Most real estate agents who have been in the game for a while will be able to quickly recall at least one or two transactions that, for whatever reason, just didn’t work. Whether it’s that financing fell through for the buyer at the last minute, the couple got divorced, the seller wouldn’t bend on inspection issues or anything else, these stories remind us that it isn’t over until the papers are signed. And even then. Mistakes can come back to haunt you.
The best way to prevent today’s decision from being tomorrow’s regret is to hire an experienced real estate lawyer who has the foresight to spot problems before they even arise. Together, you can discuss the following questions, as well.
Can You Afford It?
No, really…can you afford it? A lot potential buyers make the mistake of saying “well, I’m spending that a month on rent now, so what’s the difference?” For one thing, there’s the flexibility of the matter. A renter who is being squeezed by their landlord can, at the very least, sweat it out until their lease is up. Although many homeowners walked away from their homes during and after the housing crunch, it’s just not that easy to walk away from a mortgage obligation.
There are also repairs to consider. As the homeowner, you are landlord, handyman and superintendent all rolled into one. Are you ready to absorb the cost if something major happens? There’s a difference between being a happy homeowner and being house-poor.
Another thing to consider: do you rely on side work to pay your bills and cover discretionary items? As a homeowner, you may very well have less time on your hands for extra paying work. The lawn needs to be mowed and house projects are always popping up.
Buying Real Estate is Not the Cure for an Unhappy Relationship
We’ve all heard stories about people who are having marital troubles and decide having a baby will make it all better. Same goes for a commitment to property. It’s easy to think that real estate could be the glue that keeps you together.
Far be it for anyone to question your commitment to your significant other (or vice versa), but you may want to seriously consider making such a huge and costly decision when you aren’t sure what tomorrow will bring. Families these days require two incomes to cover a mortgage and household bills. Don’t make the leap to home ownership if you aren’t sure you are going to have a partner for the long haul.
Finally, when you decide to go house shopping, you want to choose a realtor who knows your chosen community well. Similarly, you need an experienced and qualified real estate attorney to help you make sure you’re being treated fairly. Realtors are not legally allowed to give legal opinions. Lawyer won’t take you to open houses. Put together a team of advisors for before, during and after the transaction to best protect your interests.
Joel R. Spivack, Esq. is a seasoned real estate lawyer with years of experience helping clients buy and sell their property in Camden County, NJ and the surrounding communities. If you’re looking for a dependable, capable and dedicated real estate attorney, contact Mr. Spivack today.