S P E C I A L S E C T I O N : R E A L E S TAT E
1. BUYING: Getting an inspection can
save you money in the long run.
Inspection fees can range from $300 to $500, prompting
some to think they can save money by avoiding an
inspection. In almost all instances, this is false. Many
issues in a home can 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.
2. 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.
3. 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.
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 24 ➢
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