshver says

    Our first priority in purchasing our first home was Is there kids in the neighborhood for my children to play with.

  358. Cheyenne P says

    Thank you for the wonderful tips! My husband and I are in the process of making a five year plan to purchase our first house. Give us plenty of time to get finances and such in order. It’ll be really nice to own a home for once.

  359. Mary Ross says

    We bought our first home, added on as the kids came, and 34 years laters, still here. Worked for us, not always perfect, but saved us a lot of money.

  362. Dawn Sterner says

    We are thinking about moving in the next few years so we can get my daughter into a better school by the time she is in middle school, thanks for all the great tips! It is so hard trying to find a house we can afford.

  363. alena svetelska says

    I have been only able to rent due to finances,but soon as my 5 y old will start going to 1st grade we would like to buy a house,when i get a job,And thank you for your tips!

  364. Jenn Huey says

    My ex is a Realtor so it makes my home buying experience so much easier. You have some great tips

  365. Devona Fryer says

    I’ve only been able to rent. There are pros and cons to buying your own home. I would not like it if something big went wrong because then it would be all my expense.

  366. Crystal W says

    We bought our house from my inlaws and paid extra to help them out and I’m so regretting it now…never knew how much of a burden a high mortgage was (my first home was a great house in Savannah that we got for a steal)..so making sure you can afford the payment is key.

  370. Linda Henderson says

    I probably won’t be buying a house but if I was I would be looking for a house that had a good basic house with no major problems such as good heating/cooling system, good plumbing, good roof and no mold or asbestos.

  371. Nena Sinclair says

    This is great info and you should be very proud of yourselves in doing the work yourselves to fix up your house!

  375. Dorothy Boucher says

    i don’t own a house yet to think about that but this is very good information, something i will need to check in sometime in the future 😉 Thanks @tisonlyme143

  376. Sarah L says

    I’ve lived in my townhouse for 30 years. Last year it was paid off. Love having a garage. Used the fireplace only in the first year. Knowing what things you want in a house will help you decide.

  379. Sharon Siqueiros says

    Great advice. I’m just so glad we own our home and it’s bought and paid for!! To be honest I would hate to think about buying a new home right now, ya know??

  385. Lisa Sicora says

    I wish I would’ve known this stuff when I was buying my houses! These are great tips. I think, bottom line is don’t overspend and get in over your head! 🙂

  387. Kathleen says

    I am in my 3rd home and have experienced buying AND selling. I think you were very wise to come to a figure that you were COMFORTABLE paying, rather than what the bank qualified you for. Afterall, who better than yourselves to know what your other expences and living costs are….

  388. Janet says

    Fixer-uppers are great, as long as you have the time and energy to devote to them. They’re definitely a great way to save some money, though, so they shouldn’t be discounted as a potential buy.

  389. Vena says

    Always need extra money for the unexpected. Bought my home in 2007 and we are always doing something to it!

  394. Sandy McFadden says

    Too many under estimate what the cost of the essentials cost…………if they would just get the basics and then every year upgrade or add their addons.

  395. Shannon Hamner says

    Great advice! We look for a safe and comfortable place when purchasing a home. A home that does not need a lot of work, although I love to revamp! And lots of room for our boys to get outside and play.

  397. eleanor says

    Great tips. I look for a location that is good for my lifestyle and consider my budget which means a smaller place for a better location.

  399. denise smith says

    thanks for the article we had purchase our home 12 years ago and we are still here and hopefully we will be able to give this home to our kids.

  400. Craig W says

    I also agree that it’s important not to extend yourself too far in buying a home. It should be a comfortable amount with room for things that happen in life. Too many people end up losing their homes because they go in over their heads. Besides finances, another important thing for us to consider when buying our house was the schools our children would attend.

  401. Jennifer Gleason says

    We found our home on accident, and it was within our budget. It was less than 10 years old also! You never know what you will find when you drive around alone, with no pressure from a realtor!

  404. brandy b says

    Thanks for the information. When is is my turn to buy a house I would definitely prefer to buy a fixer upper!

  406. Sherry Spruill Young says

    Great tips! We purchased our home privately, from a family member, so I didn’t know most of that even though I AM a homeowner lol!

  409. Blessie Nelson says

    Thank you so much for this article. We are looking for a home and I am so glad I stumbled into valuable information!

  410. cathy henatyszen says

    some good ideas here… saving for a home can be so hard, and making a purchase is a big decision

  412. Jo-Ann Brightman says

    These are great tips and it is so important toleave some extra money for fising things.

  413. JJ Caraway says

    When I was looking to purchase my first home the lender told me no problem with financing the home but I wanted to have extra money put aside for food, repairs, car problems should an unexpected crisis occur. I decided what I was comfortable paying out each month and decided not to put myself in a financial bind and decided not to purchase such an expensive house.

  414. Colleen Maurina says

    I also agree that it’s important not to extend yourself too far in buying a home. It should be a comfortable amount with room for things that happen in life. Too many people end up losing their homes because they go in over their heads. Besides finances, another important thing for us to consider when buying our house was the schools our children would attend.

  415. Dawn Justice says

    These are some great tips, I have a friend who bought a gorgeous home. But, although the bank said they could afford it the payment is like $1200+ a month….that’s a lot of money to have to come up with every month. Sometimes it’s still not worth the stress, even if it is gorgeous.

  416. Bethany says

    We chose to base our payments on one income, not two, despite being DINKs at the time. We went through unemployments, a kid, and one stay-at-home mom later and we’re still in our house. Good thing we didn’t take the real estate agent’s advice and buy a house twice as expensive!

  419. krista grandstaff says

    Great posting! We’ve done 95% of the repairs on our “fixer upper” ourselves by being creative, because we didn’t want to put out the money that we’d estimated all repairs would cost…this is great if you want to spread the repairs out over 10 years…lol..personally, next time I’d like more than one working bathroom in a home for 7 people, but I’m crazy like that 😉 (a man who guts 2 out of 3 bathrooms 2 weeks before the family reunion at OUR house, has a death wish, just saying!) The PMI is def the way to go for some people!

  421. Leah McWhorter says

    There are so many things I wished I would’ve considered before purchasing our first home. I guess I was so excited and impulsive that I didn’t think about some important things. Great post, perhaps a future purchase will be a wiser purchase, but I doubt I could ever get my husband to consider such a thing. Good luck to all first time home buyers out there.

  423. Stephanie Larison says

    Great things to consider when thinking about buying a home. Hopefully we will get there someday.

  424. JulieK says

    Ugh sorry I hate PMI… but you’re right it’s kinda only fair to the lender to get some security! 🙂
    I think you spelled out very nicely how to have a balanced approach towards purchasing a home WITHIN YOUR MEANS! 🙂 Too many ppl don’t do that and they get in over their heads! 🙂

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