IN Brentwood-Baldwin-Whitehall Summer 2019 | Page 34

1. BUYING:
Is buying always the better option over renting?
This is a debate often discussed within the real estate
market and the answer depends on a variety of variables
including location, financials and length of time in the
home. In general, it is advised to purchase a home if you
plan to spend more than two years there. Not sure how long
you’ll be in your home? Find the break-even point between
renting and buying to help guide your decision.
2. BUYING:
Be sure you can afford more than just
the mortgage.
Getting preapproved for a mortgage gives the buyer a
sense of how much house he or she can afford, but don’t
presume this figure to be your only monthly payment. Keep
in mind costs that may not be as evident, such as utility bills,
taxes, homeowners association dues, mortgage insurance
and money needed to furnish your home. On top of that,
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consider closing costs (about 3-5 percent of the cost of your
home) and the potential of paying private mortgage insurance
(PMI) if you are unable to put 20 percent down on your home.
3. BUYING:
Getting an inspection can save you money in
the long run.
Inspection fees can range from $300-$500, allowing some to
think they can save money by avoiding an inspection. In almost
all instances, this is false. Many issues in a home may go unseen
by the untrained eye. If an inspector reveals defects not disclosed
by the seller, you are able to negotiate a new offer or rescind
altogether. Without an inspection, these potentially costly issues
would ultimately fall on the buyer’s shoulders.
4. BUYING:
Protect yourself!
It’s easy to get wrapped up in signing papers and lose sight
of what you are agreeing to when buying a home. Fortunately,
contingency clauses can protect you from losing what is yours.