Tread Carefully when Buying Your First Home
May 20, 2019
Buying your first home is an exciting time, but you may be nervous. It is a major purchase, and making a mistake may mean years of struggle or discontent with your decision. If you are wise and taking your time, you are likely looking at a variety of properties and comparing the pros and cons of each. The price, the neighborhood, the amenities are all important considerations.
It is also critical to see past how things look on paper. A house that checks all the boxes on your wish list may be too good to be true, so you would be wise to take a closer look.
Do You Really Get What You Pay For?
The homeowners and their agent have one goal: to sell the house for as much money as possible. On the other hand, you certainly don’t want to spend more than you have to for a home you will love. There is a delicate balance, and this means being alert for some factors that may indicate you should walk away from the house you are considering, such as:
You can’t get a straight answer from the sellers’ agent, especially when it comes to whether electrical work or other renovations are up to code.
The price of the property is too high or too low compared to comparable homes.
The sellers or their agent pressure you into making a quick decision.
The house has had many owners in a short period of time or has been sitting empty for a considerable time.
The owners of the house encourage you to skip the home inspection or offer you an incentive to relinquish your right to hire an independent inspector.
Something seems strange when you inspect the title, such as gaps in ownership or quitclaim deeds.
The local area is decaying, or you notice numerous other empty or abandoned properties.
While you would expect a seller to fix up the home to make it attractive, you will want to develop an eye for finding what may be behind the cosmetic fixes. Does a paint job hide water stains on the wall? Does new shrubbery cover cracks along the foundation? Your inspector can help you find those defects which may cost you dearly in the future.
Additionally, there are other Illinois professionals you can rely on throughout the process to make sure your rights are protected and your documents are in order before you sign them. Having a skilled attorney on your side can also allow you to move forward quickly if a legal dispute should arise regarding your newly purchased home.