The jumping off discussion area for the rest of the Deck. All things Lakewood.
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Well as some of you may recall, I left Lakewood and moved out to the east side...Willoughby Hills to be exact. Even though I've worked out east for the past 6 years, I just don't like living over here, it's definitely not Lakewood.
So, I plan on coming back to Lakewood within the next 6 months when my lease is up here. This time though, I plan to buy my first house there. I'm a little scared about the whole process, well intimidated really. The whole home buying process just seems overwhelming and complicated to me. But I know it's time to finally do it, and Lakewood is where I want to be.
I'm looking forward to the day I can call myself a Lakewoodite again.
I'm sure that all of us involved with the Observer would join together (at times admittedly, that's a rarity:-) in welcoming your intentions. We hope to see you over here soon.
Lakewood has a wide variety of classic housing designs. Although the housing stock is older (my home was made in 1909) the quality is there.
Anyone doubting that quality would change their mind, if they tried to drive a nail into my one of basement rafters.
I think there will be some fabulous opportunities to buy in the next year. There are Internet resources that can help you track the action. Realtor.com; Zillow.com. County sites can help you find out what the owner paid etc.
Not knowing your financial circumstances, skill sets, friends that might know something and propensity for sweat equity, I am hesitant to suggest that you explore purchase of foreclosed properties. Yet, from the materials I read, I would expect that banks will be unloading foreclosed properties at very good prices this upcoming year. I would not expect rates to spike, perhaps even trend down a small bit. So you should do well. Money in real estate is always made on the purchase price. Doubles with some massive square footage seem to be trending toward a very sweet spot, if you would care for such living. A young friend just purchased a place for $107K with natural woodwork, from owners who relocated to FLA taking a $15K hit to what they paid in 2004 to move the property. Be disciplined, prepared to walk away until you find something at the price point that's reasonable in light of the market, the inventory hanging over it, etc.
Do your research. Line up your financing. Find a good building inspector. Take your time. Don't let the brokers stoke your offers up, because they are paid to serve the seller.
If you see something you absolutely must possess, well, pay the piper and stay in the home for a long time.
You will find that Lakewood is much improved in its restaurants - Indian Garden, La Pita Express, and pizza at Venezia are big improvements. There's also Melt downtown at the old Bud's White Door. And a Hardware Store is coming to Madison Avenue.
On the hardware store development, I spotted the window sign yesterday on Madison across from the new Harding School.
On Saturday with Slife we spotted the work, the clean-up and the stripping down to the brick walls, but could not ascertain the purpose, but the look was quite excellent.
It will be a huge boost the indie homeowner's psyche to have a small independent hardware store, with we hope, a knowledgeable person.
Ingersoll in Rocky River has been my place lately, which is fine. But to stay in town for hardware in the city of homes is optimal.
Having just bought my house in Lakewood about 6 months ago, I'd say you don't need to fear the process. It's actually relatively painless, up to the point where you gather your wits about you, take a deep breath, and make the offer to the owner. Then once it's accepted, you can breathe free and easily, because then the process is mostly out of your hands.
My first and key piece of advice is DO RESEARCH. Go to the library and check out some books about home buying, and read them. Read several at least, so you get some divergent opinions. But do your homework on the process. Also, look for books about home inspections. Look for one that's designed for someone who wants to become a home inspector, and read it thoroughly. Yes, you'll need an actual home inspection done by a qualified inspector (use Angie's List to find one) when it's time to buy, but knowing what they look for will help you sort the wheat from the chaff. And there's a lot of chaff out there, trust me.
One advantage that you'll have is that there's a wide array of homes in Lakewood for all price points, and even some of the inexpensive ones can be quite nice, depending on what size of house or what amenities you want. My wife and I definitely wanted a second bathroom, which ruled out a number of houses, and we also wanted four bedrooms, which also ruled out a number of houses. Yet, we were able to find one that suited us nicely.
You'll also be surprised by some houses you see on the market ... because they'll be quite off-the-wall, or in tremendously sad shape. But you'll get through those quickly. It gets harder when you find several houses that fit what you're looking for. Then you have to get nit-picky, but one of the things that will help you is the condition of the infrastructure. Look for houses that have newer windows, a newer roof, newer furnace/boiler, newer hot water tank, and if lucky, newer wiring. You may not be able to get all those things, but try to get as many as you can, because it'll save you money later.
If you want, I can even recommend my realtor ... he's a longtime Lakewood resident, grew up in the house he current lives in (and renovated), and was able to steer us away from problematic houses because he knows what can go wrong in a Lakewood house. He's also my neighbor, selling us the house next door to his! He's John Craighead with Realty One, and I liked his style, because he wasn't a hard-sell type of person, but was very patient with us.
But really, it ends up being a fun process, though you won't think so when you start. But after awhile, your eye becomes a lot more discerning, and you pick up pretty quickly whether you fit in a particular house and a particular neighborhood. And the way the housing market is still, you've got a good pool of houses to choose from.
Thanks everyone for the encouragement. I'm looking forward to starting the process and seeing what I can find. The good news is that I've got until mid to late Summer before I have to move so I've got time to look to find something I really like.
Don't forget to ask around. We know of a home that will be on the market in the near future and are aware of a few other properties that might be available.
When we were looking for a home, we probably looked at 30 houses. We took a digital camera with us and made notes. It took us a while to really sort out what was wrong and right about different places. So many places seemed to have potential.
Sometimes we couldn't see past the obvious "wrongs." We had no idea just how popular the interior of the Brady Bunch house was, for instance.
Take a hard look at the mechanicals. Get an understanding of how much things cost, like a new roof (total tear off), new furnace, new plumbing, new wiring. Never make a deal without having an inspection unless you're a gambler (and if the price is right, you may want to gamble).
It might be helpful to ask yourself whether you'll be happy in a place for five years rather than for the rest of your life!
“One of they key problems today is that politics is such a disgrace. Good people don’t go into government.”- 45
Don't forget to ask around. We know of a home that will be on the market in the near future and are aware of a few other properties that might be available.
That's a good point. I'm meeting with a mortgage lender this coming week to better understand what I can afford. Well I guess I should say, what I'm comfortable with as a monthly payment since I know I'll be able to afford much more than I'm comfortable with haha.
Once I've got a good idea, I'll ask around and maybe even post it here so if anyone has any suggestions I can take a look.
The typical mortgage lender will try to convince you to get as much of a house as possible that you can afford...same thing with real estate agents. The nontraditional type will try to get you into no-interest mortgages, no money down mortgages, or whatever they can do to maximize their fees. You can't necessarily fault them, but be aware. They have to eat, too and buy Playstations for their kids.
Lots of good advice in this column.
I would like to emphasize the last point on the mortgages though.
You may pay three times the price of the house when all is said and done with the mortgage. There are some good mortgage brokers out there, but do all you can to stay away from "non-conforming". Get your credit ready: pay all your credit cards down to zero if you have not already done so, pay-off as much debt as you can, and fix any blemishes you can. Sock away as much money as you can for the down payment. It will pay-off big time.
My girlfriend spent 20 years in the mortgage industry, and is constantly amazed at what she sees. Then again, she wouldn't agree to go out with me until she ran my credit.
Brad Babcock wrote:Lots of good advice in this column. I would like to emphasize the last point on the mortgages though. You may pay three times the price of the house when all is said and done with the mortgage. There are some good mortgage brokers out there, but do all you can to stay away from "non-conforming". Get your credit ready: pay all your credit cards down to zero if you have not already done so, pay-off as much debt as you can, and fix any blemishes you can. Sock away as much money as you can for the down payment. It will pay-off big time. My girlfriend spent 20 years in the mortgage industry, and is constantly amazed at what she sees. Then again, she wouldn't agree to go out with me until she ran my credit.
I feel pretty good about my credit. I don't carry credit card balances and according to my last credit report I'm "super prime" so I should do well. I'm using a mortgage broker that was recommended to me from several different people so I've got some good references.
You're right though...there's alot out there to be careful of.
My biggest fear is not knowing how much is good for a down payment? I think I'll be able to have $20,000 - $25,000 saved just for the down payment by the time I'm ready to buy (that leaves a good amount as an "emergency fund" as well) so hopefully that will be good enough.
Wow. I'd have to say you are right on-track. Discussing the matter with a friend in Waite Hill (He is a care-taker) who is in a similar position, we came to the conclusion that 20-25K was about right. If we both reach the same conclusion independently...that is a good indication.
My girlfriend was just amazed at the credit follies she has encountered professionally, particularly with credit cards. It sounds like you are good on that front too.
I won't speak for or against any individual mortgage broker, but references are the best indicator available.
That's definitely a good down-payment amount, and if you have the right mortgage, you'll avoid PMI, which is a bit of a waste ... however, I'd suggest based on my experience not use the full amount on a down-payment, but rather use less, maybe half or a third of that amount, keeping the rest in reserve to use for moving expenses, and initial renovation expenses. Even if you get a place in sterling shape, you'll want to put your private stamp on it, which involves a lot of painting (which we're STILL doing!), fixing up things, or getting some new/newer furniture and fixtures. If you put too much into the downpayment, when you move in, you'll find you need to do things, but don't have the money to do it!
c. dawson, that's a good point and one I've already considered. I may put less down since it doesn't make a great deal of difference in the monthly mortgage payment. That way I can have money left to take care of decorating, painting, etc.
I'm also so impressed with people here and how helpful everyone is. It will be nice when I have all those questions about how to fix/upkeep/upgrade things in an older Lakewood home.
I'll actually be in Lakewood tomorrow to see two houses I'm interested in.
