Mistakes to Avoid When House Shopping

Illinois house shopping, DuPage County Real Estate AttorneyPurchasing a new home can be both exciting and intimidating. Looking at different real estate listings, daydreaming about your ideal home, and gathering different decorating ideas can be fun. However, dealing with the financial requirements and trying to understand the real estate and legal jargon can be confusing. Therefore, consulting with your own DuPage County real estate attorney when you are ready to make the move is essential.

There are several common mistakes made when shopping for a new home, and knowing what those mistakes are can help you avoid those pitfalls.

Mistake #1: Looking Before You Are Ready

The first factor to consider is if you are really ready to purchase a home. Although you may prefer to build equity each month instead of handing your money to a landlord, most real estate specialists agree that if you are planning on moving away from the area in which you are currently living, then you should avoid purchasing a home until you know where you will be settling. If you purchase a home now, you may not be able to resell or rent the home when you move away.

Mistake #2: Ignoring Your Predetermined Budget

Once you have made the decision to purchase, develop a budget and stick to it. Going over your budget by $20,000 can be tempting as it is only a slight increase of what you were planning on spending. However, a potential homebuyer always needs to consider whether his or her mortgage will still be affordable if something unexpected should happen, such as job loss or illness. Those thousands of dollars extra could end up making a big difference in your home payment.

With all of this in mind, it is better to be pre-approved for your mortgage so you will know exactly what you have to spend. Putting down at least a 20 percent down payment is also helpful. Anything less than that will typically require you to pay private mortgage insurance (PMI) until your equity hits the 20 percent mark.

Mistake #3: Failing to Account for the Costs of Owning a Home

It is sadly common for first-time homebuyers to overlook the additional costs of owning a home compared to renting. Besides the mortgage payment, there are extra expenses such as property taxes, utility bills that renters do not often pay (such as water and sewer bills), and home repair and maintenance costs. Remember to add these expenses into your monthly budget.

Mistake #4: Taking the Seller’s Word Without Documentation

Another mistake new homebuyers make is not getting everything in writing. For example, do not assume that the appliances come with the home unless your contract states that they do. Other household items that can cause conflict between a buyer and a seller include window drapes and blinds, light fixtures, ceiling fans, and bathroom fixtures. If the seller takes those items, then you as the buyer will have to replace them. Ask yourself how that expense will factor into the final sale price of the home.

Contact a Wheaton Real Estate Lawyer

If you are in the process of purchasing a home, please contact an experienced DuPage County real estate attorney to make sure that you are protected in the house sale. Call Stock, Carlson & Duff LLC at 630-665-2500 today.

Sources:

http://www.forbes.com/sites/learnvest/2013/03/06/the-7-top-home-buying-mistakes-you-should-avoid/

https://www.bankrate.com/real-estate/first-time-homebuyer-mistakes/

What Is the Purpose of a Living Will?

living will, Wheaton estate planning lawyerYou may have already considered how you want your assets distributed to heirs after you pass away, but this is not the only issue that estate plans can address. Have you ever wondered what types of medical treatment you would want if you became incapacitated through a serious illness or injury? For example, if you were involved in a car accident and left comatose, would you want doctors to do everything possible to extend your life? Would you want a feeding tube, mechanical ventilation, or other death-delaying procedures? Would you want to let nature take its course?

Through a living will, you can make these types of decisions in advance. This saves your loved ones from being forced to make these decisions for you and also gives you the peace of mind knowing that your medical wishes will be followed.

The Terri Schiavo Case Emphasized the Need for a Living Will

Although it was over 20 years ago, many people still remember the media frenzy surrounding Terri Schiavo. The young woman fell into an irreversible persistent vegetative state after suffering a cardiac arrest at age 26. Her husband believed that Terri would not want to be kept alive via long-term life support and elected to have her feeding tube removed. The woman’s parents strongly disagreed and wanted their daughter to continue receiving artificial hydration and nutrition. The case resulted in a seven-year legal battle.

Even if you do not have strong feelings about the types of death-delaying procedures you do and do not want to undergo if you become incapacitated, making a decision now saves your family from the possible burden of making these decisions on your behalf. You can do so by preparing a living will.

What Types of Procedures Can Be Addressed in a Living Will?

Everyone has their own beliefs about life and death. Some people want every procedure possible used to keep them alive for as long as possible. Others do not want to be kept alive artificially if they have no awareness or quality of life. Through a living will, you can choose the specific medical procedures you do and do not want used in certain circumstances. You can make decisions about procedures including but not limited to:

  • Organ donations
  • Mechanical ventilation
  • Cardiopulmonary resuscitation (CPR)
  • Tube feeding
  • Antibiotics or antiviral medications
  • Dialysis
  • Palliative care

A living will puts you in control of your future medical care. It may also save your family members from the burdensome task of guessing what types of end-of-life care you would want. To learn more about creating a living will, speak with an experienced estate planning lawyer.

Contact a DuPage County Estate Planning Lawyer

To get started on your living will or for other estate planning needs, contact Stock, Carlson & Duff LLC. Call our office at 630-665-2500 and schedule a confidential consultation with a skilled Wheaton estate planning attorney. We can help find the tools that best fit your unique circumstances.

 

Sources:

https://www.nbcnews.com/health/health-news/bioethicist-tk-n333536

https://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/living-wills/art-20046303

What Are the Advantages of a Sole Proprietorship?

sole proprietorship, Wheaton business law attorneysIf you are considering starting a business, you have a number of important decisions in front of you. One of the most critical decisions you will ever make about your business is what type of business structure you should choose. Your business structure will determine how you pay your taxes, to what degree your personal assets are at risk, your day-to-day operations, and more. Some of the most common business structures include S-corporation, partnership, limited liability company, and sole proprietorship. Each structure has its own advantages and drawbacks and the types of structure you choose will be based on your needs and business goals. In this post, we will be discussing the benefits associated with a sole proprietorship.

What is a Sole Proprietorship?

In a sole proprietorship, there is no legal distinction between the business entity and the business owner. A sole proprietor is solely responsible for the ownership and management of his or her business and does not share ownership with other partners. A sole proprietor receives all of the business’s income but is also responsible for the business’s liabilities, debts, and taxes. The business assets are not separate from the owner’s personal assets as with many businesses.

Sole proprietorships are a popular choice for many new business owners because establishing a proprietorship is often more affordable and less complex than other types of business structures. As a proprietor, a business owner has full decision-making power over his company. Of course, with this power comes significant responsibility. If the company incurs debts, the owner may be held personally liable. A business is automatically considered a sole proprietorship if it is not registered as another type of business. If you start a business and do not register your business with the state, you must pay your business taxes as a sole proprietor. A sole proprietorship may be the right choice for you if you want to start a low-risk business or you want to test your business idea before establishing a more formal business structure. Once your business starts to grow, you may choose to restructure the business as a corporation or other business type in order to meet your evolving needs.

Contact a DuPage County Business Law Attorney

Choosing a business structure is not a decision to take lightly. To discuss what type of business structure is best for you entrepreneurial aspirations or for other business law-related concerns, contact Stock, Carlson & Duff LLC. Call our office at 630-665-2500 today and set up a confidential consultation with a highly experienced Wheaton business lawyer.  

 

Sources:

https://www.sba.gov/business-guide/launch-your-business/choose-business-structure

https://www.investopedia.com/terms/s/soleproprietorship.asp