Long Island Real Estate Attorney, Markotsis & Lieberman P.C., Explains How To Prepare For Purchasing Your First Home
HICKSVILLE, N.Y., Dec. 18, 2019 /PRNewswire/ -- The prospect of purchasing a first home can be just as stressful as it is exciting. For many people, this is seen as the next step one takes into adulthood. For others, it's an event that can lead to anxiety, not only emotionally and mentally but financially. For these reasons, it's important to know what to expect ahead of time. With this in mind, Long Island real estate attorney, Markotsis & Lieberman P.C., explains how to prepare for purchasing your first home.
One of the first steps to take in the home buying process is consulting a real estate attorney. Purchasing a home isn't as simple as being rung up at a counter, especially given the extensive legal process associated with real estate in general. Fortunately, an attorney will help one navigate legal pitfalls, not only during the preliminary process but afterward. For example, a homeowner may unknowingly violate a town law, which leads to a violation. An attorney will not only detail the violation in question but resolve the matter in a timely fashion. An expert's assistance is recommended to overcome the legalities of real estate.
Another step to take is budgeting. It's important to know what a potential homeowner can afford before picking up the phone to contact a real estate agent. If someone lives in an area where housing is expensive, they may want to either settle on a smaller home in the area or move to an area where cheaper housing is the norm. They may also want to look into their monthly expenses and determine where costs can be cut if possible. If a home costs more than three or four times one's annual income, shopping elsewhere is encouraged.
Next, become prequalified for a mortgage. It's unlikely a first-time homebuyer is going to pay for a house with cash, meaning that a mortgage will be the most viable solution. There are multiple variables that determine one's likelihood of being approved, too. If their credit score is lower than 580, for instance, it will negatively impact whether they will be approved. The same can be said for a lack of consistent income; if a homebuyer cannot provide proof of employment, they may find it difficult to obtain a mortgage. Becoming prequalified will save a potential homeowner considerable stress.
To ensure that there are no hidden surprises, once you think you found your new home, an inspection must be carried out before the contract s signed. No matter how much information a real estate agent will provide, as far as said home is concerned, a full inspection will ensure the structural integrity of the property. An inspection can determine if further renovations are needed. If said renovations are extensive, it will provide one with the opportunity to shop elsewhere, especially if their budget is tight. After all, a first home should be as comfortable, clean, and safe as possible.
About Markotsis & Lieberman
Markotsis & Lieberman, P.C. Real Estate Law Firm is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you're facing a complicated legal situation, our team of legal experts is there to fight for your rights.
SOURCE Markotsis & Lieberman
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