Keep these important
tips in mind throughout the home purchasing process:
1. Property taxes
and qualified home interest are deductible on an individual’s
federal income tax return.
2. Many times, a home is the largest asset an individual has and
is considered one of the safest investments available.
3. A homeowner may exclude up to $500,000 of capital gain following
a home purchase 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 the previous two years.
4. A portion of each amortized mortgage payment goes toward the
principal, which is an investment in itself as capital is built.
5. A home is one of the few investments you can enjoy by living
in it!
6. The majority of the time, a REALTOR(c) can show you any home,
whether it is listed with a company or a builder or is even a For
Sale By Owner.
7. Working with a REALTOR(c) to purchase a For Sale By Owner property
is very advantageous, because someone will be looking out for your
best interests.
8. A real estate professional who can provide you financial information
using current technology will give you a distinct advantage in making
the right decisions.
9. 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.
10. 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.
11. 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.
12. A Home Protection Plan can provide coverage for selected items,
such as central heat and interior plumbing, built-in appliances,
water heaters, etc. If the seller is not providing this coverage,
you can purchase it yourself.
13. It is not always advantageous to go through the home buying
process with the mentality of finding a "deal". It is
much smarter to set your sights on finding the right house for you,
and then let your REALTOR(c) help you negotiate the best price and
terms.
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