Residential real estate purchases remain a high priority for families across the country, including those in Connecticut. In response to this need, we decided it was the right time to offer you a law firm’s perspective on buying your first family home.
Creating a purchasing plan or a checklist is critical
Sometimes, people decide they want to buy a home and step blindly into the process without establishing goals or making plans. We want you to understand that approaching a residential real estate purchase in this manner is often a massive mistake.
Instead of making a hasty decision, consider taking the following steps before making any real estate decisions. We also encourage you to continue browsing our web pages or seek legal guidance to learn more.
Create a budget. Decide how much you can afford to spend on your first home and stick to that dollar amount. Considerations include the total price, monthly mortgage payments, closing and other fees and interest rates on home loans.
Research Hartford communities. If you find a house your family likes, it is wise to investigate the area before committing to the purchase. Considerations include local crime rates, nearby schools and whether home prices in the area are rising or falling.
Investigate ways to save. In many situations, you can find a home you like at less than the average market value. Examples include fixer-upper homes, foreclosure properties and duplexes that allow you to live in one unit and collect rent from the other unit.
Once you begin planning your first residential real estate purchase, you will see the value in taking a measured approach rather than buying the first house that looks good. We also urge you to have an experienced real estate attorney review your documentation before or during the closing of your property.