Buying a House in the Milwaukee Area

Know your budget: Just because your lender says you qualify for a certain size loan doesn't mean that you can afford it!

Ask yourself a few simple questions:

  1. 1.How much cash do you have for a down payment? (typically down payments range from 5-20% down of the purchase price)
  2. What percentage of your monthly income will go to your mortgage? (A rule of thumb; a mortgage payment should be 25-30% of your monthly income.)
  3. What will my monthly expense be? (When adding up monthly expenses take into consideration future expenses such as: repair and maintenance, vacations, social expenses, new car, etc.
  4. Will I be able to find a mortgage? (Consider mortgage pre-approval, not only will it give you stronger negotiating power but it will lessen the stress of finding financing in a limited period of time.

Finding the perfect Neighborhood is much easier then it sounds.

Make a wish list.

  1. What neighborhood do you want to live in?
  2. What price range would you consider?
  3. Are schools a factor and, if so, what do you need to take into consideration
  4. Do you want an older home or a newer home (less than 5 years old)?
  5. What type of home would you like? One story, 2 story, tri-level
  6. What style house appeals to you most? Contemporary, traditional, colonial, no preference
  7. What type of lot would you like?
    - Large yard (1 acre or more)
    - Small yard (less than 1 acre)
    - Fenced yard
    - Garage (one car, two cars, two and half car)
    - Patio/deck
  8. How many bedrooms would you like?
  9. How many bathrooms do you want?
  10. How big would you like your house to be (approx. square feet)?
  11. What special features do you want to have in your house?
    - Air conditioning
    - Wall-to-wall carpet
    - Ceramic tile
    - Hardwood floors
    - Eat-in kitchen
    - Separate dining room
    - Formal living room
    - Family room
    - Great room
    - Finished basement
    - Fireplace
    - Spa in bathroom

Annette Backes
Milwaukee Executive Realty, LLC