In the complicated process of finding and buying a home, the uninformed shopper can get caught up in costly missteps along the way. From establishing a budget to closing the deal, here are 18 tips to help keep homebuyers on track and on budget.
Plan to stay put.
Current homeowners moving to a new city might assume buying is better than renting, but that's not always the case. It may make more sense to rent than to pay the one-time costs associated with buying if you have to move again soon. There are tax benefits to staying in a home for at least two years. Sellers can exclude up to $250,000 in capital gains ($500,000 for married couples filing a joint return) from a home sale, but only if they owned and lived in the home for at least two of the previous five years. The exclusion can be used once every two years.
Have options.
Negotiating can be difficult and uncomfortable, but one way to ease the tension is to have options. Find several properties that would make good homes and negotiate hard on the price, concessions, and repairs, knowing that a backup is ready if one deal falls through.
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