SPECIAL SECTION:
Real Estate
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, 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. An
example is a mortgage-financing contingency; if you lose your job
or your loan falls through, you’ll get your “earnest money” back
in full. Otherwise, you may be obligated to follow through with
purchasing a house you can no longer afford.
5. BUYING:
Enjoy the view?
It’s obvious that homes with a view can sell big. In fact, Realtor.
com states that homes with a view of the city sell the fastest, with
an average of 83 days on the market, while homes with an ocean
view sit for 98 days (mostly due to the elevated price of oceanfront
property). If you are in love with a home with a view, be sure it is
there to stay. Although you may see rolling hills through your living
room window now, who’s to say a real estate developer won’t see
that same space as the perfect opportunity to build more homes?
Check with your local municipality for land use regulations to make
sure your view will remain.
Continued on next page >
CARLYNTON-MONTOUR
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SUMMER 2019
23