IN Ross Township Summer 2017 | Page 18

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