7 Steps Not to Miss When Buying a Home

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There are seven key steps you should take to set yourself up for success when buying a home here in Long Beach.

1. Meet with a Realtor. A Realtor is a member of the local board of Realtors and they have direct access to the local multiple listing service, or MLS. They also have intimate knowledge of local neighborhoods and will be your guide through the whole process. Check testimonials and references and ask friends and colleagues for referrals to find the right Realtor for you.
2. Meet with a lender. Assuming you need a loan, a lender will get you pre-approved for it. Check with your Realtor for recommendations on lenders.
3. Have your Realtor set up a home search for you. Realtors can give you access to listings before they show up on all the major real estate websites out there, giving you a leg up on all the buyers not working with a Realtor.
4. Start looking at homes. Make sure you take the time to look at all potential problems areas it could have; the foundation, driveway, roof. Make sure it’s been well-maintained, or prepare to alter the price accordingly.
5. Write an offer. Your Realtor will guide you through writing a strong offer but also and offer that protects you.
6. Escrow process. Once you have an offer accepted, you go into the escrow process, where you typically have 30 or 45 days in a window of time before closing  get the title to the property. This is when you do due diligence and know everything you need to know about the property. This is a time for a professional inspection, for lenders to do an appraisal, and to review disclosures provided by the seller.
7. Closing escrow. This is where you close the process, your loan is funded, you receive the keys, and you start enjoying your home!

"Realtors have intimate knowledge of local neighborhoods." 

If you know anyone looking to buy a home, we would love to help them. Send us an email or call today and we can get started!

What Tax Benefits Are there for Real Estate Investors?

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  Considering Selling? Get a Free Home Evaluation

Today we are excited to bring you the second half of our two-part series on the tax benefits of owning real estate. Last time, we talked about the advantages of owning and living in a home as far as your taxes are concerned. Today we are talking about even more tax benefits, but this time from an investor’s perspective. Here are some of the best benefits.

First off, you can sell your investment property without having to pay capital gains via a 1030 exchange into another investment property. This allows investors to continue to take out their equity, and re-invest it in something bigger and better.

Let’s say you start off by investing in a single-family home. As it goes up in value, you can sell the property, do a 1031 exchange, and buy a better property with the equity. Some other tax benefits that home investors can take advantage of include deducting property taxes and depreciating the value of a home over 27.5 years.

These are just a few of the ways you can save on your taxes and protect your real estate investments. Before making any moves, however, we advise you to reach out to your tax professional and see what works best for you. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

What Tax Benefits Do Homeowners Qualify for?

Considering Buying? Click here to search all homes in your area 

  Considering Selling? Get a Free Home Evaluation

Our next two videos will explain the tax benefits of owning real estate. In the next video, we’ll discuss the benefits of owning real estate as an investment. Today, we'll cover how home ownership can save you money on your taxes.

Homeowners are able to receive a number of tax benefits. When you go to sell your home, you can take up to $250,000 in tax re-profit as an individual. As a married couple, you can have up to $500,000 of tax re-profit when you sell.

What does that mean for you? Let’s say you own a home as an individual. You bought the property for $300,000, but now it’s worth $550,000. When you sell the property, you have $250,000 in profit, and you’re able to keep that profit tax free. The only requirement is you have to have lived in the property for 2 of the past 5 years. If not, you might be able to get a partial reduction.

Owning a home also gets you certain tax write offs. For instance, you can write off interest on your loan, as well as the money you pay every year in property taxes. Plus, if you take out a home improvement loan, the money you pay in interest is tax deductible.

There are a number of tax benefits to owning real estate. If you have any questions, just give us a call or send us an email. We would be happy to help you!