Home > Home & Garden > Real Estate > Buying & Selling Homes
Created on: February 10, 2006 Last Updated: July 01, 2011
Well, one resource I have used for looking for properties is www.realtor.com. Also, check with friends/family to find a good real estate agent.
As far as the steps in purchasing a home:
This step is optional, though recommended. I would suggest you first get preapproved for a mortgage. Make sure that you are comfortable with the payment. It will give you a starting point to begin your search. Another huge advantage of being pre-approved is it grants you additional bargaining power when it comes to putting in the offer on the home that you want to buy.
The next step would be deciding on the type of property you would like to buy. Keep in mind, however, that you should plan on living there a minimum of two years. The reason being, if you live there at least two years, you are not required to pay capital gains tax on owner occupied property if there is a "profit" when you sell it, unless you make a profit of several hundred thousand dollars.
Single Family Homes
Pros
• Generally Appreciates the fastest of all residential properties
• Generally Depreciates slower than other residential properties
• Usually the easiest and quickest type of property to sell
• Provides the most privacy
• Gives you the freedom to do as you see fit with the home (ie decorating, painting, re-modeling, etc.)
Cons
• You must pay all maintenence required
• You are required to do all the work as far as lawn care, snow removal, ect.
Townhouse/Condo
Pros
• Little to no maintenece work (ie lawn care) required
• Usually costs less than a single family home
Cons
• Usually Appreciates slower than all other residential properties
• Usually Depreciates faster than all other properties
• Less Privacy than a single family home
• Far more difficult to sell than a single family home
• Depending on the condo/townhouse, residents/owners may need to meet specified criteria to own/move in
• Usually an association fee required, potentially very expensive
Two Family Homes (ie Duplex)
Pros
• May gain more equity/income as a result of having a rental
• Fairly easy to sell
• Generally considered a good investment (as is most real estate)
Cons
• Potentially having the other side vacant, with no additional income to supplement the mortgage payment
• Maintenece nearly doubles (furnaces, water heaters, ect)
• Not as private
Below are the top articles rated and ranked by Helium members on:
How to save money on a home
Well, one resource I have used for looking for properties is www.realtor.com. Also, check with friends/family to find a
There are a few simple tips to saving money on a home that will greatly benefit you in the future.
#1) Hire a realtor. If
by S D Rios
1. Follow the old adage: "Buy the cheapest property in the best neighborhood you can afford!" Why? You have room
Buying a home is probably going to be the biggest expense you ever incur. It behooves you, therefore, to save as much money
by Francis Jock
For the first-time home buyer, finding ways to save money is an important consideration.After all, going in debt by borrowing
View All Articles on: How to save money on a home
Helium Debate
Cast your vote!
Click for your side.
Featured Partner
Marching Mountains organizes at the grassroots level while creating and leveraging Internet technology to empower our networks of involved people. Marching Mountains seeks grants and corporate sponsorship in addition to fundraising to pr...more