If you have recently married, you may be looking to purchase a new home for yourself and your spouse. However, there are many potential complications that can arise from buying a home as a newly married couple. Here are five real estate issues that may affect newlyweds:
- You are not sure what you are looking for in a home
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- Before anything else, it is essential to have an idea of what your priorities are before you look for a property for yourself and your spouse. Are you mostly concerned about getting an affordable property? Do you want space for children or pets? Do you need an area for work? These questions and more can significantly impact what kind of property you need to look for.
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- You do not know anything about the home you want to purchase
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- Once you have your priorities in order, you should make sure you research any property you are interested in thoroughly. This includes learning about the structure of the home itself, as well as what the local neighborhood is like, what amenities are available, and so on. Failing to do this research can result in a home that is severely lacking for your needs.
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- You are not sure what your budget is
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- When people budget for their homes, they can make the mistake of simply looking at the purchase price and the cost of a down payment. However, it is also important to factor in other costs that are part of the transaction, including closing costs, the cost of insurance, and the cost of property taxes. All of these can make a home significantly more expensive than its initial price tag implies.
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- You have not had a property inspected
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- Even if a home looks fine on the surface, it can hide many issues that can haunt you as newlyweds. The presence of pests like termites or rats can severely harm your ability to enjoy your new home, and damage from previous fires or floods can be costly to repair. Worse still, if your home has code violations from unlicensed or DIY renovations, it can invite both legal and financial trouble to your doorstep.
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- You have not checked for title defects
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- Not every problem with a property can be seen by just looking at the house itself. Homes also have legal histories, and those can get surprisingly checkered if you are not careful. Fortunately, a lawyer can help you check for potential title defects that might hinder your transaction, allowing you to enjoy your home as newlyweds without fear of legal problems haunting you.
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.