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PORTLAND
OREGON
REAL ESTATE
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Negotiating the Sale of Your Portland Home.
Some say that the “Devil is in the Details” and these last two steps are full of details as buyers make offers contingent upon certain conditions being met by the seller and sellers make counter offers in the process of closing your Portland home. Once there is agreement, however, many details still remain in order to finalize the sale.
Portland Homeownsers Insurance
Portland Home Safety Measures. You can usually obtain insurance discounts for having a smoke detector, burglar alarm or dead-bolt locks. However, take note that some fire systems can be costly and not every system may qualify for an insurance discount, so check with your insurance company first.
Don’t Over-Insure. Homeowner’s insurance is designed to protect you against loss should your Portland home and furnishing be damaged or lost through theft, windstorm, fire, etc. The land under your home is not insured, as it is not at risk. If, in considering value, you include the cost of the land under your house, you may end up paying a higher insurance premium than you should.
Portland HOME BUYING PITFALLS TO AVOID
Sellers usually rely on sales of Portland homes of comparable value to determine a fair and realistic price to set for their home but many sellers feel their home is worth much more and price their home accordingly. Buyers must also be tuned into sales for comparable homes in Portland in order to judge the price of any home that is under consideration.
Being “House Poor” gets to be “Old New” real fast. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of income goes to the support of the Portland house wears thin very quickly and is a frequent cause of family stress. Pushing yourself right up to your limit leaves you highly exposed when the inevitable changes to the national or your personal economy occurs.
Building Portland Home Equity
A popular question from prospective Portland homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Portland.
With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build Portland home equity faster by choosing a 15-year loan instead of a 30-year loan.
The Benefits of Selling Portland
In order to sell Portland as your personal residence, you must have lived in it for two out of the five-year period ending on the date of the sale of the property. This means that you can buy a second home and live in it as your personal residence while renting out your first home. If, in a couple years you decide to sell your first Portland personal residence you can sell it and still benefit from the $250,000 to $500,000 Capital Gain tax exclusion. The law says that the home must be your personal residence for at least two out of the past five years.
Portland SALES
When you are thinking of buying Portland, it may make sense to get a clear picture of the Portland market before you get too far into your search. It is important to know the current market’s strengths and weaknesses so that you can make wise real estate decisions accordingly.
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