Nolo's Essential Guide to Buying Your First Home (36 page)

 

CHECK IT OUT

 

Looking for more information on state and local homebuyer programs?
See the HUD website, at
www.hud.gov/buying/localbuying.cfm
.

What’s Next?

 

Now that you understand all your financing options, you’re ready to get out there and buy a house. Chapter 8 shows how to make the most of your house search.

 

Meet Your Adviser

 

Mark Nash
, an Associate Broker with Coldwell Banker, who serves the Chicago, Evanston, Skokie, and Wilmette areas of Illinois (
www.marknashrealtor.com
).

What he does

When Markʹs not working with homebuyers (or sellers), he shares his expertise through books, articles, and media interviews. Among his many books, youʹll want to check out
1001 Tips for Buying and Selling a Home
, about which the Library of Congress invited him to come to Washington, DC, and make a presentation. For the past ten years, Mark has helped hundreds of people buy their first home in Chicago and its suburbs. Heʹs toured thousands of homes as a Realtor
^®
and as a real estate investor.

 

First house

ʺIt was an 800-square-foot place across from Wonder Lake in Illinois, in a community then mostly used by vacation owners. The view was beautiful, with an empty lot between me and the lake. But the house itself was pretty tired—my mother, who was quite the suburban type, stood in the tiny kitchen (7’ x 7’), leaned out over the sink, and said, ʹMark, this is the craziest thing youʹve ever done.ʹ But by the time I sold it, the area was in greater demand by full-time owners, and it went for three times what I paid for it.ʺ

 

Fantasy house

ʺThe older I get, the less space I want. How a house is finished is more interesting—I like high-quality flooring, cabinetry, and trimwork. As for location, Iʹd take either Gualala, California (I rented a house on the Pacific there once), or the beach in Naples, Florida.ʺ

 

Likes best about his work

ʺThe people part. For me, real estate is more about people than houses. Iʹve worked with some homebuyers for ten years, from their first home on up. For example, I helped one couple now in their 50s buy a series of homes, then I worked with the wifeʹs brother, and most recently her parents, who are downsizing into a condo. Iʹm not exactly part of the family, but Iʹve sure gotten to know them well. Thereʹs a lesson in that for first-time homebuyers—make sure your agent is the type who attracts return business.ʺ

 

Top tip for first-time homebuyers

ʺDonʹt overspend. The first house is for you to get into the market. You donʹt want to spend all your disposable monthly income. Have a life, go out to dinner, go hiking, kayaking, or whatever. Iʹve seen people spend so much on a house they were unable to personalize it or even buy furniture. I could show you 4,000-square-foot houses where the buyer has been able to furnish only one room—sure, they can brag about their square footage, but they canʹt even invite anyone in!ʺ

 

 

CD-ROM

 

For more tips from Mark Nash, check out his audio interview on the CD-ROM at the back of this book.

 

Survey Says:

 

The average homeowner looks at 10-15 houses before buying one. Some must be looking at a lot more than 15, so don’t sweat it if you’re among them! One of this book’s coauthors looked at over 200 houses before buying (she had a
very
patient agent).

 

TIP

 

No need for embarrassment, your agent has heard it all.
Some agent’s stories might as easily have come from a therapist: homebuyers they’ve counseled about whether to have children, couples whose divorces they predicted. Get used to your agent knowing your private concerns, but try to work out any disagreements on your own. A house visit isn’t the place to argue about whether you need an extra bedroom for your mother-in-law to live in.