Why an attorney is a good idea when buying a second home
As out-of-state homebuyers come to Delaware, it’s important that they contact a real estate attorney for help.
Following the collapse of the real estate market in 2008, the Delaware housing market is finally on the rebound. As The News Journal reports, Delaware home sales are now on the upswing and much of the rebound is being fueled by out-of-state home buyers. Delaware is proving to be an attractive state for people who want to build a second home or who are looking to spend their retirements in the state. However, buying a home in a new state is not always easy and out-of-state homebuyers should keep in mind why hiring an attorney to help them through the process may be a good idea.
Home prices have been rising steadily across most of Delaware for the past few years now. While the rapid rise in prices that were seen prior to 2008 show no signs of returning anytime soon, the steady growth is an indication that the real estate market is once again healthy in the state.
The increase has largely been driven by out-of-state homebuyers, especially from neighboring states like New Jersey. Delaware has a lot of advantages for out-of-state homebuyers, including generally lower property taxes and access to oceanfront property. Retirees are also finding Delaware attractive, particularly in comparison to other retirement hotspots like Florida, since Delaware tends to require the purchase of fewer insurance products from homeowners, like wind and sinkhole insurance.
Buying a home in a new state is a big deal for most people. The fact is that laws and regulations differ state by state, sometimes in substantial ways. These differences make it a good idea for homebuyers to contact a real estate attorney who is familiar with state and local laws and regulations. As Realtor.com points out, being an out-of-town buyer is actually the number one reason why buyers should turn to a real estate attorney to help them with their transaction.
Furthermore, Delaware is still home to a large number of foreclosed homes. Buying a bank-owned property is, in itself, already a good reason to hire an attorney since these purchases present unique challenges that may appear unusual to some buyers. When the person buying such a property is also from outside of the state then the reasons for hiring an attorney become even stronger.
Peace of mind
It is important to keep in mind that regardless of whether one is buying a first home, a second home or a retirement home, a real estate transaction is a major purchase. A real estate attorney is there to provide peace of mind for homebuyers, including by ensuring that all legal documents are in order and that one’s rights when buying a home are being respected. An attorney who understands the local real estate market will be in the best position to offer out-of-state buyers assistance in their home purchase.