10 Questions to Ask When Buying a House in Wisconsin
Buying a home is one of the most substantial buy/sell decisions that you will ever make in your life. Whether you’re in Milwaukee, Waukesha, or Ozaukee counties, Wisconsin, make your real estate investment decisions with as much intelligence as possible. Here are 10 questions every home buyer should ask:
- What Can I Realistically Afford?
First things first, understanding your budget must be your starting point. Talk to a mortgage broker and get your pre-approval. Once you know exactly what you can afford to spend, you can focus on your house hunt and avoid falling hopelessly in love with properties you simply cannot afford to buy.
- What is the Condition of the Property?
The more you understand about what you might need to replace, the more clearly you can plan for it. Get a home inspection to find the problems you can’t see.
- How Much Are Property Taxes?
In Wisconsin, property taxes can vary widely by county and play a deciding factor in how much your housing costs are each month. Be sure to know what the annual tax amount is for the property you want to buy, as it plays an important role in your long-term affordability.
- What are the Local Schools Like?
It’s important to care about the quality of local schools even if you don’t have kids. The quality of your local schools will affect your home’s value. When it comes time to sell, someone else will be interested in your local schools.
- What Does the Neighborhood Offer?
Think about parks, restaurants or shops that might be in the area. Check out the neighborhood at various points in the day and week to sense how safe it is and what the community’s vibe is like.
- Are There Any Major Development Plans in the Area?
Annoying as they are, planning departments can be very useful in finding out what might happen next that will either increase or detract from your property value, and/or your quality of life. These are the sort of developments being planned for your neighborhood or major streets around the neighborhood.
- What are the Commuting and Public Transport Options?
If you work downtown in Milwaukee, or if you commute into downtown Milwaukee regularly, you should take into account transit access when you’re searching for homes available to you. Transit access can be a key determinant of property value.
- Is There a History of Natural Disasters in the Area?
Don’t assume that house isn’t in a floodplain or that other natural disasters never happen in the area. Flooding or other weather-related risks can compromise the ability to obtain flood insurance and/or place a cloud over your sense of security. Find out if you need supplemental insurance coverage.
- Why is the Seller Moving?
Asking this question may gleam some light into whether or not the seller is extra motivated to sell the house.
- How Long Has the House Been on the Market?
A home that has been on market for a long period of time may have a flaw or have been overpriced from the beginning. This could mean an opportunity to buy it at a reduced price.
Additional Insights for Home Buyers in Milwaukee, Waukesha, and Ozaukee Counties
Understanding the Real Estate Market Trends
The local home real estate market is living and changing, and is subject to seasonal and economic drivers. For example, homes might sell faster during spring and summer when families are looking to relocate before the new school year starts. Keep an eye on market reports and consult with local experts to gauge the best time to buy.
Will the timing be right to buy in Milwaukee, Waukesha or Ozaukee counties? The real estate market is dynamic, and understanding local trends is essential for making a well-informed decision.
Importance of a Good Home Layout
Spend extra time looking at the layout of a home on tour. Does it feel like it would work for you? Open floorplans are great for people who like to entertain guests in the same space, whereas separate rooms could be a better option for families looking for more privacy.
Evaluating Energy Efficiency and Sustainability Features
With prices of energy rising and the use of non-renewable resources diminishing, it is time to be more conscientious about the houses we live in. If you are looking to buy a house, make sure that you check for the energy saving features present in your future home. These include appliances with energy efficiency listed, insulated windows, and use of eco-friendly materials.
The Impact of Homeowners Associations (HOAs)
When considering a structure in a HOA community, know what that really means. If the community is one with an HOA, special consideration must be given to the rules the HOA enforces. These rules can dramatically affect your bottom line in daily expenses. HOAs typically collect fees – make sure you know what to expect – and then help to enforce community standards that can protect your property value. Check the HOA rules and obligations, and the associated fees, before you sign.
The Importance of Legal and Zoning Checks
Make sure you do your legal and zoning checks. Does your lot contain an easement you’ll have to oblige? What outstanding land claims could trouble you? Knowing this (a chat with the local municipal planning department) will avert problems at a later date. Also, keep the changes you need or want for your property – for example, funding an extension or renovation. Zoning laws can have a sneaky effect in future curtailing your options and costs.
Who Can Answer My Questions When Buying A House?
Don’t make this decision on your own. Ask the experts in your life; whether it’s your brother-in-law, a lawyer, a mortgage banker or a wealth manager, you can and should surround yourself with people who will help you evaluate the risks of ownership and help you control them. Some other very important people you can ask questions to during the process:
Your Real Estate Agent
You’re not flying blind when buying a home if your agent is acting as your buyer’s agent, working on your behalf.
While you might not be able to ask any of these questions yourself if you can’t speak to the home seller, your real estate agent can seek out answers to all of your important questions. Based on this information, your agent can then prepare a comparative market analysis to work out a fair purchase price. There are many things that could add cost to the asking price – or to enable you to haggle the price down.
The Home Seller
Also, Seller’s Disclosure laws require sellers to disclose facts about the home. Depending on the state, these disclosures have to contain different amounts of information, but all states require sellers to answer questions about the home truthfully.
That’s because you could have recourse against a seller who withholds or mischaracterizes information about the home.
Your Home Inspector
Keep in mind, however, that you can order a home inspection before you close the sale even if you don’t have a home-inspection contingency in your contract. That way, you can ask the home inspector anything that you forgot to ask the seller. You can even go back and double-check the seller’s answers with the inspector if you weren’t happy with one or more of his or her responses.
