What to Focus on When Buying a Home
Buying a home is typically one of your biggest investments. A qualified REALTOR® provides peace of mind, helping you make a sound decision that suits your lifestyle. Three experienced Milwaukee Realtors weigh in on what matters most when buying a home.
Secure Financing
Start by getting your financial house in order. Beth Jaworski, a REALTOR® with Shorewest Elmbrook/Wauwatosa, puts this at the top of her list.
“Buyers need a solid relationship with their lending agent. This is the expert who determines what you can comfortably afford and gets the money lined up. You can’t do much without that,” she explains.
Also, be sure to ask about loan options.
“For instance, you may qualify for a VA loan. And, if you are flipping a home or don’t plan to stay long, you might choose an ARM over traditional financing,” Jaworski adds.
Finally, be aware of the current interest rates but don’t try to time the market. While waiting for rates to come down, you may end up missing the home of your dreams.
Think Carefully About Location
The saying “location, location, location” isn’t new, but it still ranks near the top.
Before you tour a home, ask yourself a few questions – How important is it to live near a school, childcare, family members or an employer?
“You can’t change a location, and it will affect your life,” says Jaworski. “Choosing a lower price over a good location usually leads to buyer’s remorse. An undesirable location will affect your lifestyle, and you may not get the price you want when reselling the home.”
Consider the Layout and Yard
Staying on the subject of “things you can’t change,” Realtor Jeremy Rynders, co-owner of Keller Williams Milwaukee Southwest, suggests foundational aspects of the house should come next.
“Make sure the style and layout are what you are looking for in a home. Focus on whether the bedrooms and closets are big enough. Does the yard meet your family’s needs? These are aspects of the home that can be difficult to change and have a big impact on your daily life,” says Rynders.
Get an Inspection
During COVID, some buyers waived a home inspection just to secure the sale.
Angela Walters, owner of Walters Realty Group at EXP Realty and 2023 chairwoman of the Greater Milwaukee Association of REALTORS (GMAR), says that time has passed.
“I always encourage my clients to get the home inspected because you need to know what you are getting into. You add a layer of comfort and security to the process when you know that big-ticket items are in good shape,” says Walters.
Those items include a dry and stable foundation, solid roof and updated mechanicals, including electrical, plumbing, heating and air conditioning.
“If significant elements are not up to par, the information from an inspection can be used to negotiate repairs and replacements as part of the sale,” adds Walters.
Ignore the Small Stuff
It can be easy to get caught up in aspects of a home that most Realtors would call “the small stuff.”
A bright purple bedroom may come as a shock. Older light fixtures, linoleum flooring or worn carpeting can create a dated appearance. However, before you give in to your initial reaction, your Realtor may suggest you look at the bigger picture.
This is especially true now, according to Walters. “It is important to realize that we still have a shortage of inventory, so buyers need to be flexible. Find a home that meets the majority of your criteria. You can always make changes over time.”
Ryders sums it up. “Don’t get hung up on the little things,” he says. “It all goes back to, ‘Will I be happy living here for a decade?’ If not, wait for the right house.”
The REALTOR® Advantage
A REALTOR is a member of the National Association of REALTORS, is committed to a Code of Ethics and has the expertise to find the right home for everyone. Look for the “R” to determine if your agent is a REALTOR.
Locally, the Greater Milwaukee Association of REALTORS is a 5,500-member strong professional organization dedicated to providing information, services and products to help REALTORs help their clients buy and sell real estate. Visit gmar.com for more information.