Make an Offer
Once you’ve chosen a house that you like, make an offer. You should expect to make several offers that will ultimately be outbid, before you finally land a home.
Have a real estate law firm check your legal documents for correctness. George Russo and Associates are professionals when it comes to real estate law, and we can help with the preparation of documentation or the checking of existing documents to ensure you’re legally protected. If you’re in the Queens, New York City or Brooklyn areas then let us assist with all your legal matters.
Protect Your New Home
This second home is your investment, so do whatever it takes to protect it. Below we’ve listed some things you can do to protect your newest asset.
- Conduct a full home inspection before purchasing: check carefully for any damages or lingering problems that the seller may not have disclosed prior to the sale;
- Get title insurance and hazard insurance (ire, flood, earthquake, and so on).
Some Helpful Guidelines
Speak with real estate agents in the specific area you’re looking at: ask for information on rental properties in that area. Ask about the local economy because this can affect property values a lot.
Introduce yourself to neighbors and local law enforcement personnel in the area, particularly if you won’t actually be the regular occupant of the home. Give them your contact details: if your neighbors have met you they’re likely to contact you should they notice something amiss.
If you intend renting out your second home, do your research on becoming a landlord. Learn what the State and Federal regulations require, prior to turning your home into a rental. Your rental property must meet all safety codes, and these include things like having two exits and hard-wired smoke alarms. It might seem minor, but unless you’re capable of handling these tasks yourself, you’ll be paying a professional to do installations and repairs if this house doesn’t meet all the safety and zoning regulations.
Have all your documentation either prepared or checked by a legal expert. George Russo and Associates is your experienced real estate law firm and they can ensure that all documentation is in order, and that you as the landlord are legally protected. If you’re purchasing a home in the New York City, Queens or Brooklyn area then George Russo and Associates are your go-to professionals.
You might want to consider having higher hazard insurance limits, regardless of whether they’re required or not. Because you’re not going to be in this home all the time you’ll need full coverage for theft, fire, and acts of nature like wind damage and flooding. Also consider adding extra liability insurance, particularly if this home will be rented out to others.