Good info. Buyers should note, though, that while you might be able to put down as little as 3%, anything less than 20% means you'll have to purchase private mortgage insurance (PMI).
Wonderful video! Great info! I have to agree with Danny Perry below. We’ve owned several properties in our time all being new construction. PMI can be a hefty add on each month. However, everyone has their own preference with what works best for them. I would also highly recommend to have allocated funds for house emergencies and landscaping. Sometimes new homes don’t include landscaping and can be given a timeframe deadline to have it completed after move in. It’s a pretty penny for sure. As for emergencies aside the ones that insurance would cover, having a saved stash gives you peace of mind and less worry when something occurs. Thanks for sharing your tips with us!!
Yes, now is the best time to get a pre-drywall inspection. A good sign that they are ready for the pre-drywall inspection is once the windows are in. Sometimes the windows are in before other items are completed so work with your realtor or sales agent to determine a good day for an inspector to come out.
You mentioned the inspection cost around $300 for you guys. But was that the pre-drywall inspection and then the final inspection cost an additional amount?
Hi there, thank you for watching! We paid about $300 per inspection, so approximately $600 total. We have a video all about inspections that we invite you to check out: "New Home Inspection: What We Found."
I was going to ask the same. We're in the Charleston SC area and we were told they had 2 they work with, DHI -- direct company of DR HORTON and then Cardinal Financial.
Yes, we did use DHI (owned by DR Horton), which we had to in order to get on the list to be notified of lot releases. The builder’s team in your community can provide you with a list of the preferred lenders. It varies by location (thanks for your example, Catie). Once you are under contract (secure your lot), you can use any lender you want. We ended up sticking with DHI. Hope that helps! 🙏🏽🙏🏽
Mmmmm, if you cant save 3% down, you probably wont be able to keep up with owning a home. Straighten out finances so you aren’t living check to check, then home shop.
Valid point, but sometimes high rent prices prevent people from being able to save. If you can get into a more affordable mortgage, then things can level out a bit. But again, you make a very valid point. Home maintenance is not for the weak!
Thank you for sharing these tips...Also, I was under the impression not only do you have to save money for a down payment but closing cost and appraisal. Is that true? Really appreciate these tips
That is correct! When you get your pre-approval, they should be able to give you an estimate for closing cost and down payment; it's called "Cash to Close." For us, the appraisal was included in the closing cost.
