13 Things Every Buyer Should Know Before Purchasing

  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 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 the previous two years.
  4. A portion of each amortized mortgage payment goes toward the principal, which is an investment.
  5. A home is one of the few investments you can enjoy by living in it!
  6. The majority of the time, a REALTOR® 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® to purchase a For Sale By Owner property is very advantageous, because someone will be looking out for your best interests.
  8. 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.
  9. 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.
  10. 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.
  11. A Home Protection Plan can provide coverage for selected items, such as central heat and interior plumbing, built-in appliances, water heaters, etc.
  12. Ask your real estate professional if he or she is familiar with the neighborhoods you want to live in.
  13. Working with a REALTOR® who has an office “team” helps assure the buyer that the transaction will be handled smoothly.

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