A First-Time Homebuyer's Guide to Northern Wisconsin

First-time homebuyers in Northern Wisconsin should consider several important factors when purchasing a house to ensure they make a well-informed decision that meets their needs and financial situation. And homebuyers who are searching in a rural area should take into account a number of additional factors when searching for homes. 

It's crucial to approach the homebuying process with patience and thorough research. Don't rush into a decision, and seek advice from real estate professionals, financial advisors, and experienced homeowners to make informed choices. Here are a few things to consider when you’re buying your first home in Northern Wisconsin:

10 tips for first-time home buyers 

1. Determine your budget by considering your income, expenses, and financial goals. Create a maintenance budget to address routine and unexpected expenses. Factor in not just the purchase price, but also ongoing homeownership costs, such as property taxes, insurance, maintenance, and utilities. If this is a seasonal home, don’t forget to add on the price of winterizing and securing the property when you’re not around. 
   

2. For first-time homebuyers, the purchase process starts long before you start looking at homes. A good credit score can help you secure a mortgage with favorable terms. Check your credit score and work to improve it if necessary. Then, get pre-approved for a mortgage to understand how much you can borrow to strengthen your offer when you find a home you like. Research different types of mortgages and interest rates to find the best fit for your situation, and consult with a mortgage broker or lender to explore your options.
   

3. Research different neighborhoods and towns. Visit the neighborhood at different times of the day to get a sense of the environment. Because rural areas can vary greatly in terms of their proximity to amenities, such as schools, hospitals, shopping, and restaurants, first-time homebuyers should consider how important these amenities are to them and choose a location that is convenient for their needs.
   Talk to the neighbors, too. Ask them about their likes and dislikes about living in the area. They can also give you information about the schools, the crime rate, and other important factors.
   

4. Decide on the type of home you want, whether it's a year-round single-family house, vacation home, cabin, or another option. Consider your current and future needs, such as the number of bedrooms and any specific features you require. Rural homes also often have more land than urban homes. First-time homebuyers should consider how much land they need and whether they are willing to maintain it.
   

5. Always get a professional home inspection. This process is designed to uncover potential issues with the property that may not be visible during a casual viewing. It's crucial to know the condition of the house before committing. A proper home inspection is especially important for rural homes, as they may be older and have more unique features. A home inspection can help you identify any potential problems with the home before you buy it.
   

6. Many homes outside of metropolitan areas do not have municipal water and sewer service. First-time homebuyers should research the cost and availability of utilities like private water and sewer services before buying a home. Reliable internet access is another consideration. Because rural areas may not have the same level of internet access as urban areas, homebuyers who work from home or need high-speed internet should research the internet options available in the area they are considering.
   

7. Research the property taxes in the area where you plan to buy. High property taxes can significantly impact your monthly housing expenses. And don't forget to budget for closing costs, which can include fees for appraisals, title searches, attorney services, and more. These costs can add up quickly, so avoid surprises by factoring them into your budget.
   

8. Explore options for homeowners insurance to protect your investment. Rates can vary based on location and other factors, so shop around for the best coverage. Rural properties may cost differently to urban or suburban properties — in fact, your premiums may be higher because of the increased distance to emergency services!
   

9. Consider your future plans, including potential changes in your family size, job situation, and lifestyle. First-time homebuyers often neglect to look toward the future, instead focusing on the here and now. Ask yourself: How long do you see yourself living in this home? Is this property big enough to grow with your family? Ensure that the property you choose will accommodate your evolving needs. 
   

10. Finally, don’t forget to think about the future resale value of the home. Even if you plan to live there for a long time, circumstances can change, and you may need to sell. Consider factors that can affect the property's value, such as location, local schools, its appeal to different types of buyers (especially if you’re selling a vacation home or cabin), and the housing market.

    Ultimately, homebuyers should trust their personal preferences when searching for homes in a rural area. For example, some people may prefer a secluded home, while others may prefer to be close to neighbors. Buying a home in a smaller town lets you enjoy a more peaceful and relaxed lifestyle. However, it is important to do your research and to consider all of the factors involved before making a decision. Working with a real estate agent who specializes in rural areas can help you find homes that meet your needs and budget, and they can also answer your questions about the Northern Wisconsin lifestyle.

Realtors who really know Northern Wisconsin

Northern Wisconsin towns like Round Lake and Hayward are a special place to live, whether you’re buying your first home or you know the purchase process like the back of your hand. But nothing compares to the personalized service you’ll get from the Realtors at Northwest Wisconsin Realty — not only do we sell homes here, but we live here, too. Take advantage of our extensive experience in both real estate and Northern Wisconsin and get in touch today.