Buyer's Guide to Wisconsin Real Estate in Madison

When it comes to buying or selling a property, having a real estate team on your side is a game-changer. Not only will they always be available to take calls and show properties, but they'll also bring a wealth of
experience and expertise to the table.

Buying a home is one of the biggest financial decisions you'll make, and having a team of experts on your side ensures a smoother, stress-free experience. With a team, you’re never waiting on one person—someone is always available for showings, so you never miss out on the perfect home.

Our broad network of agent relationships gives you insider access to off-market and upcoming listings before they hit the market. Plus, when it comes to inspections, appraisals, and negotiations, our team works together to ensure you get the best deal while avoiding costly surprises.

More experts, better results—that’s the power of a team.

I know…the dreaded B word. But having a clear budget will make this process SO MUCH EASIER. Start by meeting with a lender to finalize numbers, but first, consider what monthly payment feels comfortable for your family. A good rule of thumb: keep your mortgage under 1/3 of your take-home pay. However, there are exceptions depending on your life stage:

• Early in your career? You might stretch your budget slightly.
  For example, young professionals, like new attorneys, could overextend a bit, knowing their income is likely to grow.
• Near retirement or on a fixed income? Stick to a more conservative budget to ensure financial stability.

Buying a new home is so much fun, and this is the part where you daydream about all the possibilities. I like to remove all constraints of budget and location and write down ALL the things I’d love to have inside my home. Not going to lie, my list is fairly epic, but it makes me happy to think about all the possibilities.
After I’ve filled my mind with all the possibilities, I start sorting them and ranking them in order of importance, narrowing it down to 3-5 must-haves. It’s important to do this BEFORE you start looking at houses so you don’t get distracted by something that might seem like what you want, but really isn’t.
We’ll refer to this list when we’re out looking at homes. If a pool is on your MUST-HAVE list, then we’re only going to walk homes that have pools OR are priced in a way that allows you to immediately put one in. This ends up saving everyone so much time AND ensures you get what you really want.

Determine what your down payment is. While some put 20% down on their home, you can often qualify with as little as 5% down. It’s important to be clear on this number as it will impact your monthly payment. You’ll also need to have your Earnest Money on hand as well. Typically buyers put 1% of the purchase price down as earnest money. I’ll break down your earnest money in just a bit, but know that you’re earnest money will be added to your down payment on closing day.

This is your time to do all of your due diligence on the property. It is HIGHLY recommended that you hire a professional inspector to do a full inspection of the home. You can google some options or I’m happy to share a few companies I’ve worked with in the past, but who you use as your inspector is your decision. The inspector will climb into the attic, check the a/c, run all the faucets, check all the electrical and look for anything that is out of order. They’ll then provide you with a full report that is often dozens of pages long — you want them to be thorough! They’ll point out everything that is in working order and everything that is not. Once the inspection is done, you’ll have an opportunity to ask the seller to repair or replace anything that isn’t working properly. Let it be noted, you cannot ask for things that are working properly to be repaired or replaced. If buyer and seller cannot come to an agreement during this due-diligence period, buyer has the opportunity to cancel the contract and receive a full refund of their earnest money.

During this time, it’s imperative that you stay in close contact with your lender. They’ll need specific paperwork and information only you can provide them. It is also of the upmost importance that you refrain from any other major purchases that could impact your financing. This would be buying a new car or boat or swiping your credit card for furniture for the new house. These purchases can negatively impact your debt to income ratio and implode your deal before it’s done. Hang tight until we close on your dream home and then you have full reign to get that home furnished or buy that new car.