What happens when the "house of your dreams" suddenly seems like a nightmare proposition, and you just want to back out of the deal you made to buy it?
When you are purchasing a property, it's important to know what you are getting. Even with a property inspection, it is possible to find that there are problems with the house after you purchase it.
If you own property in New York, you may have noticed that your property taxes continue to increase. Property taxes have actually grown at three times the rate of incomes in New York. A Sept. 7 report discusses how homeownership is something that many people aspire to, but it can be a black hole of fees and taxes.
If you buy a home and later find that it has significant issues, you may be in a position to file a claim against the previous owner. Not all situations can result in a claim, though, just because you're unhappy with a property.
The home-buying process is not always an easy one, and there is always a pinch of risk that comes with a purchase. For the most part, sellers are honest and disclose when there are serious issues with a home. However, there are times when sellers don't disclose issues that they know about. For instance, a seller may try to cover up the fact that the basement leaks or that there are other serious defects in the home.
House flipping is popular among investors, but there is a chance that any house flip could be a flop. If you don't do your research, you could end up making mistakes that lead to heavy financial losses.
How would you feel if you could look at an apartment and know it's really all it looks like it's supposed to be? How would you feel if that rating applied to a property you owned?
There are many things that can stop a real-estate transaction in its tracks, but nothing hurts a sale more than finding out a property has awful neighbors. There are various ways neighbors can hurt a sale, like by having unkempt lawns or being nosy or noisy.
Buying a home is often a dream of the young or newly married couples. Owning a home is a way to increase your worth and encourages you to invest your money into something solid. A home is a real asset that could become valuable as the economy improves and houses become a commodity in your local market.
As someone who is aging, you may worry about being able to make your payments on time for your home. If something goes wrong, will you be kicked out of your house? Are any of your rights as a homeowner protected?