15 Things Every Buyer Should Know Before Purchasing
Wednesday, October 31, 2007
Buying a new home is a big decision and it is important to educate yourself and weigh all your options regarding a home purchase. Below is a list of the top 15 things you should keep in mind before purchasing your next home.
- 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 filing separately. The home must have been the taxpayer's principal residence for the previous two years.
- A portion of each amortized mortgage payment goes to principal which is an investment.
- A home is one of the few investments that 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.
- Working through a REALTOR® to purchase a For Sale by Owner can be very advantageous because someone can be looking out for your best interests.
- 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-approval program will actually approve you for a specific loan amount subject to the property. This will give you confidence and should help in negotiating with the seller.
- Your real estate professional can provide you with a list of items 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 sales contract, will give you the ability to negotiate with the seller before spending money to have a professional inspect the property.
- A Home Protection Plan can provide coverage for selected items such as central heat and air conditioning, interior plumbing, built-in appliances, pool equipment, and other things. If the seller is not providing this coverage, you can purchase it yourself.
- Ask the real estate professional for a list of buyers that he or she has helped. Call several names to verify that you'll receive good service.
- Ask the real estate professional if they are familiar with the neighborhoods you want to live in. Ask how many homes they have sold there in the past year.
- Ask the real estate professional who he or she is representing in the transaction.
For more information regarding purchasing or selling a home, please do not hestiate to contact me.
In this second installment of Home Inspections you will learn of the types of things your Home Inspector will look for when preparing your home inspection report. Your Home Inspector will perform a “visual” inspection to determine the condition of your home. To better understand what may be included in your report the Home Inspector will look at the following areas of your home.
Most of us are, or have been, extremely frustrated at some point with unwanted calls made by telemarketers. One way to help prevent telemarketers from calling was the creation of the Do Not Call Registry back in 2003. Individuals can register their phone numbers with the registry in hopes to eliminate these unsolicited calls to our homes and businesses.
