Real Estate Information Center

Buying a home can be a scary process if you’ve never done it before but the benefits certainly outweigh the initial fears you may have about the idea of home ownership. Sadly, many renters are afraid to take the plunge until much later in their lives and later find out about all the benefits of home ownership that they could have benefited from.

First, home ownership lends many tax benefits to you. For example, in New York State you are eligible for the STAR program which means you can save hundreds of dollars a year on your school taxes. Additionally, there are certain other costs associated with owning a home like the interest you pay on your mortgage that can also be written off on your annual income tax. Consult with a tax or accounting professional for more details on the tax benefits of home ownership.

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When you buy a home, especially your first home, a lot of thoughts will run through your mind. Is it close to work? Do I love that kitchen? Are there any prisons or hidden toxic waste dumps nearby? A lot of times these concerns are shrugged off as over thinking but they will significantly impact the resale value of your home. Here are seven things to look for in your next home:

How far is it from mass transit? – With the teeter totter gas prices we’ve seen over the past few years it’s easy to forget that gas prices were once five dollars a gallon in some parts of the U.S. Since home buyers typically look for their new home in the Spring/Summer months you are most likely to sell your home during the peak gas price months of the year. Being close to mass transit to major cities will ensure strong resale in the future.

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Many home buyers are lamenting the fact that they would love to purchase a new home and take advantage of some of the great deals and lower interest rates, if only they could sell their current homes.

Since February when the economic stimulus package’s $8,000 tax credits provision for first time home buyers took effect this market segment has exploded. In fact almost 50% of all buyers have never owned a home before. In a more normal market, the percentage of total buyers that are first timers would be closer to 25%. This rush on the starter home market is actually causing some mini-sellers markets to form in the price point. Many well priced homes are actually seeing multiple offers much the same way as they did in the boom. Pricing hasn’t recovered to peek, nor is it likely to anytime soon, but when taken as a percentage of peek, the under 200k price point is fairing much better than the next level of homes.

Continue reading ‘The Case For Upgrading Your Home – Now!’ »

After the last piece of wedding cake as been eaten, and the bouquet has been tossed to a crowd of swarming women, the bride and groom must now return home…but where to? Perhaps an apartment? Or possibly even their first home? Due to the tax advantages that abound for homeowners, the decision to purchase a home will be one of the best financial decisions a newlywed couple can make. With mortgage rates that have been at their lowest in years, purchasing a home in this market may look even more attractive for those who are seeking to own their first home.

So where does a newlywed couple begin looking for that perfect home? The following tips answer some of the most common questions posed by those who have jumped over the threshold to marital bliss and wish to purchase their first home.

What’s the first step when buying a home?

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Before you sign on the dotted line to purchase your home, ask yourself if you really know that area that you are about to move into. One of the most important aspects of any home that choose to move into is of course the neighborhood. Sure, the home looks fantastic online and every during the walk through, however, in your haste to purchase what you believe is your dream home, you run the risk that this home may be less than what you desired.

Before moving to any new city or subdivision, it’s always wise for buyers to do a little research before you call it home. You number one go to of course is your realtor. In order to find a knowledgeable realtor, make sure that you work with one who specializes in the area that you are interested in moving to. He or she will serve as great source of information given the fact that they know more about the area that anyone else.

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