Five Things I Should Know About Buying A House

Ooooh, great info, Piffka, thanks!!

We rent a house now, with a big yard, so we do have all of those tools etc. -- you're right, it really adds up, doesn't it? (How many commas can I fit in this post?)

It's OK, commas are cheap!

Glad you've got those tools -- they take years to collect.

I still think the most important thing may be what Jespah said about seeing her house. You want to get a little thrill about ownership... at least something about it should be totally great. Later, when you go to sell, somebody else will see it and love it, too.

When my parents moved out of their last house and into their current one, they almost bought a house with a severe risk of being flooded by the nearby, but not that nearby, river.. They also forgot to mention to the buyer of their old house that there was a problem with rising groundwater getting into the basement once every leap year; they had to pay a substantial fine when the leap year came.

The reason I'm telling this is that there are often risks that come with the location of your house. From the locals' point of view, "everybody knows" these risks so nobody ever thinks of telling you about them -- even if the people involved are generally decent, intelligent, and honest, like my parents are. But the risks are often not known to out-of-towners who need to know them for their buying decisions, and when they do materialize, they cause a lot of ill will and unpleasant lawsuits.

I'm not sure how to avoid falling into this trap. But my best bet would be to find lots of locals who don't have a stake in your purchase, and to ask them again and again about risks that go with the territory. Eventually they'll give you the picture I guess.

Yep, that's good advice, Thomas. Have been actively seeking out those locals, and happily they are friendly and forthcoming. (I am REALLY happy in general about how NICE people are in Columbus.)

Piffka, I know just what you mean. I have that little thrill with maybe 5 houses in my binder of 25+ -- the one I'm obsessing about, especially. (I'm telling you, SOOOO pretty!!!) But good point about the practical aspects of the thrill. (Resale...)

soz - what's the timeline for houses staying on the market in Columbus?
In my area of Toronto, houses are usually on the market from 4 - 72 hours. Not a lot of time for binder review. The Toronto Real Estate Board has a great website that lists, among other things, length of time on the market for recent sales. It can be sobering - or invigorating - depending on your perspective, during a market like this. The site also indicates the relation of the sales to asking price (usually 10 - 25% above asking is normal around here - the agents are big into encouraging bidding wars, so they price the houses about 5% below their real value - an interesting strategy - you need a tough agent to help you through a lively market). Is there a similar site for the entire region around Columbus?

Wow, glad we didn't move to Toronto, then. (It was a possibility.)

Yep, found the comparable sites. Buyer's, not seller's market right now. The houses in my binder have been on the market for between 11 and 95 days. 30-40 is common. One that we really liked was on the market since January and just recently sold.

Realtor just told me that 3-5 percent below list price is usual selling price.

All rather encouraging...

Wow. 30 - 40 days.
Maybe I should move to Columbus.
Every time the agents call to say they have a buyer for my house and would i consider selling, I ask them where I should move. I think I have an answer now - Columbus!

:-D

It really seems like a nice town. I'm getting happier and happier about the prospect of moving there. (Just in time, too, since we'll probably be making an offer next week. Yoiks.)

If it's not too late (pretty pretty house), take my friend Richard's advice -- never fall in love with anything until you own it.

It's like playing poker -- good players don't watch the cards as much as they watch the other players' faces... the same goes for good bargainers. Good luck. You're getting good advice -- and thirty years ago when I went to college there for a year (CCAD) it was a very nice town.

Thanks, Wy!

Yep, I'm trying to be cold-hearted about it. I have found some others that are making my heart go pitty-patter. And this one could always sell before next week.

Check out an aerial view of the neighborhood and a lot of the demographics by clicking here.
Touchy website, need high speed, but it's awesome when it works.

Oh, I'd lost that site!! Bless ya, Bill!

Good luck, soz .... I hope it's everything you want it to be!

Watching with interest
Waiting for the invitation to the house warming

Question: the realtor just sent me a house that looks really really great except that it has radiators (hot water heating) and no central air. It's also lower-priced than comparable houses that do have central air/ forced air (I know, duh) so I'm thinking that it's possible that we could just have it converted before we move in. (There is likely to be a 2-3 month lag time between when we buy a house and will actually live there.)

Can anyone give me a ballpark figure on how much I could expect that to cost and any other thoughts? It's about 2,000 square feet, 2.5 stories, full finished basement (so effectively 4 stories).

Thanks!

When viewing a home you have considered buying, always take notes. Permanent fixtures (outlets, ceiling fans, curtain rods) should remain with the home. My brother had to sue the previous owners of his home. They took a ceiling fan, some fancy light fixtures and even dug up some shrubbery from the yard, the night before the closing. You have one last walkthrough before you close on the home; make sure everything is still there. Don't let anything pass your inspection.

When I bought my home, I had no idea that the next year, the city was going to replace all the cracked sidewalks. This was an additional expense I had not counted on.

My home did come with a one year Home Warranty. This included any problems with the heating, plumbing or electricity, would be fixed or replaced within the specified time.

One last note: When signing the final papers take your time and read everything.

Yep. I think we'll have a lawyer -- ask to get all the papers before the closing, and have a lawyer look 'em over. Then actually sign when we're there.

Home warranties are great, didn't know about them until recently.

Any thoughts on ac/heat conversion?

Omigawd! do NOT get rid of the rads. Combined with a gas furnace, hot water heating is the most efficient form of home heating there is.

and if you absolutely have to (for some horribly unknown reason) get rid of the rads, make sure you hook yourself up with someone who can get you a good price for them - they can be worth a LOT of money. I considered switching away from hot water heating. The contractor initially did the pricing, and then I guess he felt kind of guilty - he told me selling the rads would pay for the cost of conversion - and that my heating bills would probably go up 15 - 20%! When I did the research, I found out he was right.

Oh, that's interesting. If you have any links, send 'em on.

We almost certainly need central air -- E.G. has asthma, and it makes a big difference to him. Once we have central air, it seems like it would make sense to do the whole shebang.

Also there are new, efficient furnaces -- not sure when that exchange happened.

But if water heating is most efficient, hey, that'd be good news. We could probably get an industrial-strength air purifier or something.

We made an offer!

It was accepted!

It's a gorgeous house!

Still contingent, though, pending inspection etc. We'll see!

Thanks for your help in getting me this far, folks. Mwah!