Q: What Is the Most Common Regret of a First-Time Homebuyer?
Buying a home in New York City or New Jersey is a dream for many Americans. When compared to the rest of the nation, the value of real estate in these highly-desirable areas can set couples and individuals back a pretty penny. Because the prices for even a modest starter home can be steep, newbie buyers may overextend themselves just to get into something decent.
By the time many prospective homebuyers meet with their New York or New Jersey real estate attorney, they have already found the house of their dreams with the help of a real estate broker and/or mortgage broker. Sometimes, these professionals may unintentionally have encouraged unsophisticated buyers to bite off more than they can chew in terms of the purchase price and/or the mortgage amount.
A skilled real estate attorney will provide their client with a roadmap of what to expect in each step of the house-buying experience–from contract through closing. But what often leads to buyer’s remorse are the unexpected expenses that only show themselves after the couple has moved into the home.
It’s not uncommon for first-time buyers to buy the most expensive house they can afford and take the highest mortgage they can qualify to get into it. This may leave them cash strapped and without reserves to pay for the inevitable expenses and unexpected repairs and other costs that homeownership brings.
For example, couples may move into their new home not realizing the post-closing costs involved and the need for such things as window coverings throughout the entire home. Roof, appliance, and other repairs – both big and small – are the new homeowner’s responsibility and may come as a shock to couples who are used to calling their landlord for free repairs.
It’s not surprising that the number one first-time homeowner’s regret is buying a more expensive home or taking out a higher mortgage than they would have if they realized all the additional costs of owning a home.
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From our offices in Staten Island, NY and East Brunswick, NJ, we represent clients in both states in all aspects of commercial and residential real estate law, as well as estate planning and estate administration.