1) Choose a Reputable Lender, Insurance Provider and a Home Inspector, outside of your Realtor’s office. These are the top three mistakes. Don’t be tricked with false information.
2) Get pre-approved for a home loan mortgage before looking for that new home. By getting pre-approved, you’ll be better prepared to find a home and have a stronger position during negotiations. Being pre-approved means you’ll be able to focus on homes for sale in your price range. Plus, you’ll be more aware of your overall financial capacity, and more likely to put an offer on a home that fits your lifestyle and your means.
3) Do the math. Your monthly housing costs should be gauged against your income. Keep your total housing payment equal to or lower than 50% of your monthly gross income.
4) Don’t get tripped up on low-interest rates. Lenders know that rookie home buyers can be lured by low interest rates. Some lenders take advantage of this by offering low rates only to add higher back-end fees. Remember: lower interest rates can be a good thing, but if you don’t plan on staying in your home for 20-30 years, fees you pay to get them may offset the perceived benefit of the lower rate.
5) Resist the temptation to make an offer on the first home you like. Shop around and take your time before committing to one of the biggest financial relationships of your life. Also, take time to become an expert in the area you’re looking. Get to know the home values in the neighborhoods you are considering and ask your Realtor for the sales price of homes that have recently sold in those areas.
6) Don’t forget about closing costs.
Closing costs include expenses like title and settlement fees, taxes and origination, plus prepaid items like homeowner’s insurance or homeowner’s association fees etc. It adds up fast!
7) ALWAYS GET A HOME INSPECTION!
Call us today for a complete, honest, ethical and quality home inspection. 605-209-6766
8) Remember there are a lot of tricks out there to get a home sold and don’t rely on your realtor to be candid with you during the sale process. There is a big commission check at the end of the sale! Home buying can be stressful, stay calm & do your homework during all phases of the home buying process. ALWAYS use an independent home inspector for your inspection needs. Stay away from your realtor’s short list of pass for play home inspectors. These inspectors are not looking out for you, they are working for the realtor! “Beware”!
9) Always read the whole inspection report and contact us after reading the report! Don’t let the realtor pick and choose what items they want to negotiate. You choose what items that are most important to you!
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