In many divorce cases, the martial residence is ordered sold as a part of the property division or one party is awarded this home. For many divorcees who have lived in the same marital residence for a long period of time, it is time to navigate the ever-changing and complex world of home buying. Remembering that dream of homeownership remains a fundamental life goal for most Americans, it is important to remember the common and substantial issues that go with home ownership. This blog digs into the seven key areas to consider before any home purchase.
Radon. Radon is a naturally occurring radioactive material that is found in certain soils across the United States. Prolonged exposure to high radon levels may increase cancer risk. Before you buy, it is crucial to conduct a radon test, especially in abandoned or long-closed homes where levels may spike. Remediation, typically costing between $750 to $1,500, is straightforward and effective. Elevated radon levels should not deter a home purchase but do require attention.
Staked Survey. While lenders usually require a boundary survey to provide a home loan, a boundary survey mostly protects the mortgagee. This survey merely verifies the home's location within or on the real property’s boundary lines. What if a fence, outbuilding, or driveway is over an adjoining property line?
Litigation. To avoid this, it is wise to consider a staked survey. This survey marks the precise boundaries of your parcel. A licensed surveyor then drives stakes into the corners of each property boundary line. Not only does this ensure you know your boundary lines, but it is also useful for future fences, driveways, and hardscapes. The cost is typically minimal and provides clarity that what you think you are purchasing has the boundary lines as you understand them.
Older Homes. Be aware of the charm of an older home. Clearly, older homes can offer unique architectural styles and robust construction not found in newer properties. However, they may also contain hazardous materials like lead-based paint, asbestos, or outdated electrical systems. Prospective buyers should be aware of these issues and their potential removal costs.
Engineered Materials. Newer homes may feature engineered materials that, while sometimes more cost-effective, have been found defective in certain cases. Examples include specific types of siding that internally degrade over time or shingles inappropriate for the climate in any particular place. Prospective buyers should ensure thorough inspections to identify and evaluate these materials.
Mold. Mold is a fungal growth that forms and spreads on various kinds of damp or decaying organic matter. Exposure to mold can be toxic; and exposure to molds can lead to symptoms such as a stuffy nose, wheezing or red or itchy eyes or skin. If mold is found in a home, it may necessitate costly remediation. Home inspections should include mold assessments to identify potential problems. While not always a deal-breaker, the presence of mold should be carefully evaluated.
Evaluating Taxes, Assessments, and Covenants. Property taxes, especially in areas undergoing growth and urban areas, can significantly impact a home's affordability. Additionally, special assessments for community improvements can alter monthly mortgage payments. Buyers should also understand any restrictive covenants in their chosen neighborhood. A restrictive covenant may prevent you from using your property as you wish and lead to costly penalties and litigation. Any prospective home purchase should obtain and carefully review any restrictive covenants on their property; this is particularly the case in home editions.
Flood Zones, Neighborhood Dynamics, and Crime. Properties in flood zones may incur higher insurance costs, although some may qualify for reclassification. The neighborhood's character, including potential noise disturbances or problematic neighbors, can affect both the living experience and property value of any given home. Finally, a home's history or location in a high-crime area or near registered offenders can impact both quality of life and resale potential.
Buying a home, particularly in the emotionally charged situation that often surrounds a divorce, requires careful planning, informed decision-making, along with an awareness of potential pitfalls. By focusing on these seven issues, you can navigate the complexities of the real estate market more confidently. Remember, thorough “home” work is the foundation of a successful and fulfilling home-buying experience; and it is a solid way to move forward in life post-divorce. At Ciyou & Associates, P.C., we understand the emotional and practical impacts of these issues and stand ready to offer legal guidance to address and resolve these matters. This blog is written by attorneys at Ciyou & Associates, P.C. This blog is intended to provide general information in the public realm. The blog is not intended at legal advice or a solicitation for legal services.
