If you could go back in time, what advice would you give yourself regarding home ownership? (commissions, mortgage)

[eok]

There is no reason to believe you have to kill Hitler to change the future. There might be a big random component to what happens in the future. In other words, a lot of future events might depend largely on luck. And there is no reason to believe your new future, if you could go back in time, would have the same combination of luck that your old future had.

[Nov3]

Words of wisdom to that younger nov3:

1: bigger property = bigger taxes and repairs.
2: remodeling to keep up with the Jones...May have you standing in the soup kitchen...fix the structure..not the cosmetic stuff..
3: the 15 yr mortgage..save on interest..pay on principal. ( first 7 years of our 30 year mortgage...basically went to interest...).
4: learn home repair. Call in the experts though on electrical and plumbing.
5: you did great on selling when the market was in your favor! Your mistake was in investing...in the market...who knew it would tank when the crash came.....wall street is not your friend.you lost your retirement funds ...
6: read the fine print. Sign only when all questions are answered or the contract is modified accordingly.

[jamies]

Don't sell the beach house.

[brownbagg]

keep on renting apartment, get tired of neighbors, move that week. no maintance, no grass cutting, no storeage of junk

[Silverfall]

We've done fine on real estate with one exception so for me it would be "do a home inspection on the new construction home you are about to buy." Biggest mistake ever. I wasn't an agent at the time, and my agent didn't suggest one to us so we were naive.

[misterjimmy]

If you have kids, you should own a home since apartments are no place to raise kids.

I've lived my entire adult life in different apartments. Our son has lived his entire life in apartments.

He's now 17, and he's fine. Apartment living didn't seem to damage him.

[johngolf]

My advice is:

1. Do not over buy. Be sure it is something you can easily afford.

2. Be sure the neighborhood is desirable even if the house less so.

3. Do not live on a road with a line painted down the middle of it.

[wmweeza]

Originally Posted by WouldLoveTo

So where is your rural area? My next and probably final move will be rural

.

Winton, California. We just got our second stoplight! I moved here from Seattle, it's a long story as to why I'm here but lets just say I moved for love (and I'm happily still married 10 years later)

[StealthRabbit]

Do the math...


If you can't rent it for 1% or purchase price, DON'T get stuck with it

If you can't find a home you can afford, consider a great cash flowing commercial property. In 10 yrs, you can collect your rents from Tahiti. (Or wherever you want to be)

Hint:... Residential primary properties are NOT investments or assets. They are liabilities. Consider that when you do the math.

( bought my first home at age 19, have done 30+ properties, built 5! still learning... Haven't got it right yet... Maybe next time, but doubt it)

The horror stories all involve realtors (which I have had to deal with 3x). Lawyers are about 10x less expensive and they can even offer legal advice +/-. Know your stuff, it is very ez to do and info readily available, but takes a lot of listening / research / pavement pounding.

Don't 'expect' the 'professionals' to know much, or to work on your behalf.

If young.... Get a job at a title company, then a surveyor, next an appraiser, then county planning. That will give you a good start.

[KonaKat]

Originally Posted by LoriNJ

Can we get an AMEN!

And what you want in 20 years will be even more radically different.

I disagree. While I've lived 8 years at 2 or 3 other houses, we've been in this one for 13 years and have no plans to move. A niece and nephew in Missouri owned smaller homes, then managed to buy what they call their "Forever Home" that will suit them until their kids are married.