Tell me about buying a home for the first time

[Maitre]

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Now, in this area, it costs about $2000 up front for all the niggle details (inspection, title search, closing fees, etc., etc.). Figure about 6% commission split between the realators (and if yours says he'll work both sides of the deal, tell him to take a long walk on a short pier -- can you say 'conflict of interest'?). You might also haver to pay the remainder of the year's taxes. And, of course, there's the down payment.
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When my wife and I bought our house last year, we payed nearly 8K at closing in addition to the down payment (which included some substantial tax reimbusement, escrow payments, and insurrance, so I'm not sure how much actually counts as "closing" fees). The other thing that we ended up paying was "accumulated interest:" the interest that had accrued on the loan between the day that the money was declared as ours, and the day we went to closing. This ended up being about 15 days, which means it was half of our monthly interest, and we payed the first full months payment, and the partial payment for the month that we moved in. Oh, and there was a line item for $50 in courier fees (they couldn't just throw that one in?).

Another thing to keep in mind is what other changes you expect in your life over the next few years. Four days after we finished reviewing our HOA documents, we found out that we were going to become parents. This significantly changed our outlook on the house, as well as the rest of our life but it was too late to call off the bid, or we would loose the bid deposit to the seller.

As ShadowHM says, know the area you're looking at moving into. How is traffic durring the time you commute from your new home to your job? How is parking space for when you entertain? How are the neighbors: Are they all about the same age and place in life as you? Are their kids in the neighborhood that are around the age of your child(ren)? Is HOA membership required? How much is that payment a month, and what do you get out of it?

The last thing to keep in mind is something that my wife and I forgot: what will happen to the electric bill? Our's doubled for the first winter months in our new place. Oh, and whatever you do, don't keep the same phone number as the people who used to live there before. Who knows who has that number.