But that shouldn’t stop you from living in the house of your dreams. When you come across a mansion for sale, you likely imagine grandeur and luxury. But what happens when the home may have a dubious past? It’s not impossible to find a home with an interesting backstory, but it’s essential to understand what you might be getting into with such a purchase.
Buying a home is one of the most important investments you can make — so why should it matter if the mansion has some rumors attached to it? The truth is that many potential issues come along with properties associated with questionable activities. For example, if someone who owned the property before had links to criminal activity, there’s always a risk associated with buying their former abode.
The good news is you can take a few steps to ensure you’re getting the best deal possible and not taking any unnecessary risks.
Previous Ownership
If a house has a dark history, and you get the heebie-jeebies at the mere thought of living in a place that may have had criminal activity, getting information on the previous owners is essential. It’s natural to feel a little nervous about this kind of purchase, but there are ways you can do some due diligence to make sure you know what exactly you’re getting into.
In the case of the Bugsy Siegel Estate, several owners lived happily and sold the estate with nary a problem. The most recent owners are plastic surgeon Joel Aronowitz and his wife, psychologist Fiona Chalom.
Local Authorities
When buying a mansion with a dubious past, the best thing you can do is talk to local authorities about the property and what might be lurking in its history. In some cases, you may even have access to police reports detailing any suspicious activity on the property. If you’re still unsure, it may be worth talking to someone who lives close by and knows the area well.
Lawyers
Finally, consulting with an experienced real estate lawyer before signing any paperwork is a good idea. The lawyer can review all of the documents related to the property and advise you on any potential legal issues that could arise from your purchase. This step is especially beneficial if there are whispers about the mansion’s past.
Final Thoughts
A mansion for sale might stir up some concerns — but that doesn’t mean you should be scared off from buying one. As long as you take the necessary precautions and do your research, there’s no reason why you can’t acquire the house of your dreams! Buying a mansion with a questionable past, as Fiona Chalom and Joel Aronowitz did, can be quite rewarding with proper due diligence and a little courage. Just make sure you go in with your eyes wide open — and some help from the professionals — and you’ll be ready to make a savvy real estate investment.
