Sandy Lucchesi's Blog
Ready to acquire your dream home? Although you might have already located your ideal residence, you may need to negotiate with a home seller. By doing so, both you and a home seller will be satisfied with the final results of a property transaction.
However, a homebuying negotiation sometimes can be tricky. And if you fail to keep your cool throughout a negotiation, you may miss out on the opportunity to purchase your dream residence.
What does it take to remain calm during a homebuying negotiation? Here are three tips to help you do just that.
1. Take Your Emotions Out of the Equation
Don't take it personally if a home seller wants to negotiate. Instead, view it as an opportunity to ensure all parties involved in a home sale get the best results possible.
In many instances, it's easy for homebuyers to let their emotions get the best of them. But if you feel overwhelmed by stress and frustration, it is essential to take a step back and assess the situation. That way, you can avoid making any rash decisions that could put your chance to purchase a top-notch house in danger.
Try to maintain a positive outlook throughout a homebuying negotiation. Also, don't hesitate to reach out to family members and friends for support, as these loved ones likely can help you analyze any homebuying hurdles and find ways to overcome them.
2. Know Your Options
You may invest many hours in a homebuying negotiation, and you might even make various concessions along the way. But despite your best efforts, there are no guarantees that your homebuying negotiation will be successful.
For homebuyers, it is important to remember that there are plenty of houses available in cities and towns nationwide. Therefore, if a homebuying negotiation goes sour, you can walk away and start a new search for a terrific home.
3. Consult with Your Real Estate Agent
When it comes to negotiating a home purchase, a real estate agent can make it easy to streamline the process of acquiring your dream residence. This housing market professional can serve as a liaison between you and a home seller. As such, he or she will do everything possible to deliver exceptional results for all parties involved in a homebuying negotiation.
Your real estate agent can take the guesswork out of a homebuying negotiation. This real estate expert can respond to any concerns or questions you may have throughout a negotiation. In addition, he or she will provide honest, unbiased recommendations to help you make informed homebuying decisions.
Perhaps best of all, your real estate agent can help you alleviate stress during a homebuying negotiation. He or she will provide you with world-class guidance, enabling you to stay calm, cool and collected as you search for your ideal residence.
Don't let your emotions overwhelm you during a homebuying negotiation. Conversely, use the aforementioned tips, and you can maintain your composure throughout a homebuying negotiation and boost your chances to acquire a first-rate house.
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5 Yale Rd, Hopkinton, MA 01748
61 Plummer Avenue, Northbridge, MA 01588
If you're currently renting an apartment or house, it makes good financial sense to consider becoming a homeowner in the foreseeable future. There are pros and cons to owning your own home -- and it's not for everyone -- but for most people, the advantages far outweigh the disadvantages.
An exception would be if your job requires you to relocate frequently. In that scenario, the potential benefits of building up equity in a home would be greatly diminished.
On the other hand, if you plan on staying put for more than a few years, then the tax benefits and investment value of owning real estate could put you on a stronger financial track than if you continued shelling out your hard-earned money to a landlord. You've probably heard the argument before: "If you pay rent, you have nothing to show for it at the end of the year". However, when you buy a home, an increasing portion of your monthly payments is applied to your actual ownership of the property (as opposed to how much you owe the bank).
Tax Advantages of Home Ownership
In most cases, you can deduct all of your home mortgage interest from your federal tax returns, according to the IRS. More specifically: "The only costs you can deduct are real estate taxes actually paid to the taxing authority, interest that qualifies as home mortgage interest, and mortgage insurance premiums."
However, since everyone's financial situation is different and there is no "one size fits all" approach to financial management, it's always best to consult with an experienced CPA, enrolled agent, or knowledgeable tax preparer. There may be other tax benefits you could qualify for as a homeowner, too, including getting tax credits for installing a solar energy system. The government's Energy Star program says tax credits on new solar energy systems are available through the year 2021.
Getting the Process Underway
Two key steps to becoming a home owner are finding out your credit score and meeting with a mortgage lender to determine how much of a real estate loan you could qualify for. An experienced real estate agent can also provide you with a wealth of guidance and information on how to become a homeowner. They can fill you in on many of the exact steps, requirements, and advantages of buying your first home. A buyers' agent can also help you assess your readiness to take the plunge into home ownership.
In addition to finding out your credit score, which will impact your mortgage interest rate and the type of loan you may qualify for, other vital information can be gleaned from a detailed personal budget. Although the amount of rent you now pay will provide some insights into your potential house-buying budget, there are a lot of variables which will impact how much of a mortgage you could comfortably afford.