1. DO research on the community, schools, real estate statistics for the community you are looking in. This can be done at the listing level on firstweber.com. Scroll down to the bottom of the web page and you’ll find tabs for statistics, schools and points of interests like parks and shopping
2. DO get preapproved for a mortgage. Preapproval goes farther than prequalifying. Make sure that you will be able to truly afford the homes you are looking at. Also, work with a local mortgage lender in Wisconsin, our partner is Shelter Mortgage if you need a source.
3. DO get a home inspection. Some buyers might think having a handy friend or uncle do a walk through the property is good enough. Maybe they think the home is too new to have any problems and can skip an inspection. Spend the several hundred dollars to get a professional, licensed home inspector to do this important task. You want to buy a solid home or at least know what you are getting into – or out of if the inspection turns up major problems.
Now for the Don’ts
1. DON’T buy beyond your means. Just because on paper you qualify for “X” amount of a mortgage payment doesn’t mean you have to go that high. Are you comfortable with paying that amount? Will your mortgage payment on this house be less than your current rent? That’s great! More? Think about it.
2. DON’T buy for quick profit. Buy for your lifestyle and for long term investment. Quick profits do not always happen and should not be the main goal of purchasing a property.
3. DON’T buy anything major while in the homebuying process. Yes, we understand you are excited to buy new appliances and furniture or can’t wait for a new car, but this is a big NO. Large purchases affect your available credit which is a large part of obtaining a mortgage. You must wait until after closing.
Thank you for reading the First Weber Wisconsin real estate & Wisconsin living blog for “do’s” and “don’ts” when buying a home in Wisconsin. Happy house hunting!
Let us know if we can help in any way. First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Southwestern WI, Western WI, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com