Ridgefield, Wilton, Redding, Home Sales, Home Buyer

16 Home Buying Secrets You Need to Know Before You Purchase:

February 7th, 2008 categories: Buying Your House, Redding, Ridgefield, Talking Real Estate, Wilton

Your Ridgefield, Wilton & Redding, CT Real Estate Buying Experience…

…should run like a well oiled machine, and a seasoned buyer’s agent can help ensure the greatest amount of success with the least amount of stress. These are some helpful hints that you should know before you buy your next home:

1. Compared to renting, your new home is like a savings account. Property taxes and qualified home interest are deductible on your federal income tax return. Your tax professional will be able to guide you through the benefits of home ownership. The ramifications to your overall net worth are astounding!

2. For most, a home is the largest asset you will acquire. Real Estate holdings have consistently increased in value over time and are considered one of the safest investments you can make.

3. A homeowner can exclude up to $500,000 of capital gains if married filing jointly or up to $250,000 if single or married filing separately. The home must be the taxpayer’s principal residence for a total of two of the 5 years prior to the sale.

4. Unlike stocks and bonds, a home is one of the few investments you can actually use and enjoy!

5. Most times, your real estate agent can show you ALL the homes on the market whether it is listed on the Multiple Listing Service (MLS), a builder, or even a For Sale By Owner.

6. It is important to secure a mortgage pre-approval from a lender before making an offer on a house. This way the seller is assured that you are ready, willing and ABLE to make the purchase. It also helps to get your offer accepted as quickly as possible and without complications.

7. Your REALTOR can help you with the list of items that you’ll need for your loan application. It is like a scavenger hunt, so it pays to be prepared!

8. A property inspection is your right and is included in your purchase agreement. This gives you leverage to negotiate with the seller once you uncover all the details about the property’s condition.

9. The seller may provide a Home Warranty Plan that can cover selected items, such as central-air/heat, water heaters, and other appliances. Many times the buyer may purchase such a plan if the seller does not. The cost for a 1 year, renewable Home Warranty Plan can range from $300-$500.

10. Working with a Agents who have an office “team”, like The Kimmelman-Gutman Group, helps assure your transaction will be handled smoothly.

11. Whether it’s a seller’s or buyer’s market, it is important not to merely bargain hunt. Make sure you find the right house for you, and then let your REALTOR help you negotiate the best price and terms.

12. Since every home and every seller’s motivation is different, it is important not to get bogged down with “general” market statistics and trends. Stats are just one of many factors in determining a home’s value, and your REALTOR should help you fell comfortable with your offer when you find the right home.

13. Technology and communication play a crucial role in today’s home buying process. Make sure that your Buyer’s Agent is up to date with the latest technology and can communicate with you via e-mail, text message, instant message…whichever is best for you.

14. Don’t lose sight of the fact that a home’s true value is what it is worth to you. Every home is unique, so, comparables and appraisals help to put you in the “zone”, but will not give you the exact value of a home.

15. Work in synergy with your Buyer’s Agent. Teamwork during your search, negotiation and inspections all the way through to closing will ensure that each step is completed to the highest degree of success.

16. In Connecticut, once you’ve chosen a home to purchase, we work together, with attorneys, listing agents, home inspectors, mortgage lenders and other professionals to bring your transaction to a successful close. Your Buyer’s Agent coordinates your transaction to make sure you move in with ease.

Call us to find out how we can help make your move stress free!