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Tips for First Time Home Buyers
The February 18, 2024 edition of the Milwaukee Journal Sentinel included these three tips for those seeking to become home owners:
- Expect to move quickly. Inventory is low and buyer demand is high. The result is homes don’t stay on the market long.
- Get preapproved for financing. Again, the competition means that your financing contingency makes your offer less attractive than any competing offer that has financing taken off the table via preapproval.
- Expect to offer over the asking price.
Let me add a few cautions of my own:
- Expect the unexpected. As a tenant, you had no concerns about maintenance or breakdowns. Those were resolved with a single contact with the landlord. Now it’s all you.
- Expect costs to be higher than anticipated. Insurance costs are exploding because labor and material costs have likewise gone up. Any budget based on past experience could be way off.
- Expect to spend more time than you thought. Throughout my career, repairs always seem to take longer than anticipated and cost more than expected. This is true now more than ever.
Or come to the Oaks at 8100 and leave these headaches to someone else!
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