Buyers Need to Know
WHAT YOU NEED TO KNOW BEFORE BUYING YOUR NEXT HOME
-
Property taxes and qualified interest are
deductible on an individual’s Federal Income Tax Return
- A home is often the largest asset an individual
has and it is considered the largest investment that an individual can
make.
- Part of each amortized mortgage payment goes to
the principle balance, which in turn becomes an investment.
- A home is one of the few investments that you
can enjoy by living in it.
- Looking to buy a home listed with a company, a
builder, or even a For Sale by Owner? A REALTOR® can show you all three.
- Buying a For Sale by Owner with the help of a
REALTOR® can be very beneficial, as you have someone looking out for your
best interest.
- A Real Estate agent can provide you with the
information necessary to complete your loan application in a timely
manner.
- 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 provided that the home has been the taxpayer’s
principle residence for the last 2 years.
- As of May 7, 1997 there was no longer a
requirement that you purchase a home more expensive than the one you just
sold. You are free to purchase up and down with no tax consequences
assuming that your gain is less than the allowable amounts.
- Your Real Estate agent should be familiar with
the neighborhoods you want to live in.
- Ask your REALTOR® whom he/she is representing in
the transaction.
- Ask your REALTOR® what they will do to keep you
informed.
- Your REALTOR® should provide you with the highest level of service and advice.
