Tagged: home inspection

The Most Common Mistakes Homebuyers Make when Having their Home Inspected

Purchasing a home is usually the most expensive purchase you will ever make in your life and you will not want to skimp on necessary things during your purchase process such as a home inspect or a real estate attorney. Making sure you included important precautionany steps during the home purchasing process will be key to you ultimately being happy with your new home.

One important aspect of purchasing a home is making sure that there are no hidden defects in the home’s structure or large appliances such as the hot water heater.  A home inspection report (also known as an engineers report) will reveal any problems with the house and will allow you to make an educated decision with your home purchase.  Having a home inspection done costs a few hundred dollars but if not done can potentially cost you tens of thousands in the long run.

Eventhough you have a home inspection done doesn’t mean that you are completely in the clear there are some guidelines that you will want to follow when choosing a home inspector and when the home inspection is taking place that will help ensure you get the most out of your home inspection and that you won’t get any unexpected unpleasant suprises a few months or years down the road after you move into your new home.

Some guidelines you will want to follow when having your home inspection done are as follows:

  • Make sure you get a home inspection done even if the property is newly constructed
  • Choose a home inspector based on the experience and knowledge of the person not by the cheapest price
  • Be present for the home inspection
  • Follow your home inspector’s recommendations (after all they are the expert in this field)

Following these steps will help ensure that you get the most out of your home inspection.

If you would like more information on purchasing a home you can contact us to receive a free copy of “5 Myths that Can Ruin the Purchase of Your Home“.  We are currently offering this real estate book written by Staten Island real estate lawyer Steven Decker at no cost to those purchasing a home in New York or New Jersey.

 

How to Find the Right Home in New York and New Jersey

Deciding to purchase a home is a big step that most people take at one point and time in their life.  It is a time in most peoples lives where they decide what area they want to live in, how big of a house they need and how much money they are willing to spend on the house.  Making sure that you get everything you want from your house is important, especially if you plan on living there for a while.  Most people wonder “How will I know which house is right for me?” you will want to make sure you figure out what you need in a house before looking for one this will help you and your realtor because you will both be on the same page and you will not find yourself purchasing a home that you are just “settiling” for.

So how do you know if you are buying the right house? There are many different things you will have to decide on as far as your house goes that you will want to decide and make your real estate agent aware of when you are looking for a house in New York or New Jersey. Here are some things you will want to decide on to help you find the right home in Staten Island, Brooklyn, Manhattan, Queens or the Bronx, New York or New Jersey these tips will help you find what you are looking for:

  • Decide on what type of neighborhood you want to live in.  Do you prefer to live in a quiet suburban area or in a urban area.  Suburban areas are often more quiet because you are further away from your neighbors most of the time and they are often slightly less expensive in price when compared with city houses.  Urban areas or “city” areas are often more populated and have less of a commute to work and school but also usually have slightly more expensive homes, are noisier and sometimes have higher crime rates.
  • Decide on what type of location you want to live in.  Once you have decided on whether you want to live in a city or in the suburbs you will want to decide if you prefer living on a busy street or on a more secluded street.  This is really just a personal preference if you are a person who likes it completely quiet all of the time you will want to avoid homes that are on busy streets or that are next to the highway because of the noise from the traffic, but if you are not bothered by the noise purchasing a home on a busier street is usually a few thousand dollars cheaper – just remember that since it can be purchased for thousands cheaper also means that when you sell it there is a chance it will probably sell cheaper.  You will also want to decide if you want to live on a corner lot or not.
  • Find an area with a good education system.  If you have children or plan on having them sometime in the future while you reside in the house you are considering purchasing you will want to make sure the area has a good education system.
  • Decide what type of home you want.  Are you interested in a single family home, multi-family home, condominium, townhome or cooperative (co-op)?  Single family and multi-family homes are usually quieter and have more appreciation but require a lot of maintainance.  Condominiums, townhomes and cooperative units usually require less maintainance but noisier and not as private because you share common walls and/or ceilings with your neighbors.  This category of homes is also usually less expensive than a single or multi-family home.
  • Determine what style of home you want.  Do you want a single story home, split level or a multi-level home? Deciding what type of style home you want is most commonly based on how much space you need, what type of layout you find more appealing, whether or not you have medical conditions that prohibit you to one floor, whether you feel safer in a one floor home or a multi-story home and if a multi-floor home is more or less convienient for your daily activities.
  • Decide what interior specificiations are important to you.  You will want to determine what specific needs you and your family have and what they need from the house for everyday living.  How many bedrooms do you need?  Will you need extra bedrooms in the future for a baby, in-law or parent?  Do you need a guest room?  Is one bathroom okay for your family or do you require 2 or only 1 1/2 bathrooms?  Determining the specific needs your family has will help you decide what qualities you need inside of your house.
  • Figure out if you want a home that is newer and will require less fixing or if you are looking for a “fix-up” home.  Regardless of whether or not you are buying a home that is apparent that it needs to be fixed up or if you are looking for a home that requires little to no repairs you will always want to make sure you have an engineers inspection (home inspection) done to make sure there are no “hidden problems” but deciding if you want to pay less for a home that needs to be fixed up or if you want to spend a little extra and purchase a home that is newer and does not require and fixing up will not only help you in the long run but will also help you map out the amount you may need to invest in the house to fix it up.
  • Try to figure out if there are any “little things” that are important.  Determining if there are any small things that will be a make or break the deal is important to figure out before hand also and sometimes are not thought about until the purchase process is already occuring. A few things to consider are does the house offer gas or electric heat, does it have central air or will you have to put a window unit in, do you want a swimming pool, if you are buying a condo or co-op are you allowed to have pets, are you willing to buy a house if it is a short sale or a foreclosure? – there are many questions that you may want to figure out the answers to before making a final decision and signing a binder for a house.

Is it a good time to purchase a home in Staten Island now that housing prices have fallen again?

Housing prices have fallen 7.5% so far this quarter.  This raises the question “Is it a good time to purchase a home?”.

For many people the option to purchase a house is becoming more appealing as the prices fall lower and lower, especially for those who currently rent an apartment because in some cases a mortgage payment may end up costing less than the monthly payment for a mortgage.

As prices continue to fall there are many more people considering buying a home because they will able to get a house at the lowest price, get a good price on a mortgage due to low mortgage interest rates and, as long as they plan on owning their home for the next few years, they may be able to make profit off of their home once the market rebounds fully.

Here are some things CNN has listed as tips when considering to purchase a home:

  • Plan on owning the house you are purchasing for the next couple of years
  • Check out your credit history to make sure it is clean if you are applying for a mortgage
  • Shop for homes you can afford and don’t try to live beyond your income
  • Get professional help from real estate broker
  • Hire a real estate lawyer
  • Get pre-approval for a mortgage
  • Do your homework before bidding on a house
  • Have a home inspection done on the house you are considering purchasing prior to signing the contract (to read more about the value of home inspections click here)
If you are looking to buy a home in Staten Island or any other New York or New Jersey area contact Steven T. Decker, Staten Island real estate attorney.