Buying a Home

It has been more than a month since my last post to Cashtalk. I've started a new job in marketing and have begun looking for a new home. I've never bought a home before and have had to learn what most of you probably already know. What type of mortgage to get? Which bank can give me the best deal? What to look for in a house? Will it be easy to "fix up"? Will there be any problems when I try to resell (in which case, I probably shouldn't buy it in the first place)?

I've looked at probably about 20 houses in this area and before that, I pre-established a limit that I do not (or cannot) want to spend more than. It is certainly a buyer's market. Homes that have been on the market for a few months have reduced their price. Almost every realtor I talk to at open houses always ends the conversation with, "The sellers are motivated. They might be willing to talk about the price or closing costs."

I guess that's great for us, but I don't want to just buy a house because it's a good price. I want to live in a neighborhood that's quiet and has easy access to the amenities that I've grown accustomed to (going downtown, close to a grocery store, being able to go to a park, and close to the local pool for swimming). I don't want a house that is right next to the freeway. I'm not excited about houses that are mirror images of those around them (even though inside they are really, really nice). These tend to be newer houses, which don't often hold their value really well.

So, how did you buy your house? What was important to you when deciding to make an offer? Did you know it was the one when you did buy it? Were you happy with your decision, or did you discover something wrong after you'd already closed? I'd love to hear your stories and learn from them.