What Every Buyer Should Know Before Purchasing a Home

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1. Property taxes and qualified interest are deductible on an individuals 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. 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 a company, a builder, or even For Sale By Owner homes.
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 interests.
7. Your Real Estate professional can provide you with a list of items you will need to complete your loan application so you will be prepared.
8. 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. The home must have been the taxpayers principal residence for the previous two years.
9. Beginning on May 7, 1997, there is no longer a requirement to purchase another home more expensive than the one sold. Homeowners are free to buy up or down with no tax consequences assuming their gain is less than the allowable amounts.
10. Ask the Real Estate professional if they are familiar with the neighborhoods where you want to live.
11. Ask the Real Estate professional whom he/she is representing in the transaction.
12. Ask the Real Estate professional what he/she will do to keep you informed.
13. Your Real Estate professional should provide you with the highest level of service and advice.