What are some considerations when preparing to purchase a home?
If you plan on using the real estate in an unusual way or conducting an unusual activity on the property, you should contact our attorneys to make sure that your plans are in accordance with the applicable real estate laws.
  1. Decide in what geographical area you want to live. Consider:
    1. How close do you want to live to your family or place of work?
    2. Do you have children and need to be close to good schools?
    3. What is your life style?
    4. Do you want to be close to biking or hiking trails?
    5. What can you afford?
    6. Do you need land to accommodate your animals?
  2. Get to know the local area you choose. It may be different than advertised.
  3. Decide how much house and property you need and can afford.
    1. Are you looking for a new or previously owned home?
    2. How many bedrooms, bathrooms do you need and how much storage do you need?
    3. Do you need a fence and garage?
    4. Do you plan to grow a garden or raise animals?
  4. Real Estate professionals (also known as realtors, agents, or brokers) can be helpful during the process of purchasing a home. An experienced, reliable real estate professional can answer your questions and provide you with advice regarding:
    1. the characteristics of the neighborhood
    2. the quality of the school district
    3. historical values of homes in the area
    4. how to structure your offer to the seller
  5. Prepare for the financial aspect of how you will pay for the house. Consider:
    1. Down payment – In placing 20% down of the purchase price, you will avoid paying private mortgage insurance (PMI) each month.
    2. Mortgage – Fixed rate and adjustable rate are the most popular types. Your credit rating can affect the mortgage rate a lender is willing to extend to you.
    3. Closing costs – Fees include: title search and insurance fees, escrow (if applicable) fees, bank fees, transfer fees, and points.
    4. Monthly payment – Determine your monthly payment and make sure you can afford this monthly obligation. Often you can decide whether to include real estate taxes and insurance costs in your monthly payment (known as escrow) or whether to pay these directly as they become due. Sometimes, the lender will require that these fees are escrowed so they can insure they will be paid in a timely manner. When these fees are escrowed, the bank pays them on your behalf as they become due.
    5. Who will be responsible for any repairs that need to be made.