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
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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.
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