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 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.
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
that has 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.
6. BUYING/SELLING: Get a second opinion.
When you have lived in your home for years, it’s easy to
overlook problems that potential buyers may spot right away.
Have a relative or trusted friend come over to spot any small
fixes that you can make prior to putting your home on the
market to make sure it’s in optimal condition for selling. When
considering buying a home, it’s also helpful to have someone
who would not be buying the home go with you to take a look.
He/she will be able to point out potential issues that you may
not see when trying to make such an important 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
16 724.942.0940 TO ADVERTISE | West Mifflin
7. SELLING: Ignore the housing market.
Don’t waste your time watching the housing market for
the best time to sell. According to Investopedia, “it doesn’t
matter what your home is worth at any given moment except
the moment when you sell it. Being able to choose when you
sell your home, rather than being forced to sell it due to job
relocation or financial distress, will be the biggest determinant
of whether you will see a solid profit from your investment.”