Whether it’s your first house, a bigger house, or a business, buying real estate is exciting. It feels like you’ve finally “made it.” But buying that property can be fraught with issues. Sometimes it affects the buyer’s ability to purchase the property. Sometimes, it’s the ability to afford it once it is purchased. Looking at properties and meeting with real estate agents is inevitable.
But agents, and maybe even bankers, can encourage you to look beyond your means. This can set you up for a lifetime of your new house owning you. If it takes all your income to support your house payment what’s left to have any other kind of fun? It may have been a palace at first. But if you struggle to pay for it every month, it can feel a lot like a prison.
Consult with a real estate attorney BEFORE you begin looking for houses. You can get a better idea of what your actual budget should be for a house. This will be lower than the lender says, but you will be significantly happier in the long run. It takes a more conservative approach when buying the biggest asset you will ever own.
Thinking of buying a business property? I can feel your excitement already! However, I can’t stress enough how important it is to consult with an attorney. An attorney will make sure you’re getting the best possible value for your new property. Again, this is an exciting time, and again, you need to be cautious. You need to make sure that you have an attorney on your side to assist you.