Six Issues To Be Careful of as a First Time Home Buyer

If you are facing the prospect of buying a house for the first time, you may be unsure about what you should do. After all, while it is exciting to become a new homeowner, it also comes with a lot of expenses and potential risks. Fortunately, there are a few things you can do as a first time home buyer to make your life much easier:

  • Do your research on the property
      • Before you agree to buy a home, make sure you research the property thoroughly. This means knowing not only the home’s price and general state, but also the state of the surrounding neighborhood, what amenities are available, and whether there is any public transportation available nearby. This can get you a good idea of the value you can expect to get from your home.
  • Have a realistic understanding of your expenses
      • Unfortunately, the price tag on your new house is only the beginning of your expenses. You also need to make sure to budget for things like inspections, surveys, property taxes and homeowners’ insurance. The last thing you want as a first time home buyer is to be caught off guard by these sorts of additional expenses.
  • Be prepared to negotiate
      • Just because you are presented with a contract of sale does not mean you need to accept it outright. The terms of any contract are negotiable, and you should know what objectives you are looking to accomplish when you try to negotiate. The better you understand your bargaining position, the better the outcome you can get for your real estate deal.
  • Make sure you have appropriate contingencies
      • When you negotiate your contract, it is essential to protect yourself with contingencies. These are essentially conditions that both sides must fulfill for the deal to go through, such as requiring inspections, getting a title search, or getting pre-financing for a mortgage. Making sure you have the contingencies you need, and ensuring you can fulfill your own end of the bargain, is essential as a first time home buyer.
  • Get an agent
      • While you can always try to find real estate properties on your own, it can make your life much easier to hire an agent. Not only can they help you narrow down potential properties based on your desired criteria, they can help you determine the value of properties you are interested in. This can significantly improve your chances of finding a property that suits your specific needs.
  • Get a real estate lawyer
    • Even the most basic real estate transactions can be incredibly complicated, which is why you should make sure to hire a lawyer with experience handling real estate issues. They can help you review your contract, negotiate on your behalf, and help you deal with any problems that arise. That way, you can focus on enjoying your new home, rather than worrying about legal issues.

The New Jersey real estate lawyers at Riley and Gutman, LLC, are ready to assist you with your real estate transaction. We are committed to providing prompt, experienced and personal service to our clients, and will provide you with the legal support you need throughout your transaction and beyond. Give us a call at 731-431-0300, or visit our contact page for more information.