How To Buy A Home In Maine

...Everything You'll Need To Know

What every buyer should know before purchasing

 

  1. Property taxes and qualified interest are deductible on an individual’s federal income tax return.
  2. Historically, real estate doubles in value every 15 years. Even more so with waterfront property.
  3.  Often, a home is the largest asset an individual has and is considered one of the most valuable investments available.
  4. Try to purchase the least expensive home in the most desirable neighborhood.
  5.  A portion of each amortized mortgage payment goes to principal which is an investment.
  6. A home is one of the few investments that you can enjoy by living in it.
  7. A REALTOR can usually show you any home whether it is listed with a company, a builder, or even a For Sale By Owner home.
  8. Working through a REALTOR to purchase a For Sale By Owner home can be very advantageous because someone is looking out for your best interest.
  9. Your Real Estate professional can provide you with a list of items you’ll need to complete your loan application so you’ll be prepared.
  10. A homeowner can exclude up to $500,000 of capital gain tax if married and filing jointly or up to $250,000 if single or filing separately.  The home must have been the taxpayer’s principal residence for a period aggregating two years or more during the five year period ending on the date of the sale or exchange of the home.
  11. Beginning with May 07, 1997, there is no longer a requirement to purchase another home more expensive than the one sold.  Homeowners are free to buy up or down with no tax consequences assuming their gain is less than the allowable amounts.
  12. Ask the Real Estate professional if they are familiar with the neighborhoods where you want to live. 
  13. Ask the Real Estate professional whom he/she is representing in the transaction.
  14. Ask the Real Estate professional what he/she will do to keep you informed.
  15. Your Real Estate professional should provide you with the highest level of service and advice.

Your goal as a Maine real estate buyer is to find the home of your dreams that is within your financial means, NOT , to fall in love with one house and hope you can afford it. Make sure you have a "Plan B" in place. That is, have a second choice home that is less expensive. This will give you more leverage in the negotiation process. If the first home discussions collapse, then you'll have a sound, affordable, alternative home waiting that would work out just fine.

 

Back...                                ...CONTINUE

Lifestyle Interview

A home is about more than the number of bedrooms or bathrooms. It's about how you feel when you're in it. To really pinpoint the type of home you're looking for, consider the following questions:

What makes you comfortable in your current home? Is there anything in particular you'd like to duplicate?

 What is your primary reason for searching for a new home?

Do you have children? What are their ages, interests and activities?

Do you entertain a lot? What areas of your home will you primarily use to entertain?

How long do you expect to live in the home?

Do you have any pets that stay in the house or outside?

Would you consider yourself to be more casual or formal?

When you imagine your dream home, what do you see? What images come to mind?

Questions?...Contact us.

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Meservier & Associates of Keller Williams Realty Mid Maine 34 Center St. Auburn, Maine 04210