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Old 07-30-2010, 09:32 AM
 
16 posts, read 32,371 times
Reputation: 14

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Hello there,

We are a small growing family,and on our way to buy our first house at lake ridge woodbridge VA, and we picked a Town House will be build by Ryan Homes, and my questions are:

1- What is the reputation of Ryan Homes?
2- Do you think Lake Ridge is a good area to live in? as we are moving from Springfield VA
3- What should I beware from when writing my contract?
4- the TH price is 340,000 but when I did the whole Mortgage calculations I found that after 30 years they will collect 820,000 Dollars from me,do you think that this is the way it should go with or this is a huge amount of money?

Sorry for these kind of questions as it is my first time to buy a house

Thanks for help
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Old 07-30-2010, 09:38 AM
 
8 posts, read 31,407 times
Reputation: 11
1. As far as I know Ryan has good reputation and a pretty big company, I see some reps are very aggressive (my experience in Maryland Howard County).
4. For Mortgage this is the usual situation for years!!! Which sometimes I felt is not right or fare also. However, I know that because of this reason you want to pay bigger down payment (if you can afford) and pay more then the min mortgage amount in the beginning.
I am not very knowledgeable about 2 & 3
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Old 07-30-2010, 09:46 AM
 
Location: Censorshipville...
2,724 posts, read 6,271,918 times
Reputation: 1590
1 - No clue, never lived in a house built by them
2 - I think it's a decent area. Close to shopping, commuting options and decent schools. Crime is also relatively low, but I guess that's subjective.
3 - Are you not working with a realtor? They should be able to tell you what to look for. Definitely make your contract contingent on a home inspection as well as appraisal and financing.
4 - Unless you have 340k in savings, unfortunately financing a home is your only alternative. You could make extra payments to reduce your principal faster and lessen the amount of interest you'll pay.
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Old 07-30-2010, 09:48 AM
 
214 posts, read 426,409 times
Reputation: 71
That sounds expensive to me for a townhouse in Woodbridge. If 340k is your budget, I think you could do better. What is your commute like?

Don't take this the wrong way, please, but have you read any first-time home buying books?

ETA: you can get a 15 year or 20 year mortgage. This obviously increases your monthly payments but saves you a great deal of money in the end.
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Old 07-30-2010, 09:57 AM
 
Location: Sterling, VA
1,059 posts, read 2,629,640 times
Reputation: 613
1. Ryan homes is a reputable builder but a lot depends on the sub contractors they use.

2. I like Lake Ridge, but have never lived there. You will hear from others who have lived there.

3. I hope you have an agent who will be with you when the contract is written. If not, read everything carefully and if you don't understand what a paragraph means, ask for an explanation. Builders' contracts are slanted toward the builder's interest. Ask to have your own home inspector perform the pre-drywall inspection and the final walk through inspection.

4. Are you including the principal and interest, real estate taxes, home owner's insurance in this total amount? That comes out to $2278/month for a total payment and it is probably right. If it is just the principal and interest it seems high.

Best wishes on your new home, it is very exciting to buy a first home.
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Old 07-30-2010, 09:59 AM
 
Location: Northern Virginia
5,104 posts, read 5,406,847 times
Reputation: 12617
Quote:
Originally Posted by the_night_site View Post
Hello there,

We are a small growing family,and on our way to buy our first house at lake ridge woodbridge VA, and we picked a Town House will be build by Ryan Homes, and my questions are:

1- What is the reputation of Ryan Homes?
2- Do you think Lake Ridge is a good area to live in? as we are moving from Springfield VA
3- What should I beware from when writing my contract?
4- the TH price is 340,000 but when I did the whole Mortgage calculations I found that after 30 years they will collect 820,000 Dollars from me,do you think that this is the way it should go with or this is a huge amount of money?

Sorry for these kind of questions as it is my first time to buy a house

Thanks for help
#2 - Lake Ridge is a nice area. I am buying a home there myself.

#3 - If you do not have a Realtor representing you, you should have the contract reviewed by your attorney. At the very lest, have it reviewed by someone who is looking out for your best interests. (Ryan Homes will be looking out for their own which could lead to disadvantages for you.)

I'm not sure how Ryan Homes works, but they should give you a grace period to have the contract reviewed before signing it. Don't fall for the you need to sign it now (even if they offer an incentive) because there is likely something in the contract they are trying to slip by you.

No matter the age of the house, even if it's a brand new home and you're the first to own it, GET A HOME INSPECTION. I recommend Jon Hix with Home Inspection Experts. He's very thorough and charges a reasonable rate. (He is also out of Lake Ridge)

#4 - When you pay interest on a large amount of money for a term of 30 years, that's just what you're going to pay. Most people do not stay in their first time home for 30 years anyway. Usually, people stay for 5 - 10 years, pay down some of the loan, get some equity in your home, sell it and use the profit for a down payment on your second home.
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Old 07-30-2010, 10:02 AM
 
8 posts, read 31,407 times
Reputation: 11
I learned some new stuff in this discussion. For NYmama2dallas - do you have any suggestion on books for first time buyers? Is it really helpful and more info then what you could think out and learn from friends and Real state reps? I am in the hunt for my first "real" house also. thanks.
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Old 07-30-2010, 10:10 AM
 
16 posts, read 32,371 times
Reputation: 14
Thanks for so far replays

oneasterisk: Yes I have a realtor,but you know some times they care about commission only.

NYmama2dallas: The new TH in that area are expensive, I tryed to buy a house in Springfield with this amount of money but I got houses been built from 30 to 60 years ago and will need a lot of mony to renovate or to fix the old crapy things, So I went to lake ridge, finaly I did not read FTHB book, I am working at lorton VA, so I will commute 15 miles from the new house to my work.

Last edited by the_night_site; 07-30-2010 at 10:20 AM..
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Old 07-30-2010, 10:11 AM
 
564 posts, read 1,278,868 times
Reputation: 390
Quote:
Originally Posted by NYmama2dallas View Post
That sounds expensive to me for a townhouse in Woodbridge. If 340k is your budget, I think you could do better. What is your commute like?

Don't take this the wrong way, please, but have you read any first-time home buying books?

ETA: you can get a 15 year or 20 year mortgage. This obviously increases your monthly payments but saves you a great deal of money in the end.
You could also go with a 30 year note and make larger payments to the principal so that it's paid off in 15, rather than getting an actual 15 year mortgage. Sure the interest paid will be a little more, but with rates so low right now the difference isn't that tremendous. I am doing it this way as insurance in case I ever get in a bind where I can't afford my larger "15 year" payment, I can always just pay the lower amount.
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Old 07-30-2010, 10:39 AM
 
Location: Prince William County, VA
664 posts, read 1,625,498 times
Reputation: 368
Quote:
Originally Posted by NYmama2dallas View Post
That sounds expensive to me for a townhouse in Woodbridge. If 340k is your budget, I think you could do better. What is your commute like?

Don't take this the wrong way, please, but have you read any first-time home buying books?

ETA: you can get a 15 year or 20 year mortgage. This obviously increases your monthly payments but saves you a great deal of money in the end.
I agree...I'm not sure what kind of links we're allowed to post here, but I did a quick look at a real estate site and found some nice looking single family homes (built in the early 80's) for the mid 300's...
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