Here's what I think I know about buying a house:
- Get a home inspector to check the place out first before you do anything, to avoid ending up in a money pit.
- I don't know how you get/find a good home inspector, or how much they cost.
- Don't get a variable rate mortgage. Only use a fixed rate mortgage.
- If you can no longer make payments, make sure to contact the bank and re-negotiate the payments before they foreclose on you.
- I'm not really sure what this entails, and I don't really know how to know if you can trust a bank in the first place.
- From what I understand banks do not act like landlords very often, because if they sell a house that is foreclosed on they lose money on it, and if they foreclose often the humans that were dwelling within tend to retaliate against the house they are going to lose, so that the bank loses even more money.
Beyond that I really don't know much other than any repairs that need to be made to a house have to be paid for by YOU and that in the end you'll have maybe $200 in your bank account even if you are working thanks to repairs payment and upkeep. Also, property taxes should be looked at, and various things that your neighbors do can lower the property value of your house.
I'm horrified at the thought of buying a house. Are there any other best practices?