Law Office of Ryan S. Shipp, PLLC

Review long-term goals before buying residential property

New home buyers in Palm Beach County often second-guess their choice to buy and the reasoning behind it. Some are looking for a way to get into the market and start saving equity that will later be used to purchase a larger family home. Other buyers think they are ready now to get into a home that they will keep for decades to come. There are some justifications for each approach, and they can help new buyers determine their strategy in the residential real estate market.

The first home is often seen as a stepping stone. For that reason, buyers will want to determine if the subdivision or surrounding area will support selling in a few years. Researching an area may uncover trends in price and occupancy rate to help in the decision. Besides the possibility of selling, homeowners will also want to look at the potential for renting out their home when moving to another.

Long-term entry into residential real estate seems safer when market volatility is low. Buyers will place more down and look for a larger house than currently necessary. However, taking this too far can be costly. Market volatility can increase rapidly, cash flow can change and a barely affordable home may turn into a loss with higher expenses.

On top of other concerns, property owners can find themselves facing a number of unexpected outcomes, such as lack of disclosure by the seller or unfavorable contract terms. In some cases, these challenges may be presented shortly after the purchase, but they could just as easily come up years after the fact. A team of professionals, including an experienced attorney, residential property broker and home inspector, can often help protect buyers from these and other negative outcomes.

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Law Office of Ryan S. Shipp, PLLC | 814 W. Lantana Rd., Suite 1 | Lantana, Florida 33462 | Phone: (561) 699-0399 | Map & Directions