10 Steps to Buying a House in Wisconsin: A Local’s Guide

At Modern Realty Partners, we’re a team of seasoned Wisconsin real estate professionals.  Let’s take a walk through the process, step-by-step, with advice and local knowledge to guide you through the homebuying process.

Make sure to do your homework before looking at the market. If you know your credit score, current savings, debt-to-income ratio, and can set aside a down payment, you’re in a good position to start searching. If you are buying your very first home, Wisconsin has many financing programs available to assist, such as WHEDA (Wisconsin Housing and Economic Development Authority) which can be beneficial to first time homebuyers.

Getting pre-approved for a mortgage is like getting a backstage pass to a concert: it may not get you in, but it gets you to the front of the line. Not only does it guarantee how much you can spend, it also shows sellers that you’re a serious contender. That can be the difference between making a real offer, or no offer at all, in Wisconsin’s hot market.

Finding a good local agent is essential. Someone who knows more than just the dairy state. Someone who knows the market well (and notes the few peculiarities in legal matters, such as having different contingencies versus disclosures than other states), but also knows the quirks of the local markets – whether that’s the hustle of Milwaukee’s or the love for Lake Country.

Now the fun part: house-shopping! Define your parameters: how many bedrooms, location relative to work (and entertainment?) and, of course, school districts, just for starters. Then stroll – both virtually and in real life. Visit open houses. Schedule showings. Tour online. Wisconsin market diversity should promise that a home that checks all your boxes awaits.

Think you got the house of your dreams? It’s time to make an offer. Here is where your real estate agent will prove especially valuable, assisting you to determine a competitive but reasonable offer price based on recent property comps and market conditions. In Wisconsin, this often involves drafting a formal offer to purchase that includes buyer-protective contingencies covering financing and inspections.

Assuming that your offer is accepted, next you will want to have the property inspected by a home inspector. This will help you determine whether there are any bargaining chips in the condition of the house. Similarly, your mortgage lender will demand an appraisal of the property to ensure that its value (the mortgaged asset) justifies the price you are paying (you don’t want to borrow more than the property is worth).

That said, there’s a ton of paperwork involved in the purchasing of real estate. He or she will walk you through most of it, and your lender will explain it all, too, so that you understand the contract (and the additional legal jargon in Wisconsin attached to it that has to do with how title rights are to transfer and any local requirements).

Closing day is when it’s done. You’ll sign a pile of papers and pay closing costs, which typically vary from 2 to 7 per cent of the home-purchase price. In Wisconsin, expect to deal with title insurance, escrow charges and prorated property taxes.

Before exchanging the keys, walk through the property once more. This is your last opportunity to make sure that everything is actually what you expected at the time of the agreement. Were repairs made? Is the house ready to use?

You’ve done it – you’re a new Wisconsinite! Head to either your new home by the hilly Kettle Moraine or, if it’s Big Game season, pack up and take to the water to head towards that Green Bay Packers game – no matter where you go, it’s up to you. Home sweet home!

Buying a house in Wisconsin is a journey to place and being – and we want you to arrive safely with the memories to prove it. We hope this guide, with all the focus on process and preparation, will get you where you want to go – and make the trip a joyful one. Happy house hunting!