What is the best type of first home to buy...several questions? ?

[Supermommy___]

I want to buy a house in a year-year and a half. How much should I put down? Do I have to put any down? What are the pros and cons to putting money down or not? How long are the loans for? I need a bigger house or at least one with quite a few bedrooms as I have a son and step-daughter. So I'm looking at a 4 or 5 bedroom. I know these are generally expensive. Is there a way to get around that? Can I just buy a fixer-up and take walls out and make more bedrooms or no? I watch the home improvement shows all the time and the flipping shows but I don't understand how exactly it all works. I know you have to get permits and such. Also say I buy a three bedroom and expand it and add extra rooms what kind of cost am I looking at and what else does doing that affect? How do I make sure I'm getting a good deal? What about houses that have been on the market for a long time? Are they overpriced or crappy or what? It's hard to tell with the market the way it is. If I buy a house that is $75,000 how much should I expect to pay a month? Seems like a lot of people I know don't have very nice homes and pay a lot. They mostly bought their homes 5-6 years ago does that make a difference? Thanks.
Also how long should I expect to look before I find a house? Is it better to buy a house that works for us now and then sell and get a bigger one or start off with a bigger house? Thanks.
I don't know what kind of are you live in but my Mom bought her three bedroom two story house for $45,000. It has a deck on the back and a screened in front porch, basement and two full-baths. Plus she has a garage and a big back yard. My cousin just sold his house down the street for $38,000 his was a two bedroom, one bath, with porch, basement and no garage and no central air.
I just found a house down the street from my Mother in law for $39,000. 3br, 1bath, fenced in yard.

[Worldly25]

You need 20% down.  Mortgage lenders have tightened the eligibility requirements. Average loan is for 30 years but you get a lower apr with a 15 yr. Home improvements are expensive and time consuming. Most 3 bedroom homes do not have enough square footage to throw up a wall and turn it into 4.  Figure 85 dollars a sq. ft for adding on.  But some areas are higher than that. Again that means 6 months to a year living in a work zone.  I don't know anywhere you can find a home for 75,000.  I live in a rural area and you cannot get anything for less than 150,000,  Remember it is not just paying your mortgage but also property taxes, homeowners insurance, water, sewer, trash removal.
So figure at least 2k a month.  Start saving because beside the downpayment you will need around 7k for closing costs.

[Marysia]

it took me about 4 months to find the home i really wanted and then another 5 weeks to move in.  i didn't want to deal with all the renovations so i moved into one that will need minor updates.  i recommend buying a house with a mortgage payment that won't be more than one weeks take home pay.  it really depends on where you live to know the market. in my town they have inspectors that are strict and ensure you are 100% up to code before you can sell and if you aren't and the buyer is okay with that - they have to put $$ in escrow for everything that's wrong.   do your budget and find out what's really important to you. for me it was location, nice yard AND an attached garage!!  i put down more than 20% so i didn't have to pay mortgage insurance.

for your budget:
mortgage
home owners insruance
property taxes
Heat
light
cable
cell phones
 internet
tithing
food
gas
savings
fun
anything left over?? then it's the house for you!

[Anne]

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