14 Things You Should Know (Before Purchasing)
- Property taxes and qualified home interest are deductible on an individual’s federal income tax return.
- Many times, a home is the largest asset an individual has and is considered one of the safest investments available.
- A homeowner can exclude up to $500,000 of capital gain if married filing jointly or up to $250,000 if single or married filing separately. The home must have been the taxpayer’s principal residence for two of the previous five years.
- A portion of each amortized mortgage payment goes toward the principal, which is an investment.
- A home is one of the few investments you can enjoy by living in it!
- The majority of the time, a REALTOR® can show you any home, whether it is listed with a company, a builder or even a For Sale By Owner.
- A real estate professional who can provide you financial information with a computer will give you a distinct advantage in making the right decisions.
- A pre-approved program will actually approve you for a specific loan amount subject to the property. This will give you confidence and will help when negotiating with the seller.
- Your real estate professional can provide you with a list of items that you’ll need to make a loan application, so you’ll be ready when the time comes.
- The right to conduct a property inspection, included in your purchase agreement, gives you the ability to negotiate with the seller once you know all the facts about the property’s condition.
- A Home Warranty Plan can provide coverage for selected items, such as heating and interior plumbing, built-in appliances, water heaters, etc. If the seller is not providing this coverage, you can purchase it yourself.
- Ask your real estate professional if he or she is familiar with the neighborhoods you want to explore.
- Working with a REALTOR who has an office “team” helps assure the buyer that the transaction will be handled smoothly.
- In a “seller’s market,” don’t go looking for a deal. Set your sights on the right house for you, and then let your REALTOR help you negotiate the best price and terms.