WHAT EVERY BUYER SHOULD KNOW BEFORE PURCHASING A HOME
- Property taxes and qualified interest may be deductible on an individual’s federal income tax return.
- Due to new regulations, lenders have implemented additional auditing and underwriting steps, which may cause unforeseen last minute delays out of anyone’s control. CONSIDER THE CLOSING DATE A TENTATIVE (TARGET) DATE. It is smart to allow for potential delays, since they are possible. Don’t schedule moving vans for the closing day.
- SQUARE FOOTAGE is always approximate and not guaranteed. Different professionals measuring a home will come up with different numbers. If square footage is a big concern, PLEASE HIRE A PROFESSIONAL MEASURING SERVICE BEFORE CLOSING.
- Buying a home with a mortgage loan equates to forced savings - a portion of each amortized mortgage payment goes to pay the principal (which is an investment).
- A home is one of the few investments that you can enjoy by living in it.
- Your Realtor can usually show you any home - whether it is listed with a company, a new homebuilder, or even a home For Sale By Owner (FSBO). Working through a Realtor to purchase a FSBO can be very advantageous because someone is looking out for YOUR best interests.
- Your lender can provide you with a list of items you’ll need to complete your loan application so you’ll be prepared. Most lenders will give you the option to start the loan process online.
- Current IRS rules state that a homeowner may be able to exclude up to $500,000 of capital gain from income 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 two of the last five years.