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Tips for First-time Home Buyers Buying a home could be the biggest single purchase you can ever make, so it’s important to be familiar with the numbers before signing any contract.If you’re prepared to take the leap and get your first home, below are seven tips you should consider: Your Budget This could sound elementary, but underestimating the actual costs of ownership is a typical mistake. Not only do you have a mortgage, you’ll also have to pay taxes, insurance, and other expenses that accompany having a home.These days, a down payment is about 20% of the purchase price.
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Your credit score plays a critical role in securing low-interest financing.Look at your credit report and work out discrepancies before you meet with a lender. Keeping It Small Building up new debt prior to home financing can influence your debt-to-income ratio and the amount you can borrow from a lender.In short, avoid shopping for any big-ticket item on credit, such as a car, if you intend to buy a home in the near future. Doing Your Homework Save money and time by shopping around online–there are almost countless websites that can help you with this– to know which lenders are have the most attractive interest rates in your area.Comparison-shopping can help you save money in the long run, and when you’re talking about a 30-year mortgage, that can be a pretty long run. Emergency Savings Many a dream home has grown to be a money pit, costing a lot more money than the owner had budgeted.What’s the picture if your street is flooded or your plumbing requires an overhaul?Before buying a house, hire a reliable home inspector, and be ready for the unexpected with cash set aside for the unanticipated. Energy Tax Credits To enjoy energy tax credits, qualify energy-efficient equipment in your home.Thirty-percent of solar and geothermal installation costs can be claimed on your taxes, and that can give you very nice savings. Renovations Though you typically can’t remove home renovations on your yearly tax return, the good news is that these costs can help you should you decide to sell your home.Simply include them in your home’s adjusted cost basis; bigger basis means smaller capital gain.To qualify as a deduction, the improvement must add to the material value of your home’s value, lengthen your home’s useful life substantially, or make your home useful in new ways.In computing capital gains, you can also exclude up to a maximum of $250,000 of the gain from the sale or $500,000 if you’re filing jointly. A home can help you build a great future or, simply break your bank.run the numbers first before buying into the dream, First know your numbers, then you can buy into the dream.