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Why now can be a good time to buy a home

On Behalf of | Sep 9, 2019 | Residential Real Estate |

There are many benefits to owning a home in California or anywhere else in the United States. For instance, it is possible for a person to build equity in an asset while also potentially reducing his or her income tax bill. Despite these benefits, many Americans choose to rent a property instead of purchasing one. In some cases, their reasons may not hold up to scrutiny.

For instance, prospective home buyers may believe that they don’t have enough money to put down to purchase a home. However, the only way to determine if this is true is to speak with a lender prior to visiting with a real estate agent. It is possible that a person will not even need to make a down payment to qualify for a home loan.

Other individuals who are ready to buy a home may mistakenly believe that they are locked into their apartment lease. While there may be a penalty for breaking a lease early, it is often possible to do so. Generally speaking, that penalty is roughly equal to one month’s rent. Getting out of a lease immediately may allow a person to buy a home at their preferred price point as well as potentially avoid paying higher rental rates.

An attorney may be a quality resource for those who are looking to purchase residential property in the local area. Legal counsel may be able to draft a purchase agreement or ensure that all required disclosures have been made. In addition, this person may be able to help buyers learn more about different mortgage products and how they could benefit that individual. In some cases, a legal professional may be able to help with issues that arise after a sale closes.