No matter which way you look at it, buying a home is a major investment. But for many home buyers, it can be an even more expensive process than it needs to be since they fall prey to at least a few of the many common and costly mistakes which trap them into either:
- Paying too much for the home they want
- Losing their dream home to another buyer or
- (Worse) Buying the wrong home for their needs.
A systematized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that’s best for you.
Federal Real Estate and Mortgage Tax Incentives
What’s the mortgage interest deduction worth to the typical homeowner who claims it at tax time? Nearly $10,000 on average, according to a provocative new analysis of federal incentives for homeowners nationwide.
But there are many parts of the country where the “typical” tax deduction for mortgage interest is far bigger, and plenty of others where it is considerably smaller. Take, for example, California’s 14th congressional district in and around high-cost Silicon Valley.
Tips For First-Time Buyers
Each year more than 40 percent of all homes are purchased by first-time buyers according to the National Association of Realtors, a percentage which should offer some comfort if you’re about to buy a first home. Others have done it, others are doing it, and you can too.
But like most things, there are ways to make the process easier. Here, in capsule form, are 10 baseline strategies to make that first purchase a good experience.
6 Mistakes to Avoid When Trading Up to a Larger Home
Unlike the experience of buying a first home, when you’re looking to move-up, and already own a home, there are certain factors that can complicate the situation. It’s very important for you to consider these issues before you list your home for sale.
Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings.
How to Save Thousands When You Buy
If you’re like most home buyers, you have two primary considerations in mind when you start looking for a home. First, you want to find a home that perfectly meets your needs and desires, and secondly, you want to purchase this home for the lowest possible price.
When you analyze those successful home buyers who have been able to purchase the home they wanted for thousands of dollars below a seller’s asking price, some common denominators emerge. The skills, experience, and market knowledge of your Realtor are upper most important, but there are three additional key factors that come into play long before you ever submit an offer.
Don’t Pay Another Cent In Rent To Your Landlord…
It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:
- Save for a down payment
- Stop lining your landlord’s pockets, and
- Stop wasting thousands of dollars on rent.