Well, it’s too late. The $8,000 first time homebuyer tax credit has expired and I didn’t cash in on it. Oh well. The sales season is till under way and there are good deals across the country to be had. Here’s a few tips from the experts that I spotted in the Boston Globe about what to do before you buy.
1. Be Financially Set - Buyers need to consider all of their obligations such as how much money they’re going to need for a down payment, monthly payment, property tax, condominium fees (if applicable), insurance, utilities, transportation costs, and a buffer for repair costs.
2. Know The Market – Investigate what comparable properties have sold for over the past three to six months, and if you’re working with a buyer’s agent, he or she should know what fair-market value is, not just the list price.
3. Ask Key Questions - Sellers and their agents should be prepared to answer questions including how old the roof, heating system, hot water heater, and windows are; if the basement has taken water in the time the seller has been there, and if there’s a sump pump; and what utilities and homeowner insurance generally cost.
To read the rest of the article from the Boston Globe, check it out here.