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First Time Buyers'
Dos And Don'ts
If you are a first time home buyer, you have a lot to learn.
Working from a blank slate you must build an understanding of the housing market, determine what you can afford, land a loan and hone in on a home that's a good fit for your lifestyle.
The transaction will likely become your largest asset ever so there's little room for error.
It is a daunting task, but you can ease your concerns if you take the process step-by-step, watching your footing as you move along the path toward the American Dream.
Below is a list of "Dos and Don'ts" to
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help first timers turn that stress into the self-confidence you'll need to move closer to your first home.
The list focuses on areas first-timers typically stumble over in their initial home buying attempt. Knowing what you could
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Taking The Real Estate Investment Plunge
Just like buying a home to live in, taking the real estate investment plunge requires taking stock of your financial goals, planning and lifestyle before taking the plunge.
Pretty much like buying any property.
If you've got the time, the money and the lifestyle that lends itself to managing a real estate investment, you are just about half way there.
However, both halves are pretty big halves.
The National Real Estate Investors Association says you've still got a lot of work to do.
Here's what.
Buy your own home first. Buying a home will not only put a roof over your head, but also teach you the true cost of property ownership beyond the monthly mortgage payment; give you a primer on financing; school you on how location and changing market conditions affect property values; give you the angle on tax and other home-owning benefits; help you learn about property maintenance;
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Tax Rebate Uses For Buyers
What should a smart home buyer do with that fat federal tax rebate check?
Well, it's not that fat, but it could come in handy for buyers before, during and after the home buying transaction.
The Economic Stimulus Act of 2008 includes, among other provisions, tax rebates, bureaucratically dubbed "economic stimulus payments."
Starting in May, the U.S. Treasury Department will begin sending rebates to taxpayers, who had $3,000 of income and filed a 2007 tax return and have a valid Social Security number. Eligible taxpayers will receive up to $600 ($1,200 for married couples). Parents will receive an additional $300 for each eligible child younger than 17.
If you are a retiree, disabled veteran or low-wage worker who is otherwise exempt from filing a tax return, you must file a tax return this year in order to receive a rebate.
The rebate -- both the basic component and the additional funds for qualifying children -- begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds.
You can estimate what your tax rebate take might be with the Economic
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Second-Home Sales Accounted For One-Third of Transactions in 2007
The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of REALTORS® (NAR).
The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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