Tips for a first time home buyer?

[sokoloka]

I moved to London for work almost a year ago and am getting ready to move back to SD this fall. I will be going on my 5th year of living in San Diego and am getting tired of paying $2k+ rent on a one bedroom place with a garage when that's damn near mortgage money I could be paying towards something tangible.

Got in touch with the realtor my sister and her husband used to purchase their two houses in the past 5 years and currently have her looking for places that fit my hopes and dreams. As I'm 25 years old - this would be my first home purchase if I decide to go through with it.

I've picked up some extremely sage wisdom from Investing 102 and other threads around here; looking forward to any advice you guys can offer in regards to purchasing your first home.

Biggest things for me right now are: nice place (don't mind doing some update work), minimal HOA if possible, detached home, garage, and NOT being house poor.

With the market the way it is right now and mortgage rates at some killer lows I think this might be the time to do it... What do you guys think?

[Tony_SS]

Buy the smallest house in the neighborhood and hope the economy doesn't crash again.

[sik68]

I don't know much about San Diego housing market prices, but I've had a few friends in the Bay Area buy 2 bedroom places and rent out the 2nd room and make a little profit over buying just a 1br. Then you'd be taking advantage of the buying market AND the renting market. And since you're going to be working on the car, might help to have a buddy around.

Is your job going to keep relocating you? That's another consideration I'm sure you're thinking about.

[Track Junky]

If you are single, on a budget, and intend on staying in the property look for a home you could expand on down the road. I would look for something that has a large lot.......not huge......but big enough to expand and possibly build a detached garage later. If on a budget I would recommend a minimum of a 1/2 acre but is doable on 1/3 acre depending on where the house was plotted on the lot. Vision adding to the front or rear of it. Typical building setback codes are 20' from the front, 15' from the rear, and 5-10' side set back. Try and find something that leaves you enough room to park a trailor on the side of it or has "RV Parking". This could also act as a drive through to your possible future detached garage.
Good luck and hope this info helped .

[Tony_SS]

Originally Posted by Track Junky

If you are single, on a budget, and intend on staying in the property look for a home you could expand on down the road. I would look for something that has a large lot.......not huge......but big enough to expand and possibly build a detached garage later. If on a budget I would recommend a minimum of a 1/2 acre but is doable on 1/3 acre depending on where the house was plotted on the lot. Vision adding to the front or rear of it. Typical building setback codes are 20' from the front, 15' from the rear, and 5-10' side set back. Try and find something that leaves you enough room to park a trailor on the side of it or has "RV Parking". This could also act as a drive through to your possible future detached garage.
Good luck and hope this info helped .

But it's always cheaper to buy something already built... albeit hard to find sometimes.

[Track Junky]

Originally Posted by Tony_SS

But it's always cheaper to buy something already built... albeit hard to find sometimes.

I didn't say to buy something not already built....just something that has potential for expansion down the road. Less on the house now is more on the car now.
Not sure of demographics in San Diego but here in Nor-Cal(Sacramento Area) there are alot of small homes available for very cheap on big lots.

[Flash68]

Originally Posted by Tony_SS

But it's always cheaper to buy something already built... albeit hard to find sometimes.

I'm gonna go out on a limb and guess you aren't in California.

I disagree with your overgeneralization.

[Tony_SS]

Originally Posted by Flash68

I'm gonna go out on a limb and guess you aren't in California.

I disagree with your overgeneralization.

Yes, I'm in the midwest. New construction, even 3-5 years down the road is more feasible than buying something already built, as far as a detached garage?

I've never been house hunting in CA so I can't speak to what's available..