Buying a home is a large financial and legal commitment. It is important for first-time homebuyers not to get overcome by excitement and fall prey to common pitfalls that can damage their financial and legal wellbeing. These pitfalls include:
1. Moving Too Fast
It can be tempting to pull the trigger quickly, particularly in a hot market where houses are receiving multiple offers the day they are listed. However, mistakes made while in a hurry can haunt you for a lifetime. An experienced real estate attorney can help you make sure you understand what you are getting into and protect your rights throughout this crucial transaction.
2. Miscalculating the Hidden Costs of Homeownership
Mortgages are less than rents in many areas of the country, including some Wisconsin cities. That does not mean you will save money by being a homeowner once you factor in property taxes, home maintenance, homeowner’s insurance, and other costs.
3. Failing To Read The Fine Print
Does your property have an easement running through it? Has a fence been built on the wrong side of the property line? Uncovering these issues early on can provide you with the information you need to make an informed decision on whether you want to buy.
4. Skipping The Home Inspection
Do you know what is worse than finding out your new house needs a $20,000 foundation repair? Finding out you could have avoided the whole mess by spending a couple hundred dollars on a home inspection.
5. Not Taking Closing Seriously
“I’m signing my life away” is more than just a joke often said as homebuyers sign the mountains of paperwork on closing day; it can be close to the truth if you do not understand what you are signing. Having an attorney for closing is a good idea whether it is required or not.