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First-time home buyer looking at a house for the first time tomorrow. What do I need to know and What should I be asking? (self.RealEstate)

submitted ago by TheB3RG

Its a foreclosure and fixer-upper. 3BR/1BA ~1500sqft on a 0.7acre lot in Southern Maryland. Listed at $70k.

To the more experienced people here, what would you be concerned about if you were in my position? What would you ask/look for?

Thanks.

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[–]catjuggler 4 points5 points ago

Make sure you look at several houses before you love one.

[–]ksemel 2 points3 points ago

Even better, look at several houses after you love one just because. The market is slow and most houses won't get snatched away from you in a few days.

[–][deleted] ago*

[deleted]

[–]TheB3RG[S] 0 points1 point ago

$70,000 for the house + $50,000 for what I want to do it = $120,000 (very very cheap for the area and what it will end up being, 4BR/2BA)

[–]dammitOtto 0 points1 point ago

In my area a second story addition and overall gut would run at least $175k-$250k. My neighbor did a 2000sf addition and most of the work himself, and the materials alone ran him $120k. Make sure you know what you're getting into. Prices are local, but construction gets more expensive every day, it seems.

[–]tallestnebraskan 2 points3 points ago

The majority of the time the pictures do not represent what the house looks like FYI, also if the house hasnt been lived in for a while make sure you get a mold/termite/ and whatever inspections you might need, alot of times you can write this into the offer that the seller will pay for inspections depending on the house but its harder to do with foreclosures. If its built before 1978 get a lead based paint disclosure also. Ask about the roof and how many years it has left.

[–]TheB3RG[S] 0 points1 point ago

Well its a fixer-upper and the roof needs to be replaced. I want to put a 2nd story on it. Its a ranch.

[–]Esquire99 1 point2 points ago

Look into home owners association, building code and permit requirements for the 2nd floor before you get too committed.

[–]dammitOtto 0 points1 point ago

Yes, check zoning with the town first! Ask them for their bulk limitations.

[–]Ad_the_Inhaler 0 points1 point ago

your slab may not be able to support a second story.

[–]spokaneguy80 0 points1 point ago

As a rule of thumb, if the foundation wall is 6" thick, that is only for a 1-story house. 8" is required for a 2-story house.

[–]spokaneguy80 0 points1 point ago

If the roof needs to be replaced, there are a few things that need to be figured out.

  • How long was the house empty? The longer it was empty and the wetter the weather was, can indicate the extent of water damage.
  • Look into the attic area. Is there mold growing there? Is there insulation in there?
  • Look at the baseboards. If water is traveling down the inside of walls, it may warp or stain the bottom of the walls.
  • Is there a basement/crawlspace? Either way, if water is getting down there and doesn't have a way of getting out, then it is a perfect combination for mold to grow.
  • Depending on the extent of mold (if there is any) you may have to hire a professional to come in and clean it out. $$$

Anyways, when you find a house that you are really interested in, hire an inspector based upon qualified referrals. It could save you money and headaches later on. Don't hire the first one you hear about or one that the realtor recommends without checking them out.

[–]tallestnebraskan 1 point2 points ago

It sounds like your going to be spending just as much on improvements as the house will cost you. I would reccommend looking for a house in a higher price range that allready has all of the things you are looking for instead of trying to fix this one up. If you are a builder or handyman and could do most of that stuff yourself then its one thing but hiring a contractor, mold removal, replace roof, probably rotting wood infastructure if its got a shitty roof and waters been leaking into the walls. Just look at a house thats allready got what you want and save yourself the money and the headache

[–]Capncanuck0 0 points1 point ago

Realtor here. Find a good realtor that you like and trust not necessarily the one with the most signs either. They won't steer you wrong if they hope to get future business out of you. If you're a first time buyer ask them to advise you of the process and any hidden fees etc. I meet all my first time buyer and do what I call "real estate 101" where I teach them the costs, show them the contracts and determine if they are ready to buy! Good luck!

[–]eb11b 0 points1 point ago

If its on a concrete slab dont forget to get the house checked for level. I had to get my house leveled before the purchase. The seller payed for the cost. House leveling can cost around $2000 and WAY up.

[–]tharealmegaman 1 point2 points ago

  • Get your finances in order before going out to look. Decide how much you want to put down then talk to a lender to get pre-approved. This avoids heartache down the road and makes you look like a more serious buyer.

  • You said you want to add a second story to it. Have a contractor do an estimate before you put in an offer so you know what you're dealing with.

  • Look at recent comparable sales in the immediate area to get an idea on price before offering.

  • Have the home inspected during attorney review.

[–]calciocool 0 points1 point ago

drive around the house during different times during the day, to see how traffic will be. also you can get a feel for the neighborhood and decide if it's really an area you'd like to spend your life in

[–]snkscore 0 points1 point ago

Take lots of pictures, you'll think you'll remember the details but questions will remain and you'll wish you had a photo of that 1 corner of that 1 room...

[–]mfischer1 0 points1 point ago

Have you been pre-approved? If not, go to a lender and let them figure out what kind of loan product is best for you.

Just a few days ago, an agent at my office had a buyer go through the whole buying process, only to find that he had a tax lein. No other debt and otherwise perfect credit. Now the deal is 100% dead and everyone has wasted a lot of time.

Talk to a lender, figure out your financing, get the pre-approval letter, and then continue on.

Good Luck-

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