For Buyers
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How do I know what I can afford?Your first step is to meet with a reputible lender. I recommend Banker's Trust, Yvonne Silvers 515-222-2005. You want to be pre-approved which means your application and file has been fully processed and approved. Keep in mind if you are approved for a higher amount than you would like to spend you are in charge.
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How do I make sure my house is a good investment?An excellent question because if this is your first home and if you fall in the normal statistics you will stay 3 to 5 years. You will want to make a wise purchase. Location is important, it cannot be changed. Structural and mechanical soundness help eliminate larger expenses. If your first home needs some cosmetic updates and you have time and talent it is an excellent way to earn "sweat equity". Our market is conservative and your home should grow in value 3.5-5% a year.
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What are all the expenses I can have in owning a home besides the payment?Your payment will most likely include principal, interest, property taxes and home owners insurance.
In addition, you will have monthly utilities;gas, electric and water. A phone and cable bill. You will want to build a maintenance fund for possible repairs. -
Home inspections cost $300 to $500. Can't we just inspect it ourselves?Yes, however a qualified inspector goes far beyond the scope of what you or I would be able to detect. if there is an item, unknown by even the seller of the home, that exceeds $500 or is a safety issue you would want to know. Be sure the inspector is insured and has errors and omission insurance.
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Can I ask for repairs or cleaning prior to closing?Certainly, however I have found it is better to get a bid for those items and ask the seller for an allowance so you can oversee the work yourself.