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.
Continued on page 27 >
MONROEVILLE
❘
SUMMER 2019
25