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How do I buy an apartment or house ?
I'm going to be 18 in 2 months. I was wondering if anyone could tell me how do I go about buying an apartment or a house and paying for it? Who do I call? Do I need a banking account? an ID? how do I get heating and electric? etc etc. Any information or advice someone could give me would be great.
(note: Im not going to be going to a college. And I think if I got a job it would be in the retail or my own business)
- 1 decade agoFavorite Answer
If you want to buy a house the first thing you need is a good credit score. Otherwise I would go with renting the apartment. First thing - get a job. Then it would be really helpful to have a checking account so you can pay bills. You obviously have a computer so paying bills on-line will be a time saving option for you. You will need to have first and last months rent if you have no previous rental history. You will also need references from your job and friends. You will have to call the local electric company to set up an account after you obtain the apartment. New accounts charge an activation fee. Make a budget of every monthly expenditure to see if you can afford to live on your own. Example:
Rent - $700
Electric - $80
Water - $30
Food - $300
Clothing - $50
Gas - $120
Car payment - $250
Total - $1,530
This is just an example of what things cost in my area, in this example, if I didn't make $1,530 dollars per month I couldn't afford to live on my own. Plus don't forget the extras: gifts, recreation, tires, etc....
If you can find a room mate and this will cut your expenditures in half. Hope this helps..
- Anonymous1 decade ago
Go to a bank and talk to a mortgage lender. That's the first thing you need to do. They will look at your banking history and accounts and qualify you if you have decent credit, a regular income, and money in the bank for the down payment. You don't need to talk to a realtor until you secure the funds from the lender (the bank). So the first step is talking to the bank.
Most down payments at a minimum should be 10% of the selling price of the home, but it depends on what you qualify for by the bank. Some banks will loan you the down payment as well.
Home ownership is not a joke. If it is a house, there is upkeep. If it is a condo (apartment), you will be paying monthly maintenance dues, which need to be factored into your monthly payments. You will also be paying property taxes in addition to your monthly mortgage and property insurance. It all adds up, and you must factor these costs into your monthly payments. I didn't buy my first house until I was 36, but I'm in San Francisco, which is one of the most expensive markets in the country.
It's good that you are thinking about home ownership, but the bank (the lender of the money) is the only one who can tell you whether you qualify.
- 1 decade ago
This is a pretty tough question. But if you want to buy a place rather than rent one (most first-timer rent for a while), then the best thing you can do is to contact a reputable real estate firm. Almost all houses and condos (apartments for sale are nearly always condos) are bought and sold through real estate firms. They'll answer all your questions, and gladly. This includes bank account, ID, and how to get heat and electric. If the firm doesn't gladly give you this information, then run -- don't walk -- out of that firm and find another who will. You are the kind of customer real estate firms dream about, and any one of them should be happy to help you find your first home.
- PantherempressLv 71 decade ago
Yes, you need a bank account and an ID. Once you have your home you call the local heating fuel and electric companies to get service.
Rent first and save your money.
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- 1 decade ago
Find yourself a competent Realtor and Mortgage Broker in your area. The Seller of the property will pay for the Realtor's services and if your Realtor is good, he/she will negotiate the Seller to help pay the closing costs (which will cover your Mortgage Broker's fees). Follow them closely and ask questions along the way. The Realtor will know what your month-to-month living expenses should look like. The broker will be able to tell you what you will be paying for Principle, Interest, Taxes, and Insurance (PITI) on a monthly basis. Best of luck.Source(s): Competent Realtor and Mortgage Broker, but probably not in your location! http://www.buyhawkeye.com/
- 1 decade ago
you don't buy apartments, you rent those.
you can buy a condominium or a house but there is a lot involved.
find a real estate agent you like, friend or family member, or interview several till you find one you trust.
let the agent tell you everything about buying a house.
but you also need to do your own research.
many communities have adult education classes to teach you what you need to know.
i admire your gumption to consider buying a house, but at your age, you may want to be a little more flexible and rent for a while before you buy.
- benitesLv 44 years ago
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- Anonymous1 decade ago