1. I agree with installing the best roof and windows. 2. Look for mold-it can be a financial and health nightmare. 3. The children will only be with you for a short time so plan for your retirement home early.

What I would tell my younger self: Do a lot of homework before buying a home. The younger self usually doesn't like what the older self will like, try to think ahead. Be prepared for added expenses, don't go into buying a house without extra money in the bank for fencing, a new appliance or two, plumbing, etc.... If I knew then, what I know now, I might have made a different decision.

I would tell myself to not collect so much stuff! I sold my first house 3 years ago after 17 years owning it and the amount of stuff I had accumulated was overwhelming. We got rid of so much, but 3 years into this house and I'm still decluttering because I refuse to go through a move like that again!

The first home we bought was a small two bedroom, one bath home, but it was affordable and met our needs, especially when our daughter came along to fill that second bedroom. To pay more for a house than it is worth, or to bite off more than you can choose is playing games with your budget and is not a good idea. We are now in our seventeenth home, and we love it because it meets our needs and is very affordable. Out of these 17 homes, we only lost money on one house because it was located in a housing market that was in a deep dive. We have since been able to recoup that money for a lovely home, our last home in retirement, and we wouldn't change it for anything. But we never bit off more than we could chew. That is a very important lesson for any new homebuyer looking to purchase their first new home. Don't do it unless you can afford it.

Kathleen Peterson, Retired Interior Designer

Buy in the best school district. It's good for your kids and it protects your investment.

Skip the steam shower!

buy large for at least a family of five and downsize whn everyone grows up and move out either way the house isnt a must leave. its in the middle. 2 large of a home is expensive and hard to kp clean, 2 small and your moving again. try not to waste money moving around.

Don't be house poor. Put 20% down and finance a 15-year fixed rate loan.

location, location,location

Location, if you can’t afford big go small but the location is your investment. Save so you can purchase another investment property.

Keep a maintenance and update file of every repair or new thing that was done to the house and landscaping. In addition to warranties, it's invaluable to be able to come back and see what was done and when!

Also add to that file the names of the contractors or repairmen that performed the service. I also make a note about the quality of work and price! Over 40 years I've found contractors disappear, go out of business or retire.

We also keep the paperwork on new installs, i.e., lights, plumbing fixtures, etc., noting the date of install.

smaller bedrooms, bigger common space!

Buy the worst house in the best neighborhood!

Install drainage and sprinklers before getting carried away with the gardening.

In many towns, sometimes it's just getting your foot in the door, yet not biting off more than you can chew.

Agree with Jill Davis and Mrs.Feeto: try harder to limit the collections! Even books, and that's the most difficult! Also get a good business-class file cabinet and start a workable filing system early in adult life -- it would have been so much easier than going through boxes of years of papers!

On the other hand, if you are a maximalist, there's nothing to be gained by pretending to be a minimalist -- it will only lead to over-stuffed rooms and even despair. Buy a house with an extra room, a bigger garage (for a shop), or a garden shed -- or all three. Then you can be neat and organized with enough space for the real you not the ideal you!

^^^ regarding files, I have a simple wire file cart that I got from Container Store that I use with the Freedom Filer system.

On the filing system, be sure you only keep what you absolutely need to keep. That does not include last year's bank statements, receipts for things not under warranty, or all your tax returns since 1982. I once spent a day going through boxes of a friend's "files" with her - and we ended up shredding 95% of the contents, some dating back over a decade.

Decide on the lifestyle you want to live. Near parks and trails, near city and restaurants, near family, near work, or walking distance to ??? Location is most important, then don’t buy too much, by this I mean not too big of a house, not big of a mortgage. Being mortgage free is emancipating like nothing else. So pay it off as quickly as possible.
Lifestyle you desire.
Location, location
Mortgage free ASAP

I would tell my younger self to make renovations and changes early in the ownership process. I waited too long to make improvements I wanted and really ended up doing them for the next owner to enjoy. Also, I would think more about landscaping projects, what was feasible to maintain in my 30's was way too much in my late 50's and 60's.

If you buy with an intent to renovate, make sure renovations and renovation costs align to the neighborhood resale market - unless return on investment isn’t a consideration.

I'd tell my younger self, moving out from the Anxiety Condo from Hell back in 1991: GO GO GO! Even though after 3 or so months of searching I ended up with a house with a winter-unready-driveway and a dysfunctional kitchen. BUT, I was OUT of there, and I had a great private yard of about an acre (includes house, that driveway, and the private part).

I'd tell my even-younger self, when I bought that condo around 1983: Do you know you are going to have a putative coke dealer, with a non-putative and seriously threatening personality living over your head in a few years? Hold out before purchasing that, and wait for something house-like you might need to do mild renovations on, but you can own even if it is a bit run down - but you'll have privacy. And like you eventually did with the Anxiety Condo from Hell, you did save up money so you could move... but when you could choose to move, there'd be a lot less stress. Yes, I know, girl, you want to leave the parental home -- but. That condo was seriously a BAD choice to jump into.

When you buy, think long term. So many people purchase a starter house when they are young, move to a big house when they have a family, and then move again when the kids leave home. Find a house that can fit all stages so you can stay. Moving is expensive and it’s a great feeling staying in the same home you brought your babies home to. Homes can be remodeled to fit the stages and staying in the same house really makes it feel like home.

We moved to a starter home because it was all we could afford. We got raises thru the years and changed jobs and we were able to purchase a larger home. As time went by, we were able to purchase yet a larger home, the one we are in now. It was perfect for raising our kids, but is not perfect for aging....stairs, doorways aren't wide enough in the bathrooms, too big for 2 people. So, when we retire, we will move again.

The great thing about moving is you have to go thru your stuff and purge. It is awesome!!

We are on our 3rd forever home. Families change, needs change, areas change.

Not sure I agree with the above. Life is full of surprises - mine has taken me to different cities and even countries for work, and ultimately brought me here to Australia with my Aussie husband. I don't know many people my age who are living in the same city they started their adult lives in. And our kids and grandkids are even more mobile. The best advice I could give would be to make anywhere you live "home" no matter its flaws.

My landlord was downsizing and moving back into the rental house property so I had to move out. I felt pressured to buy a house even though at a time (2011), the options in my price range were limited. I ended up buying a foreclosure that had been in the middle of a renovation, had obvious signs of previous neglect, and misguided and poorly implemented "upgrades". I didn't love the place or the back yard, but it had potential to be nice so I went with it. I couldn't move in until contractors repaired enough of the place just to make it minimally inhabitable. It still needs a lot of work- which will cost much more than I really want to put in to get it where I'd love it. I'd have told my younger self to find another rental and wait on buying until I found a house that made me swoon and wasn't going to require so much work. Trust your gut.

After purchasing your home, if there is something that needs updating or that really bugs you, save up and do it!

I always put up with that one thing and we update it for resale just before we sell the house. No, no, no. Wait only until you can afford it. You should fix it and then enjoy it while it is yours!

I also like the quote I have seen a few times on this topic: trust your gut.

I did alot of stuff for my only-child daughter, but she when she got to highschool, she started to really love organizing and minimizing. She rebelled against my doing stuff for her and became very independent, self supporting and hardworking, paying her own way through college by working part-time, and living in a multiple roommate situation.

If I were a young person trying to buy a home today, I would look at some creative options, like having a roomate/renter for a while, or living in a very high rent area (like California SF Bay Area where we live), but purchasing a house in a cheaper area and renting it out.

Don't let easily fixable externals sway your decision about buying a house. When we were house buying novices, we turned down many great homes because of stupid things like the wallpaper or paint colors, cluttered rooms, or because the carpeting was worn. What's important is the layout, the "bones" of the house (structural integrity), and (of course!) location, location, location!

Let's see, I have been redoing houses for close to 40 years and loved every minute of it. My basic rule is never hire someone to work for you that you don't like. They will never do good work. If you hire someone who is not doing the job right, stop, let them go that minute, and pay them for the work so far. Just say this is not working out, thank you for your time.

Don't buy cheap tile. Always buy good quality porcelain. You live with tile for a long time.

I don't think I would give my younger self advice. I would like to congratulate my younger self for working on houses when only 'men' did that sort of thing. I would also like to congratulate myself for being my own contractor, remodeling 5 houses, making money on each sale and enabling myself to live in homes I loved.

Judy, I wish I would have heeded your advice as to a couple people who have done work in my home. I should have just stopped them and said, ok, we're done. Even if I would have taken forever to find a new person, it would have been worth it.

I 100% agree with Judy. I'm on a 5 year project to not only reclaim over 4 acres for reforestation, but to rebuild a pond that was filled in by the RR 100 plus years ago for a wildlife habitat. And clean out the woods to allow sunlight through to assist the plants and trees. I've also made a small area for a cottage in the woods.

To date I've hired 3 architect designers for the cottage and fired 2 of them. I've hired 2 interior designers, fired one. And I've hired 3 landscape architects and fired 2. Put on top of that countless interviews, phone calls and hours and hours of researching out professionals. I've even checked the database for licensed pros in my state. You'd be surprised how many claim to be licensed and are not. My builder/contractor is the only person I hired and never fired. I've known him for over 35 years and he's worked with me on 3 homes, one of which he built from ground on up.

Today, I got an awesome team. We all work well together. Yes, it was a PITA, but then I figure it's my money, so I have a right to find the best possible persons/companies for the job. I know my strong points and weak points. I know what my vision is all about. I expect my team to understand my vision and even up the game while keeping within budgets.

It is all worth it.........

Before I even call someone for an estimate, I check them out with the BBB. But usually I have gone with references from friends who have been happy with the work done by various contractors. Also, I have always written a clause in the contract (and had them sign the agreement) & had it notorized) that so much would be reduced from their charge for everyday they run over the time they agreed to complete the project. Depending on the size & cost, it would be a cretain dollar amount or percentage per day. Guess what?????? Every project I've ever had done has always been on time or before the promised time. If a contractor refuses to sign the clause, then he's fired before he even starts.

Buyers and especially folks building new houses must be sure the foundation of the structure is right. If it isn't, shifting soil can cause the foundation to crack and the house to come apart, often rather quickly. Research the houses in the neighborhood and/or be sure the foundation issue is addressed by the right engineering people before you buy. Soil engineers are not particularly interested in what your house looks like; they just want it to be sitting on bedrock or stable soil. The number of foundation-repair contractors in an area can indicate soil conditions need attention.

Lots of great ideas in all these posts. My best advice is to first buy a house you like, in a neighborhood you like, but don't go overboard and be house poor. We bought our first house a year after we married, for $100K less mortgage than we would have been approved for. If we had stretched ourselves to buy the most expensive house/neighborhood in our budget, we would have had nothing else. Instead, we were able to pay off the first house and second house early while still having funds to travel to many wonderful places. Now we are retired in house number three which we were able to pay cash for. Do the things you love while you are young and healthy; don't spend all your money on a house. We know couples who always lived in much nicer homes but never did anything fun, and now that their houses are paid off, their health keeps them from doing anything but staying home. We mostly stay home now, too, but I love looking at that photo of us white water rafting many years ago!

While I love my small 1905 house (bought it 17 years ago when I was single) and neighbors, it's a huge amount of work, even now that my husband helps with it. I think now I might have been better off to buy a condo and travel more!

Schools. Schools. Schools. Even though you don’t have kids, you may later. And even if you don’t, homes in good school district tend to better maintain value upon re-sale.

Pam h: What if a home had a desirable feature, such as a waterfront lake house, with lower graded schools? Would this be any exception?

" Pam h: What if a home had a desirable feature, such as a waterfront lake house, with lower graded schools? Would this be any exception? "

It's all about your priorities......Are you willing to give up some potential resale value in exchange for the enjoyment you'd get from whatever desirable feature you would have now? There's nothing wrong with choosing a place with lower graded schools, but you have to know what effect that might have in your future -- then you can decide if that exchange is worth it to you.

Real estate is the best investment. My hubby is smart and that is his motto. Tried and true.

I disagree that real estate is the best investment. There are too many stories of people who bought high in boom times, then found themselves with negative equity when the economy tanked. Many of those people lost their homes, and in places where you can't just walk away from the mortgage (which is most of the world), they are still paying off the debt.

Even in places with healthy economies, the long term increase in home value is no better, and often worse, than an index fund. People say, "oh, I bought my house 20 years ago for $250,000 and sold it today for $500,000 so I made a 100% profit." No, they didn't. Deduct the costs for mortgage interest, property taxes, insurance, maintenance and improvements over those 20 years, and see what the profit really was. And don't forget real estate agent fees either.

Your own home isn't an investment, at least not a great one. It's greatest value is not monetary. As for investment properties, they can be good income streams, but come with their own set of headaches. Ask me how I know...

@jmm1837 We pretty much agree except that the person thinking they made 100% profit had to live somewhere for those twenty years. So the rent they didn't pay needs factored in,too. And your last paragraph? I hear ya loud and clear.

It's worthwhile buying something as early as you can. Many ordinary people generate some wealth for their retirement simply by buying something and slowly paying it off rather than renting. Your first house doesn't have to be amazing, but do everything to buy something as early as you can, as it makes things much easier when you are older.

San Bernardino Fence Company

" Many ordinary people generate some wealth for their retirement simply by buying something and slowly paying it off rather than renting. "

And how does that "generate" wealth? The only thing that will "generate" wealth is an increase in the value of the home and property, which is far from a sure thing.

Everything goes out of style. So make sure you love it bc you love it, and not bc its the hottest trend.

Times have changed. I'm not so sure real estate values will continue to increase for our kids and grandkids. Todays younger adults don't value the same things we did. They want more flexibility with their lives and freedom. They want freedom to move wherever they want and not have to worry about maintenance of a home. I think home ownership will soon be on the decline. Once the boomers (like me:-) all start to die out, who will buy all these homes? The values will come down. Homes will be more owned by Corporations and Landlords than ever before. I think we might turn in to more of a rent society in the future. I hope I'm wrong.

Even though I say that, my 21 year old son is already prequalified for a home. He did all that on his own. Rent was too expensive. LOL. He's holding off and saving more $ and playing the waiting game that we all are doing right now.

But my advice to him is....don't settle and buy in a bad location just so you can move out. Location is key to making $ in real estate. Also look at the bones! Don't pay attention to paint colors and flooring. Circular and figure 8 floor plans are the BEST! And also pay attention to structural (basement foundations) and the major things (roof, HVAC, windows etc).

I bought my first house at age 20 and am on my 4th house in 40 years. I can't wait to downsize though....and maybe even (gasp!)....RENT! :-)

Tell my younger self - don't sell - build your real estate portfolio! We have held on to previous homes for 10-20 years and when selling have always made money! Invest for the long term.