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- Weigh the Pros and Cons of home ownerships.
- Ask your agent to give you copies of closing documents one or two days before the closing so you can read them carefully.
- A homeowner can exclude up to $500,000 of capital gain tax if married and 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.
- Don’t hesitate to ask your agent to clarify questions about any stage of the home buying process.
- Get pre-approval rather than pre-qualified from you lender.
- Make a realistic timeline for the home search, securing financing, inspections, and closing with your agent’s input.
- Scout out the neighborhood at different times of the day. Talk with residents, notice the condition of other homes, research local schools, drive your “would be” work route, listen for noise, etc.
- Property taxes and qualified interest are deductible on an individual's federal income tax return.
- Often, a home is the largest asset an individual has and is considered one of the most valuable investments available.
- Buy a home you can afford. Some lenders may offer to lend you more money than you can afford to repay.
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- Establish the basics
- Select and agent
- Choose a lender and Get pre-approved
- Search for your home
- Place an offer and negotiate
- Remove contingencies and Arrange for insurance
- Prepare to Close
- Close the deal
- Move In
Your first step will be to write down your needs and wants for your new home. Going through this exercise alone or with your partner will help you clarify what you are looking for in a home. Be as specific as possible. How many bedrooms and bathrooms do you need? Do you want a garage or carport? Are you seeking multiple stories, a view, or a yard for gardening? What is your ideal location considering your daily commute, school options, and neighborhood culture? Is this primarily an investment or a place to raise your family for the next 20 years? |
You will also find it usefully to establish a time frame. Write down the date by which you want to move into your new home. Ideally, you will be able to find a house will all you needs and wants. Most likely, you will make some compromises, and your time frame can help you determine when it’s time to make a decision and when you can wait a little longer.
Considering your needs, wants, and time frame at the beginning will help you and your agent find the best home for you as quickly as possible.
Selecting the proper agent is one of the most important decisions you will make in the home buying process. A good agent will guide you through the sometime confusing process and serve as your business partner, home finder, negotiator, advisor, supporter, and confidant. Remember that you will share business and personal information with your agent. It is completely normal to talk with a number of... more>
The American Society of Home Inspectors (ASHI) defines a home inspection as "an objective visual examination of the physical structure and systems of a house, from the roof to the foundation." Buying a home may be one of the largest purchases of your life, and a home inspection will educate you about the condition of your newly built or previously owned home.
 The home inspection is a common and wise part of the purchasing process; it also provides you an opportunity to examine the home with a professional. Accompany the inspector during the inspection to learn about needed repairs, construction oversights, and maintenance tips. Don't be afraid to ask the inspector questions about the house, no matter how basic they may seem.
A home inspection is not an appraisal (which determines the value of the property) or a municipal inspection (which verifies compliance with local building codes). Therefore, a house does not pass or fail an inspection, rather it receives an independent assessment of its current condition. Like other parts of life, houses have strengths and weaknesses. Inspectors know that things aren't always what they seem, and they act in your interest to find major and minor deficiencies. They will issue a report clearly describing current and potential problems with recommendations for repairs and maintenance.
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Cell: (704) 577-5726
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