When preparing to sell your home, the first thing to do is make it presentable. This means giving the entire house a thorough cleaning and making small repairs. And don’t forget about paint — returning the walls to a neutral color can help your house sell quicker. White, creams, and grays can make rooms seem bigger and help potential buyers see themselves living there.
In most cases, the mortgage interest (and property tax) may be itemized and deducted from your taxable income, lowering your overall tax bill. This can make your after-tax cost of home ownership lower than renting. However, there may be tax implications if you later sell the home at a profit. Please consult your tax adviser regarding interest deductibility.
When buying a home, you have the option to perform several types of inspections. The purchase offer you write can be contingent upon a satisfactory home inspection, pest inspection, chimney inspection, radon test, and many other inspections.
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The first step in deciding your home’s list price is to get a comparative market analysis (CMA) from a real estate agent. To perform a CMA, your agent will find similar homes in your neighborhood that have the same square footage, number of bedrooms, and number of bathrooms.
Your real estate broker can help you here. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You will want to get a professional home inspection before you make your offer.
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