Tips for Buyers
Things Every Buyer Should Know Before Purchasing
- Property taxes and qualified home interest are deductible on an individual’s federal income tax return. Delaware has very low property and school taxes.
- Many times, a home is the largest asset an individual has and is considered one of the safest investments available.
- A homeowner can exclude up to $400,000 of capital gains if married filing jointly, or up to $250,000 if single or married filing separately. The home must have been the taxpayer’s principal residence for the previous two years.
- A portion of each amortized mortgage payment goes toward the principal, which is an investment.
- A home is one of the few investments you can enjoy by living it it!
- The majority of the time, a Realtor can show you any home, whether it is listed with a real estate company, a builder or a For Sale By Owner.
- A Pre-approved program will actually approve you for a specific loan amount subject to the property. This will give you confidence and will help when negotiating with the seller.
- Your real estate professional can provide you with a list of items that you’ll need to make a loan application, so you’ll be well prepared when the time comes.