SPECIAL SECTION : REAL ESTATE 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 .
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
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 .
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