Ready to buy a home in the Badger State?
With four true season and many coastal states, Wisconsin offers a desirable lifestyle with financial benefits. Your dream home could be a charming single-family house in Milwaukee or a chic waterfront condo in Madison.
Whether you’re a first-time homebuyer or new to Wisconsin housing market, this guide will teach you everything you need to know. We’ve broken down the entire home-buying process into 13 actionable steps.
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Key Takeaways:
- Get Pre-Approved ASAP: In a seller’s market like Wisconsin, a pre-approval letter helps you stand out.
- Save Thousands with Assistance Programs: Programs like “WHEDA Easy Close Advantage DPA” provide assistance for the second mortgage providing at least $1,000 and up to 6% of the purchase price (or appraised value) for down payment and closing costs, repaid over the loan term.
- Don’t Skip Wisconsin-Specific Inspections: A well-water inspections, a septic system inspection alongside a full home inspection is strongly recommended in Wisconsin.
- Ask for Credits, Not Repairs: If the inspection has issues, ask the seller for credit at closing. This allows you to hire your own contractors and prevent closing delays.
- Protect Your Investment and Your Wallet: Remember to get flood insurance, as standard policies don’t cover it. Don’t forget to file for the Homestead Exemption to save up to $75,000 on your home’s taxable value.
How to Buy a Home for the First Time in Wisconsin: 13 Steps!
This step-by-step guide walks first-time home buyers in Wisconsin through everything, from assessing finances and budgeting for a down payment to choosing the right mortgage. These 13 steps make the Wisconsin real estate process clear, simple, and manageable.
Step 1: Assess Your Finances
As a first-time home buyer in Wisconsin, the two factors that should matter the most to you are your credit score and Debt-to-Income (DTI) ratio. Additionally, you must also consider how much you can afford for a down payment, a monthly mortgage, taxes, and insurance.
What Is Your Credit Score?
A credit score is a three-digit number that indicates your creditworthiness to lenders. The minimum credit score to buy a house in Wisconsin depends on the type of mortgage you get.
Minimum and Ideal Credit Scores by Loan Type
| Loan Type | Minimum Score | Ideal Score |
|---|---|---|
| FHA | 500 (10% down) | 580+ (3.5% down) |
| Conventional | 620 | 740+ for best rates |
| VA | No minimum | 620 |
| USDA | No minimum | 640 |
Portfolio mortgage loans are easy to qualify for. Here, the credit score needed to buy a house starts at around 580. VA loans are available only to veterans and active-duty service members, and require a score of 620. FHA loans also accept scores as low as 580. They are good for buyers with lower credit scores looking for houses in Wisconsin.
When purchasing property in Wisconsin, you can check your credit score using several reliable methods. Most of them are free and will not harm your score:
- Annual Credit Reports: Federal law entitles you to one free credit report every 12 months from each of the three major credit bureaus: Equifax, Experian, and TransUnion. These can be accessed through the official, government-authorized website, AnnualCreditReport.com.
- Credit Monitoring Services: Many banks, credit card issuers, and financial service apps provide complimentary and regular access to the FICO score. This is a convenient way to track your credit health over time.
Knowing how to repair your credit score is important to get better mortgage rates. If you’re a first time home buyer in Wisconsin, here’s what you need to do:
- Pay down credit card balances and make all payments on time.
- Avoid opening multiple new accounts quickly.
- Consider becoming an authorized user on a family member’s account with a good history.
- Monitor your score regularly to track progress.
How to Calculate Your Monthly Mortgage Payment in Wisconsin?
As a first time home buyer in Wisconsin, knowing your average mortgage payment helps you plan your budget. Your total payment includes 4 key components, often called PITI:
- Principal and Interest: This is a major chunk of your payment, covering the amount you borrowed (principal) and the cost of borrowing (interest). It’s determined by your loan amount, interest rate, and loan term.
- Taxes: Wisconsin property taxes are based on your home’s assessed value. The lender holds these funds in an escrow account and pays the tax on your behalf.
- Insurance: Lenders require you to have homeowners’ insurance to protect the property. The annual premium is usually divided by 12 and added to your monthly payment, also managed through the escrow account.
Apart from PITI, your monthly payment may also include Private Mortgage Insurance if your down payment is less than 20%, and HOA fees.
Know How Much Home Can You Afford in wisconsin Get an instant monthly payment estimate with Houzeo’s free Wisconsin mortgage calculator.
What Is a Debt-to-Income (DTI) Ratio?
Your debt-to-income ratio shows how much of your monthly income goes toward debt payments, including mortgage, car loans, credit cards, and student loans. To calculate it, add all monthly debts and divide the total by your gross pre-tax monthly income.
A high DTI can prevent you from qualifying for a mortgage, as it shows that you struggle to manage your debt. For the best mortgage rates and a higher likelihood of mortgage approval in Wisconsin, aim for a DTI ratio of 36% or lower.
💡 You can still qualify for a loan in Wisconsin despite a high DTI if you have compensating factors like a strong credit history, significant cash reserves or savings, stable long-term employment, etc.
Recommended DTI Ratios by Loan Type
| Loan Type | Recommended DTI Ratio | With Compensating Factors |
|---|---|---|
| Conventional | 36% back-end | 45-50% |
| FHA | 43% back-end | Up to 50% |
| VA | 41% | Can exceed 50% with the residual income test |
| USDA | 41% back-end | 44% with strong credit |
To improve your DTI ratio for a mortgage, you can either reduce your monthly debts or increase your verifiable income.
- Pay Down Debt: Use a tax refund or bonus to clear smaller loans, or consolidate multiple debts into a single loan with a lower monthly payment.
- Increase Verifiable Income: Ask for a raise, take on part-time work, or start a side business. Include all consistent income sources on your application, such as bonuses or commissions, but remember that lenders require a two-year history for secondary income.
- Adjust Your Housing Budget: A larger down payment reduces your loan amount and your monthly mortgage payment. You can also consider a lower home purchase price to keep your future housing costs down.
Step 2: Budget for Your Down Payment and Closing Costs
You should set aside money for the down payment and closing costs. Wisconsin’s first time home buyer programs help make homeownership accessible and affordable.
Wisconsin First Time Home Buyer Need?
Typically, the down payment on a house for a first time home buyer in Wisconsin usually ranges from 3% to 20% of the property’s price. However, it can vary based on the loan type. FHA loans require just 3.5% down, while some conventional loans allow a 3% down payment.
To help with these upfront costs, there are many state and local down payment assistance programs in Wisconsin. They provide grants or loans to cover these expenses.
👉 First-Time Home Buyer Programs in Wisconsin: Find out which is the #1 downpayment assistance program in the Badger State.
How to Estimate Closing Costs in Wisconsin?
Closing costs are fees and expenses paid at closing beyond your down payment. Typically, buyer closing costs in Wisconsin usually range from 2% to 5% of the home’s price. So, for a $349,000 home, buyers might pay $6,980 to $17,450.
These fees cover lender charges, appraisals, inspections, title insurance, taxes, agent commissions, and recording fees when buying a property in Wisconsin.
Step 3: Get Pre-Approved for a Mortgage
Secure your financing early by getting pre-approved for a mortgage as a first time homebuyer in Wisconsin. This step helps you understand your budget and strengthens your offer when buying a house.
How to Get Pre-approved as a First Time Home Buyer in Wisconsin?
You need to follow these steps to get pre-approved when buying a house in Wisconsin:
- Gather Financial Documents: Provide proof of income (recent pay stubs and W-2s), tax returns (last two years), asset statements, debt information, and a government-issued ID.
- Choose a Lender and Apply: Compare lenders in Wisconsin and submit a mortgage application to get the best rates and terms.
- Receive Pre-Approval Letter: The lender verifies your info and issues a letter stating your approved loan amount, usually valid for 30–90 days.
A mortgage preapproval turns you from a casual house hunter to a serious buyer in Wisconsin, as it:
- Strengthens Your Offer: 86% of the sellers prefer buyers with a pre-approved mortgage. For the strongest position, ask for a fully underwritten pre-approval, where the lender has already verified all your documents.
- Defines Your Budget: It clarifies exactly how much you can afford, allowing you to focus your home search on a realistic price range.
- Speeds Up Closing: With much of the financial vetting already completed, the mortgage process is streamlined once your offer on a home is accepted.
Yes, you can get pre-approved and even buy a home with bad credit in Wisconsin. However, your loan options may be limited. You can also expect higher interest rates with poor credit.
Step 4: Choose the Right Mortgage
As a first time homebuyer in Wisconsin, assess your finances and select a loan that fits your budget and qualifies you for available programs.
| Feature | Conventional | FHA | VA | USDA |
|---|---|---|---|---|
| Min Credit Score | 620 | 580 (500 w/10% down) | No minimum | 640 |
| Min Down Payment | 5% to 20% | 3.5% | 0% | 0% |
| Max DTI | 45% to 50% | 43% to 50% | 41%+ | 41% to 44% |
| Mortgage Insurance | PMI if <20% | Always | None | Always |
| Loan Limits | $766,550+ | $498,257 to $766,550 | $766,550+ | Varies |
| Property Eligibility Criteria | Few | Must meet FHA standards | Must meet VA standards | Rural/suburban areas only |
Step 5: Decide Where to Buy a Home in Wisconsin
Deciding where to buy is one of the most important steps for a first time homebuyer in Wisconsin. Consider factors like local housing markets, popular neighborhoods, cost of living, and amenities to help you find the best places to live in Wisconsin.
Why Now Is the Time to Buy in Wisconsin
The Wisconsin housing market is a buyer’s market. You now have more negotiating power and a wider selection of properties to choose from:
- Housing Supply is High: Florida has a 3-4 months housing supply, which is the benchmark for a buyer’s market.
- Prices Have Stabilized: The median home price has remained relatively constant at $349,000. This allows you to set your budget with more certainty.
- Sellers are Negotiating: 24.9% of homes in Wisconsin have seen price drops, signaling increased seller flexibility.
- Homes are on the Market Longer: Properties are taking an average of 44 days to sell, which allows you to make more informed decisions.
These trends show that now is the best time to buy a house in Florida. According to Mauricio Umansky, founder of The Agency, the current market provides “great opportunities for buyers to be aggressive and write strong offers.”
Popular Areas for Different Buyer Types
With the market now in your favor, you can be more selective about where you buy. Use this advantage to find a neighborhood that matches your priorities, whether it’s schools, commute, or lifestyle.
- Best Areas for Families: Neighborhoods like Whitfish Bay, Brookfield, and Mequon are top choices for their excellent schools and family-friendly parks. If you envision life in a community designed for family connection, explore many single family homes for sale in Mequoan. Properties with access to top-tier schools and parks typically range between $400,000–$600,000.
- Best Areas for Retirees: For those seeking an active retirement, Green Lake, Elkhart Lake, and Shawano offer low-maintenance living and vibrant social activities. If you are interested in a community renowned for its active lifestyle, consider homes for sale in Green Lake, where prices generally range from $300,000 to $400,000.
- Best Areas for Young Adults: Cities like Green Bay and Kenosha offer thriving job markets and vibrant social scenes. If a cosmopolitan lifestyle is what you seek beyond the state capital, browse the latest Green Bay houses for sale, where you can find modern condos and apartments starting at just $200,000.
Consider the Cost of Living When Choosing a Location
When looking for the best place to buy a house in Florida, consider the overall cost of living, as lower home prices can be offset by higher taxes or insurance.
- High-Cost Areas: Miami and Fort Lauderdale are 15–22% above the national average.
- Moderate-Cost Areas: Tampa and Orlando are near or just below the national average.
- Low-Cost Areas: Pensacola, Gainesville, and Tallahassee are 5–13% below the national average.
Ensure Your New City Fits Your Wallet Check the cost of living in Florida and compare expenses across multiple cities in an instant.
Step 6: Start House Hunting in Wisconsin
Once you’re pre-approved and know where you want to live, the next step is finding the right house. As a first-time home buyer in Wisconsin, you have two options:
- Work with a Realtor.
- Search for homes online.
An experienced agent can give you valuable local insights and expert guidance on neighborhood trends. However, you’ll have to negotiate the buyer agent commission with the seller, which may raise the home sale price.
If you prefer to take the lead, a high-tech platform like Houzeo is what you need. Whether you’re looking for beachfront mansions, high‑rise penthouses, spacious big homes, or luxury homes in Wisconsin, Houzeo has you covered. You can browse through thousands of listings, set alerts, and save your search. You can even schedule showings and submit offers, all by yourself.
Don’t Just Browse. Buy.
Your entire home purchase, managed in one place.
Download the Houzeo Mobile AppStep 7: Schedule and Attend Home Showings
After you narrow down your list of potential homes, schedule and attend showings to see each property in person. For a first-time home buyer in Florida, visiting homes firsthand helps you evaluate condition, layout, and neighborhood, ensuring you make an informed choice.
During the showing, ask specific questions like:
- How long has the home been on the market?
- Why is the owner selling?
- What is the age of the roof, HVAC system, and water heater?
- Are there any HOA fees or pending special assessments?
- Is the property located in a flood zone?
When buying a house in Florida for the first-time, check the property carefully during the open house. Look for roof sagging, foundation cracks, water stains, uneven floors, or sticking doors, which may indicate serious issues.
As a first time home buyer in Florida, there are three main aspects you need to focus on when shortlisting homes:
- Insurance Risks: Verify the home’s flood zone using FEMA’s maps. Get a 4-point inspection and a wind mitigation report to assess insurability and identify features, like an old roof or the lack of impact windows, that could drive up insurance costs.
- Commute and Lifestyle: Test your commute during rush hour. Visit the neighborhood at different times to check for noise from traffic, airports, or nightlife. Ensure convenient access to key amenities like schools, groceries, and parks.
- Florida Home Loans/Assistance Program Eligibility: If you’re applying for a loan or first time buyer program in Florida, ensure that the house complies with its property requirements, or you may risk losing the assistance.
Pro Tip If multiple major risks stack up like an older roof, suspect electrical, moisture indicators, or weak condo reserves, move the property down your shortlist.
Step 8: Make an Offer
When crafting an offer, make a competitive bid but stay within your budget. As a first-time home buyer in Florida, consider factors like the home’s market value, recent comparable sales, and any repairs needed. This increases your chances of getting a fair deal.
Step 1: Analyze Recent Sales
Your agent will pull up real estate comps that are similar to the one you want. Focus on the final sale price, not the list price. Home prices in many Florida metro areas have seen modest declines, so your offer should reflect this trend.
Step 2: Adjust for the Home’s Condition
Factor in the age and condition of the roof and HVAC. If a comparable home sold for $404,300 but had a new roof, and your target home needs a $20,000 replacement, adjust your offer to account for that expense.
Step 3: Factor in Today’s Market
With more homes for sale, you have leverage. Even home builders are lowering their prices by almost 6% to attract buyers. So, for a home that is priced fairly, offer 3% to 5% less. If it is overpriced, you can justify an even lower offer, citing both the comps and market trends.
What is an Earnest Money Deposit in Florida?
An earnest money deposit is a “good-faith” payment that shows you are a serious buyer. This money is held in escrow and applied towards your down payment at closing.
In Florida, the standard deposit is 1% to 3% of the purchase price. On a $404,300 home, this would be between $4,043 and $12,129. In highly competitive markets like Miami or Naples, sellers may expect a deposit closer to 10%.
Once your offer is accepted, you typically have 3 business days to submit the deposit to an escrow agent, such as a title company or real estate attorney.
Yes, you can get your earnest money deposit back in Florida, but only if you back out of the sale for the following reasons:
- The inspection reveals major issues, and you exercise the inspection contingency.
- The appraisal comes in low, and you exercise the appraisal contingency.
- You’re unable to secure the required financing, and exit during the financing contingency period
- Title issues are discovered.
Many Florida first time home buyers forfeit their earnest money because:
- They back out after the contingency periods expire without a valid reason.
- They violate contract terms.
- The seller meets all contract obligations, but the buyer still refuses to close.
Step 9: Conduct Home Inspections
First-time home buyers in Florida should schedule home inspections to uncover any issues before buying a house. You typically get the inspection report within 24 to 48 hours.
Which Florida Home Inspections Should You Schedule?
A standard home inspection in Florida isn’t enough. The state’s unique climate and weather risks require a few specialized inspections:
- General Home Inspection ($300–$500): A licensed inspector will examine everything from the roof to the foundation. They pay special attention to storm damage, proper drainage, and the age of the AC unit.
- 4-Point Inspection ($150–$250): Insurance companies require a 4-point inspection for homes over 30 years old. It focuses on the four most critical systems: the roof, HVAC, electrical, and plumbing. An old roof or an outdated electrical panel can result in the insurance coverage being denied.
- Wind Mitigation Inspection ($75–$150): This inspection documents hurricane-resistant features like impact windows, hurricane straps, and a hip-shaped roof. These features can qualify you for insurance discounts of up to 45%.
- WDO / Termite Inspection ($75–$100): A termite inspection is mandatory for government-backed loans like FHA and VA, and is highly recommended for all others. Florida’s warm, damp climate is a breeding ground for termites and other pests that can cause severe structural damage.
Consider Other Specialized Inspections
Based on the property, a Florida first-time home buyer may want to conduct additional tests. For older homes, a sewer scope can detect cracks or tree roots in the main sewer line, saving you from a $15,000 repair down the road. If you see large cracks or uneven floors, a $700 foundation inspection is worth the investment.
For rural properties, a septic inspection is essential. If the home has a pool, a separate pool inspection will check the pump, filter, and structure for costly defects.
It’s not recommended. Even if you plan to buy cheap homes in Florida, skipping a home inspection can lead to unexpected repair costs.
Step 10: Complete the Home Appraisal
After the inspection, your lender will typically order a home appraisal, which professionally values the property to ensure it matches your offer.
Why Do Lenders Need Appraisals?
A home appraisal in Florida confirms the property’s market value. Appraisers typically focus on the following parameters:
- Flood Zone and Elevation: A home in a high-risk flood zone (like Zone AE or VE) will likely be valued lower than a similar inland property due to higher insurance premiums.
- Insurance and Mitigation Features: The age of the roof, the presence of hurricane shutters, and impact-resistant windows directly affect a home’s insurability and, therefore, its market value.
- Condo/HOA Health: Appraisers closely examine a condo association’s financial health. They look for anything that may reduce the unit’s value, like the association’s reserve funds or any pending special assessments.
A standard appraisal in Florida costs between $450 and $650 and typically takes 7 to 14 days to complete. For luxury or waterfront properties, the cost and timeline can be higher.
If the appraisal comes in lower than your offer price, you have an appraisal gap. In such a situation, you can either:
- Renegotiate the Price: Ask the seller to lower the price to the appraised value. In the current market, many sellers are willing to negotiate.
- Cover the Gap: If the seller won’t budge, you can choose to pay the difference in cash.
- Dispute the Appraisal: If you believe the appraiser made a factual error or used poor comparable sales, you can file for a Reconsideration of Value.
- Walk Away: If you cannot reach an agreement, your appraisal contingency allows you to cancel the contract and get your earnest money back.
Step 1: Decide Your Homebuying Purpose
Whether you’re looking for a getaway or seeking an investment, knowing why you’re buying real estate in Wisconsin is essential. It sets your expectations and helps you make smarter choices. Here’s what you should keep in mind:
- Primary Residence vs. Investment: If you want to buy a home, choose places that fit your lifestyle, whether it’s a city like Milwaukee or a suburb like Mequon. For investment properties, consider homes for sale in Door County, where tourism drives demand.
- Short-Term or Long-Term: If you plan to live in the house for only a few years, focus on neighborhoods with strong resale value and upward market trends. You can check out homes for sale in Madison, WI, where the housing market continues to grow.
- Space Requirements: If you’re looking for larger lots or big backyards, consider suburban areas like Waukesha. But if you prefer something easier to manage, condos in places like Downtown Milwaukee can be a smart option. However, they often have smaller lots.
Calculate the cost of living in Wisconsin to get a detailed breakdown of expenses like housing, utilities, transportation, and more. 🏡
Step 2: Explore Financing Options
Before making a purchase, it’s important to understand the financing options available for you to make an informed decision. Here’s what you need to do:
1. Prepare Financially
- Check Your Credit Score: Lenders will check your credit score to determine if you’re eligible for a loan. Aim for a score of 500+ for an FHA loan and 620+ for a conventional loan.
- Calculate Your Debt-to-Income (DTI) Ratio: Lenders often use your DTI ratio to assess how much home you can afford. Keep your DTI below 36%, especially if you want a home in an expensive region like Kansas City or Chesterfield.
- Set Your Budget: Ensure your budget includes property taxes, homeowners’ insurance, and potential flood insurance, particularly in Wisconsin‘s coastal areas like the Mississippi River near Hannibal or Cape Girardeau.
👉 Use a Wisconsin mortgage calculator to estimate how much property you can afford in the Badger State.
2. Explore Loans and Assistance Programs
Down payments in Wisconsin usually range between 10% and 20%, but often vary based on the financing option you choose. You can also look for suitable Down Payment Assistance Programs (DPAs) to help you cover part or all of your down payment.
| Program | Description |
| FHA Loans | Require just 3.5% down and are ideal for Wisconsin first time home buyers. |
| VA & USDA Loans | Offer 0% down with lower interest rates. Perfect for veterans or those purchasing homes in rural areas. |
| WHEDA Homebuyer Program | The Wisconsin Housing and Economic Development Authority (WHEDA) provides low-interest loans for first-time buyers and qualified veterans. |
| WHEDA Downpayment Assistance (DPA) | Offers funds to help with down payments and closing costs, which can be combined with WHEDA mortgages. |
Step 3: Get Pre-Approved for a Mortgage
The Wisconsin housing market is competitive, so get a mortgage pre-approval to show sellers you’re a serious buyer. In fact, 86% of sellers prefer buyers who are pre-approved. It also helps you negotiate better, and reduces delays in the transaction.
Shop around to find the best Wisconsin mortgage lenders—compare their programs, rates and terms. Once you’ve narrowed down your options, get pre-approved by submitting documents like proof of income, credit history, bank statements, and your ID proof.
Step 4: Dive Into the Wisconsin Market
Whether you’re looking at houses for sale in Kenosha or anywhere else in the Badger State, here’s how to buy smart:
- Online Listings: If you’re wondering how to buy a house, starting with online listings is a good first step. Use platforms like Houzeo to search homes for sale by price, zip code, and more. You can also filter for must-haves like a backyard, waterfront view, etc.
- FSBO (For Sale By Owner) Homes: Explore FSBO listings, as they often offer more flexibility in price negotiations. This is because sellers aren’t paying 5% to 6% in agent fees.
Antigo is the nicest and cheapest place to live in Wisconsin. The number of homes for sale in Antigo is on the rise, thanks to its safe neighborhoods and diverse job opportunities.
Step 5: Make a Competitive Offer
In Wisconsin’s competitive housing market, homes tend to sell fast. Make sure you focus on real estate comps for a more accurate picture. Here’s a checklist to help you craft a strong offer:
- Seller’s Name and Address: Don’t forget the basics—include the seller’s legal name and property address.
- Price and Terms: Offer a price based on Fair Market Value (FMV) and comparable sales. In high-demand areas like O’Fallon or Blue Springs, you might need to offer above the asking price to stand out.
- Down Payment: In Wisconsin, down payments usually range from 3% to 20%. In competitive markets like Wildwood or Raymore, a larger down payment can strengthen your offer.
- Earnest Money: Boost your earnest money deposit to show you’re serious, especially in hotspots like Lee’s Summit, where homes can go fast.
- Contingencies: Include protections like home inspection, financing, and wind mitigation contingencies. These safeguard you from issues like hurricane damage.
- Concessions: Request the seller to cover some closing costs. In Wisconsin, it’s common to negotiate repairs after the inspection, such as roof issues, HVAC problems, or plumbing leaks.
- Deadline for Seller’s Response: Set a 24- to 72-hour deadline to encourage a prompt reply. This helps prevent delays and keeps you on track for Wisconsin’s average 44-day closing timeline.
- Closing Costs: Expect closing costs around 2% to 5% of the home’s price, including title insurance, lender fees, and property taxes in Wisconsin.
Step 6: Conduct Inspections and Appraisals
A standard home inspection in Wisconsin should cover:
- HVAC System: Ensure the air conditioning can handle Wisconsin’s heat and cold weather. It is essential for year-round comfort.
- Plumbing: Check for leaks, corrosion, and water pressure issues, especially in Wisconsin homes built before the 1980s. Many older homes in cities like Milwaukee and Madison may still have galvanized steel or lead pipes, which are prone to deterioration.
- Electrical System: Verify everything is up to code and can withstand storm-related power surges, which are common in tornado-prone regions.
- Roof Condition: Assess for storm damage, missing shingles, or age-related wear. It’s important in for Wisconsin’s harsh winters and stormy summers.
- Foundation and Structure: Look for cracks, moisture, or settlement issues, particularly in flood-prone or sandy-soil areas.
If you’re browsing Wisconsin houses for sale or elsewhere, ensure that you get a wind mitigation inspection for any risk. Also, if you have a condo over 30 years old and higher than two stories, make sure you get a Milestone Inspection for structural safety.
Once the inspection is complete, your lender will order a home appraisal to confirm the property’s market value. This step ensures the loan amount aligns with what the home is actually worth. It can impact final loan approval, especially if the appraisal comes in low.
Step 7: Close on Your Wisconsin Home
Almost there! Closing usually takes 30–45 days, from signing the contract to getting the keys in your hand. Here’s what you can expect:
- Final Walkthrough: Make sure all repairs have been completed, and the home is in the agreed-upon condition.
- Buyer Closing Costs: Expect to pay 2%–5% of the home price. This includes title fees and lender charges, plus prepaid taxes or insurance.
Once you sign the dotted line and transfer the escrow—congratulations, you’re officially a homeowner. Grab those keys and cue your happy dance! 🎉
What Should You Do After Closing?
Welcome home! Now it’s time to handle a few must-dos to protect your investment:
- File for Homestead Exemption: If the home is your primary residence, apply for Wisconsin Homestead Credit to reduce your property taxes. You could get up to a $50,000 reduction in taxable value—especially valuable in high-tax areas like Dane County.
- Set Up Utilities: Get water, electric, internet, and trash service connected, often through Alliant Energy or Xcel Energy. And don’t forget pest control, especially in humid areas, where bugs are active year-round.
- Get Insurance: Homeowners insurance is required if you’re financing, and flood insurance may be needed in FEMA zones. Rates are higher in coastal areas like the Wisconsin and Mississippi Rivers due to storm or tornado risk.
- Home Maintenance Plan: Schedule AC tune-ups at least twice a year, clear gutters regularly, and inspect roofs for storm damage or algae buildup. Consider wind mitigation upgrades to reduce insurance costs.
How to Buy a House in Wisconsin Without a Realtor?
Start by researching neighborhoods and browsing listings on trusted sites like Houzeo. Then, schedule showings directly with sellers or their agents. You can also hire a real estate attorney to review contracts and handle legal details.
Next, get pre-approved for a mortgage, make an offer, schedule inspections, and negotiate repairs. With the necessary due diligence, you can buy a house without a Realtor.
Should You Buy a House in Wisconsin?
Absolutely! Buying property in Wisconsin offers incredible opportunities for homeowners, whether you’re buying for investment, residence, or vacation. Moreover, with more homes being sold below the list price, now’s the best time to buy a house in Wisconsin.
Whether you’re drawn to Madison’s vibrant job market or Door County’s scenic charm, Wisconsin has it all. There’s a spot to match every lifestyle and budget. So if you’re on the hunt, check out our list of the best places to live in Wisconsin!
