First time home buying

[millertimeunc 0]

All I can say is WOW, it makes my brain hurt! I'm planning on building a home near Tampa, and there are a lot more factors to consider than I ever thought. Any advice from others out there who've done something similar?

The best things in life are dangerous.

[LuckyMcSwervy 0]

My first time I bought I also built. I am so glad I loaded the house with the upgrades from the get go rather than doing it at a later time...

BTW - Cherry wood floors and cherry cabinets are a fucking bitch to keep clean. I wouldn't get them again...

Oh... and so are black appliances.

Always be kinder than you feel.

[NWFlyer 2]

I first bought back in 2002 (and sold the house earlier this year). A few thoughts off the top of my head (and I'm sure there's many more ...)

1. Set a budget and stick to it. You may (or may not) get approved for more than your budget; but know how much you can comfortably afford and stick to that price range. Make sure you're considering full monthly costs including mortgage, taxes, HOA fees (if applicable), utilities to understand whether the places you're considering are within your budget.

2. Make a list of non-negotiables, nice-to-haves, and things you don't give a shit about so that when your agent starts developing lists of places to show you, you've got a list of criteria that he or she can work with, and you won't end up getting swayed by something the agent thinks is cool but isn't really a priority for you (while, meanwhile, the place is missing a key ingredient for you).

3. Do not, I repeat, do not skip the inspection. Do not sign any contract that's not contingent on an inspection.

"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

[millertimeunc 0]

By building the house, it looks like I'll avoid a lot of the headaches associated with buying. One good aspect of it is that I simply told the building company what I was willing to pay, and they came back with several options within my price range. The one I'm about to commit to will leave me with enough money leftover to get some pretty nice upgrades (granite counter tops, stainless appliances, and a few others).

The best things in life are dangerous.

[NWFlyer 2]

Oops, I read that as buying not building in the text of your message. Still, some of the stuff still applies. I'm sure someone will get on here and suggest you lawyer up - at the very least, I'm guessing you should have some "out" clauses in whatever agreement you sign with the builder - including an inspection clause; the need to inspect doesn't go away just b/c it's new construction.

"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

[JohnMitchell 16]

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By building the house, it looks like I'll avoid a lot of the headaches associated with buying. One good aspect of it is that I simply told the building company what I was willing to pay, and they came back with several options within my price range. The one I'm about to commit to will leave me with enough money leftover to get some pretty nice upgrades (granite counter tops, stainless appliances, and a few others).

It all depends on how reputable your builder is at the moment. I had our last house built by a builder who had a good track record, had built many nice homes, and had a lot of projects going. Sounds good? He also was banging his secretary, had a drunk, overstretched supervisor, and was quickly going bankrupt. I caught him red handed trying to steal my money to pay other bills and making numerous screwups during construction. My lawyer helped us get our subs taken care of, my house built, and kept that builder at bay. Needless to say, the builder and I did not part as friends.

So if you're building your own to avoid headaches, think again. There is something very easy about buying an existing home in good condition.

[JohnMitchell 16]

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Oh... and so are black appliances.

I don't know. I'm thinking my next oven will be black. We can't keep our white gas cooktop looking that good.

[airdvr 210]

If you get in with a good company it's not that bad. Couple of things to consider...


Will it be an End Loan or a Constuction Loan? An end loan is easier but alot less control. Construction loan means amounts of money are included to do things like driveway, permits, utility hookups and the like. You can save yourself alot of money that waybut you'll be involved in getting them done.

Do they have a completion date guarantee?

Poured foundation or block? We like block.

Have you seen a model or a home under construction? Ask what options are in the home so you can see what you're getting.

1 closing or 2? Makes a difference.

I work for this company www.waynehomes.com. Feel free to ask me anything.

Please don't dent the planet.

Destinations by Roxanne

[LuckyMcSwervy 0]

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Oh... and so are black appliances.

I don't know. I'm thinking my next oven will be black. We can't keep our white gas cooktop looking that good.

My last house had white, I said never again.

I live alone here and can't keep the black clean. So never again, I say.

I need someone to walk behind me with some Windex or I should just never cook.

Always be kinder than you feel.

[millertimeunc 0]

One of the things which gives me peace of mind is that the company I'm dealing with has done quite a bit of business with other pilots in my squadron, and they came very highly recommended. That's actually how I was referred to them. My thinking was that if they had had any unpleasant dealings with any of the guys in my unit in even the smallest way, word would have spread.

The best things in life are dangerous.

[skymama 37]

I am the Office Manager for my family's construction company in Central Florida. We build custom homes and additions. In my opinion, you won't need to get an inspector because the home will be inspected at multiple stages by the city or county inspectors, whichever applies to your lot. At Closing, make sure you get a signed punch-out list from the builder so they will complete the small things that still need to be done, but other than that you should be ok.

We never give a completion guarantee, don't be surprised if your builder doesn't either. We do our best to complete the house in a reasonable time period, but there's never a guarantee.

Florida has a lien law that can sometimes screw homeowners if you don't stay on top of lien releases. Here's an example- let's say your builder gets cabinets from ABC cabinets. You pay your builder at the time of the cabinet draw and assume he's going to pay ABC cabinets but instead he pays his overhead expenses and not the cabinet company. ABC cabinets can lien your property so if you ever try to sell your house, you have to pay them again because the builder didn't pay. Crazy, right? If you get a construction loan, the banks are good about staying on top of any Notice to Owners that get filed (that's the official document filed by the subcontractor saying that they can lien your property). If you get your own loan, make sure you stay on top of any Notices that get filed and get a "partial lien release" for every draw and a final one at the last payment. I have the forms if you need them.

Florida has very sandy soil, it's important to get a "soils test" to make sure your house won't sink. We don't build on any property without getting one of those. Just because the other lots in the neighborhood are ok doesn't mean your lot is going to be ok.

Make sure you get a block house, there are a lot of termite problems here in FL.

That said, there are a ton of good deals for existing homes on the market because of all the foreclosures and short sales. Have you looked into those? You still might be better off buying one of those and doing a remodel with a general contractor to get the special touches that you want.

She is Da Man, and you better not mess with Da Man,
because she will lay some keepdown on you faster than, well, really fast. ~Billvon

[Beerlight 0]

Matt, going with a VA loan?

[millertimeunc 0]

Absolutely, wouldn't do it any other way!

The best things in life are dangerous.

[Beerlight 0]

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Absolutely, wouldn't do it any other way!

I didn't know -135R trng was at MacDill? I thought everyone went to Tinker.... Gosh, I'm getting old.... Congrats on the house!

[JohnDeere 0]

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Absolutely, wouldn't do it any other way!

I would go FHA! Va has more fee's. Check into it.

Nothing opens like a Deere!

You ignorant fool! Checks are for workers!

[millertimeunc 0]

Actually, I'm at Altus. I'm doing a lot of this stuff long distance, but I have some family local to the build site for the face to face stuff. It works out pretty good!

The best things in life are dangerous.

[monkycndo 0]

Skymama is correct about lien releases. Get a list of all companies providing anything to the project. Absolutely every draw should have a conditional release from every sub & supplier (materials and equipment) included as part of the draw before money is released. Upon release, the unconditional lien release should be provided once the check is cashed. A smart general won't turn over a check until their subs sign an unconditional release (which should include the sub's suppliers as well). If the next draw is requested before the unconditionals are provided, hold the new draw until all have been given unless you personally talk to any providers that have not returned an unconditional release to have them explain why. Clearing liens can be a major pain.

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[monkycndo 0]

Another issue that will pop up. Change orders. Make sure that NO work that is not in the original contract proceeds until a signed change order with agreed terms on price/materials/time extension. Doing T&M is OK, but have all costs associated spelled out. A good GC will play fair, a bad one will try to fleece you. Seen it way too many times here at work. Take a look at my profile to see what I do.

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[futuredivot 0]

I'll never buy property again without flying over it, but that may mean more here with terrain.

Know who owns the trees. The land around you is just as important to your property value and the land you actually purchase. We were devastated when the lots adjoining ours (that we were assured would never be touched because they were unsuited for home sites) were logged out and we lost a chunk of our privacy for a few years. I was finally able to buy that property a few weeks ago to keep it from happening again.

You are only as strong as the prey you devour

[DeNReN 0]

Up your cel phone package for build time...you go through more minutes then a teenage girl