What Every Buyer Should Know Before Purchasing

What Every Buyer Should Know Before Purchasing

  1. Property taxes and qualified interest are deductible on an individual’s federal income tax return.
  2. Often a home is the largest asset an individual has and is considered one of the most valuable investments available.
  3. Depending on your loan, a portion of each amortized mortgage payment goes to principal, which is an investment.
  4. A home is one of the few investments that you can enjoy by living in it.
  5. A REALTOR® can usually show you any home whether it is listed with an agency, a builder, or even a For Sale by Owner.
  6. Working through a REALTOR® to purchase a For Sale By Owner home can be very advantageous because someone is looking out for your best interest. In most situations, the seller is willing to pay a fee to a Buyer’s Agent.
  7. A homeowner can exclude up to $500,000 of taxable capital gain if married and filing jointly, or up to $250,000 if single and filing separately. The home must have been the taxpayer’s principal residence for two of the previous five years.
  8. As of May 07, 1997, there is no longer a requirement to purchase another primary residence more expensive than the one sold.
  9. Homeowners are free to buy or down with no tax consequences assuming their gain is less than the allowable amounts (see 7).

Remember to ask the Real Estate professional . . .

. . . if they are familiar with the communities where you want to live
. . . whom he/she is representing in the transaction
. . . what he/she will do to keep you informed

 

Your real estate professional should provide you with the highest level of service and advice.

 

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