4 TIPS FOR HOME BUYERS
1. KNOW YOUR FINANCE OPTIONS
Knowing how much you qualify for saves time and frustration. Discuss with a reputable and experienced lender the different types of loan programs, and decide which type of program will work best for you based on your needs and objectives. There are literally hundreds of different types of programs available. Make an informed decision on which loan is right for you- today and in the long run. Important items to consider include: When to lock into an interest rate, First Time Programs, Zero Down Programs, pros and cons of government backed loans, etc.
2. HAVE A PROFESSIONAL HOME INSPECTION
Inspections may be written into the offer as a contingency of the contract. If there is a defect uncovered during the inspection process and the seller will not correct it, there’ s a possibility you don’ t have to proceed with the transaction.
3. KNOW THE FACTORS THAT AFFECT RESALE
Prepare for the future. Even if you intend to occupy the property for the rest of your life, things can change that affect resale price and the overall quality of the home.
Other Factors to Consider:
• Is the home the most expensive in the neighborhood?
• Is the home on or near a quiet street that could eventually become a highway?
• What is the zoning potential for the vacant lot next door?
• What is the potential for appreciation?
4. KNOW THE TAX IMPLICATIONS
Home ownership is one of the last few“ tax breaks” for most Americans. The tax ramifications of buying or selling should be known BEFORE a decision is made. Capital gains laws and tax codes change frequently, and an uninformed decision could cost you thousands. Be sure to consult your tax professional regarding any questions or concerns you may have.
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