HICKSVILLE, N.Y., May 29, 2019 /PRNewswire/ -- Being a homeowner is both exciting and daunting. While owning a home may give the owners a sense of financial accomplishment, there are also many obstacles that could dampen the experience. It is important to properly prepare for homeownership by familiarizing yourself with the potential legal pitfalls that you may face throughout your time as a homeowner. There is nothing worse than being surprised with a lawsuit that could have very well been avoided. Long Island residential real estate attorney, Markotsis & Lieberman Esq. shares 4 tips for new homeowners.
- Carefully choose an insurance policy. Not all insurance policies provide the same coverage. Be sure that the policy you decide on protects you against everything you need. There are policies that may protect against the loss of your home, but not possessions. Others may not cover certain natural disasters that may occur more frequently in the area of your home. Be sure to do the research necessary to make an educated decision on which policy will work best for you and your home. Also have a frank discussion with your insurance broker as to what you coverage you need.
- Safely store all legal paperwork. Throughout the home buying process, you will encounter many legal documents. Be sure to store documents such as the title, mortgage, warranties, deeds, and insurance paperwork in a safe location. These items should be somewhere where they will not be lost or destroyed, but also accessible in the event you will need to reference one.
- Understand the limits of the Homeowner Association. In the event that your home is governed by a Homeowner Association (HOA), be sure to read and understand their bylaws. Often times, an HOA will require dues and restrict modifications that can be made to your property. Knowing and understanding what you can and cannot do with your home and what is expected of you as a homeowner in an area with an HOA can make the experience better. Being aware of the bylaws set by the HOA may also help you to avoid paying fines for not following rules properly.
- Properly prepare for neighbor disputes. Neighbors are an inevitable part of homeownership and learning to properly handle disagreements can be helpful. Regardless of what the disagreement may be about, be sure to review your community's laws before taking action. Whether you and your neighbor cannot agree on a property line, zoning law, tree placement, or other disturbances, it is important to know and understand the laws in your area. If you feel that a situation may be progressing contact one of our seasoned attorneys for further assistance.
When looking to buy a home be sure to remember these tips as you move smoothly from the home buying to home owning phase.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. 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, Esq.