You’re excited because you’re about to become a homeowner for the very first time. This can also come with a lot of stress, in addition to excitement and anticipation since you’re new to the home buying process. However, don’t let your enthusiasm make you overlook key issues. Here are top concerns to watch out for when you’re making your first home purchase.
1. Title Concerns: At a given point when you’re in the home buying stage, you can receive a summary of the property. When you get this, be sure to examine the details of the title summary and look out for key information about things like easements, liens, and other encumbrances and exceptions that may restrict the way that you can use and enjoy the property.
2. Repair Concerns: Repair work is a major area that can involve many red flags. It’s important to be vigilant when it comes to this aspect of purchasing a home.
- Sometimes property owners make repairs and cosmetic fixes to up their asking price or to get a quicker turnaround for the home sale process. Pay special attention to the actual quality of the home and look beyond the superficial enhancements.
- You should carefully inspect all repairs and look for indicators of subpar repairs. Shoddy work doesn’t always indicate that there are major problems that the owner is trying to conceal, but it could mean that there are larger less obvious repair issues that need to be resolved.
- Inspect the building and the lot to make sure that everything is completely finished and well-made.
- Reference all repair work with the seller’s disclosure. If there is information that doesn’t line up with the what’s in the title summary or what you see when you do the physical inspection, you may want to keep looking for other house purchase alternatives.
3. Negotiation Concerns: This is a pivotal part of the home buying process and there are a lot of things to think about before approaching the seller.
- Don’t make the mistake of taking it for granted that every house price is negotiable.
- However, you also shouldn’t give too low an offer because it could turn-off the seller and make them not want to deal with you at all. This may close the door on negotiations even before you get started.
- Alternatively, you can just leave this to the brokers. After all, it is their job to attract clients and to work on your behalf.
- Keep in mind that this may not be your “forever” home and that you may want to sell the house someday. Therefore, you should concentrate on the location and not just fixate on the price.
Make Home Buying Easy with Help from an Experienced Lawyer
If you’ve followed these steps, you may be able to have a fairly smooth home buying experience. However, there are numerous situations where you can use the help of an experienced New York real estate lawyer. Contact us at MOWK Law for an attorney who is ready to assist you.