Before signing any commitment to acquire a New Jersey houses for sale that is already built, you should check some important aspects:
Determine price
Determining the price of the house that you are going to acquire will depend on whether you have the initial capital or not, the indebtedness of each one, the tax advantages of buying a home, or if we have another previous house that you are going to sell. You can also study the possibility of opening a home savings account.
Debt capacity
Consider what percentage of the income you can spend to pay the loan instalments so that you do not get into debt beyond your means. Analyze the amount for which you can borrow annually, which can be faced without problems. As an orientation, the share of credit should not exceed 35% of net income.
Normally the mortgage loan will cover around 80% of the appraisal value of the home you want to buy.
Consider other expenses, in addition to the mortgage that, as owner, I will have: taxes, community owners, renovations.
Tax advantages
Not all homes will enjoy a preferential tax treatment, but only the so-called habitual residence (must meet the following requirements: living in it for at least three consecutive years and be effectively and continuously inhabited in the 12 Months after its acquisition or completion of works).
When you purchase a first habitual residence, you can generally enjoy a deduction in the fee you pay in the IRPF that will depend on the amounts you have paid for the purchase of the home or the amounts you pay for the mortgage, either principal or interests.
If you already have the house and want to sell it
If you are planning to sell your usual home to buy another, you should not rush and plan the operation well to obtain the greatest advantages of the transaction
When selling your old house the normal thing is to obtain a profit. If we reinvest in time the money with the purchase of the new housing and fulfilling a series of requirements youwill not have to pay taxes for this fiscal benefit.
Home savings account
These are bank deposits whose purpose is to plan the savings necessary for the purchase or rehabilitation of the first habitual residence
Among its disadvantages is the one that establishes a term for the purchase of the house, usually to the four years of its opening and that once it has been fulfilled the whole balance must be invested
However, it has the advantage of allowing you to deduct for a longer period of time while saving before you buy the home and helps you to reduce the costs of a possible loan.
For a good deal feel free to consult someone who say “we buy houses for cash” so that you may get some discounts. Visit http://cashbuyernewjersey.com/ for more.
