More Americans Ready to Buy Homes: Survey - Real Estate Law ...

The economy is slowly improving, and it looks like it's recovered enough to make buying a home an attractive proposition once again.

Back in 2010, 63% of Americans said the economy was keeping them from buying a home. But a new survey by FindLaw.com finds that now, only 30% of people feel that way. There are even some who think the current economy makes it more likely they'll buy.

Of the survey respondents, 49% said the economy isn't influencing them one way or the other about buying a home. They're thinking about other factors that are important.

Housing prices and mortgage rates are still relatively low, which makes buying a home much more attractive for many people. But cost isn't the only factor.

When it comes to buying a house, you don't want to just go for the lowest price. Things like location, past repair history, and any land use limits are factors that could make a home more or less desirable.

Also consider the additional costs of property taxes and general upkeep. Without a landlord, those requirements will fall on you.

As a homebuyer you have a right to know the history of a house you're considering to purchase. That means details about any known or easily discoverable flaws should be disclosed to you by the current owner.

Things like insect damage, leaks, and faulty construction are generally disclosed when you express serious interest in buying property. But that's not always the case, especially for the best deals in price.

When purchasing a foreclosed home or other type of low-priced house, it may be sold "as is." That means the current owner doesn't guarantee that the home is free from defects.

If that's the case, it's the buyer who needs to closely inspect the house before a deal is made.

These are just a few of the legal issues you should consider before buying a home. To help guide you through the process, FindLaw's Real Estate Law Center has all the information you need on what's important when buying or selling a home.

Of course, buying a home still may not be the right choice for many, as the economy slowly improves. For those who aren't quite ready to buy, our free mini guide for renters offers some handy tips as well.

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Source: http://blogs.findlaw.com/law_and_life/2012/11/more-americans-ready-to-buy-homes-survey.html

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