Many people have at least once dreamed or thought of the type of a home
they would like to live in at certain points in their lives. For a
potential home-buyer who would wish to own a home in 2016, there will be
a considerably large number of homes to consider. Additionally, most of
these homes will be sold at relatively competitive prices. Thus, the
following are some of the things one ought to know when purchasing a
home in 2016:
1. Right-size the home's down payment
A
potential home-buyer should consider paying more than 20% of the total
cost of the home that sellers often require. Such a strategy would be
beneficial in an excessively competitive market that may emerge in the
coming year. The extra payment for a down payment also assures the
home-seller that the owner will be in a position to secure a mortgage if
the asking price of the home supersedes the appraised price.
2. Benefits from tax breaks
In
many states, tax laws are increasingly favoring homeowners. For that
reason, buying a home in 2016 not only means securing a house, but also
qualifying for a marvelous tax break. For instance, tax laws in many
states allow homeowners to deduct every monthly interest payable on a
home loan, except when the home's worth is more than a million.
3. Have a savvy broker
While
typical brokers will inform potential homeowners of all the things they
ought to know before buying a home, not every advice given is
trustworthy. Thus, a potential home owner in 2016 should have a
well-known agent to gather all the necessary information before settling
for a home. A savvy broker has up-to-date information on market trends,
and unseen factors affecting prices of homes. He or she may inform a
potential homeowner of the hidden prices that a home seller would
charge.
4. Price of homes are stabilizing
Due to the
increasing demand for homes in the past few years, home prices have been
skyrocketing steadily. However, the current market trends show that the
prices are currently reaching a level playing ground no matter the
stiff competition in the housing markets. Therefore, a person interested
in owning a home in 2016 will be able to bargain for a fair price from
sellers.
5. Interest rates for a home loan are still low
Many
people who are unable to purchase homes from their pockets often opt of
loans. However, home loans have been attracting at least 20% interest
on any home loans. These high interest rates have always been the sole
reason that people avoid opting for a home loan. Fortunately, many
potential homeowners in 2016 will be free from such hefty loan rates as
many the loans have currently reduced up to nearly 4%.
Conclusion
2016
will be the best year for one to purchase a home. The will come with
attractive deals that will see many people securing worthy homes at
relatively cheaper prices as compared to the previous years. For that
reason, any potential home-buyer should contemplate owing a home in 2016
with a huge potential for financial savings.
