S P E C I A L S E C T I O N : R E A L E S TAT E
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.
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 variet