Buying a home is an extremely significant milestone in a person’s life. However, it can be easy to allow your excitement about the transaction to overshadow the potential risks involved with acquiring property in New York or anywhere else. This is true whether you are buying your first home or have acquired properties in the past.
Obtain financing before you start shopping for homes
Obtaining conditional loan approval before looking for homes is ideal because it can help you focus your search on properties that you can actually afford. Furthermore, it shows sellers that you’re serious about following through with any offers that you make. This increases the possibility that your offer will be accepted and that you can complete the purchase process in a timely manner.
Don’t skip the inspection
An inspection can reveal issues with a home that you likely missed during your initial showing. It may also unveil issues that the seller didn’t know about before submitting the standard real estate disclosure form. Even if the current owner isn’t willing to help cover the cost of any repairs that are needed, knowing about them can make your transition into a new property an easier one.
Is the home located in a decent neighborhood?
A quality home that is located in a noisy, dirty or violent neighborhood can still be difficult to sell or live in peacefully. The same is true of a property that is located right next to a busy highway or airport. Ideally, you will tour the area surrounding your preferred house to ensure that it is a place where you would want to live for several years.
If your offer to purchase a home is accepted, you are generally bound to follow through with the transaction. Otherwise, you may be subject to financial or other penalties. Therefore, it’s important to get as much information about the home as possible before buying it to minimize your risk of making a costly mistake.