What should one take into concederation when buing a house?
Please list all possible legalities and technicalities.

What should one take into concederation when buing a house?
Please list all possible legalities and technicalities.

I'm not a lawyer, or a real estate agent and therefore don't know all the legalities, and technicalities of bying a house, but I'll tell you what I heard from others who have bought houses before, and what I think.

When I concider bying a house, the first thing I want to make sure is that I can afford a down payment and my mortgage. Then when I'm ready, I'd start looking for a house that fits my needs. Some of the needs that I've seen bukharian people have are: close to shopping area, close to other bukharians (if you're more than 5 blocks away, you won't be able to hear all the spletni ;) ), a sinagogue close by, a back yard, and most of all a house that you can enjoy and live in.

I think the most important thing to realize when bying a house, is that this is a long term investment, and currently probably the best investment you can make. I've recently heard people be cautious about bying a house, because they believe that the prices on houses will go down. I don't believe so. Prices might fall slightly in at any time short term, but in the long term you will win. So as soon as you can afford one, buy one.

Yes, as an accountant i will give you advise, buy a house defintely,realize sooner or later houses will go up, beacuse of the demand, Another consideration is if u do fill out Income Taxes, when purshasing a house u will probably get a "Morgage" the percentage that you will pay for morgage is "Tax Deductable", it is a biggest ivestment you will ever make, as suppose paying for renting an apartment.

anybody else wants to add anything?

Oh yes, as an owner, Property Taxes are also deductable if you file your taxes.
cool you will defintely be in advantage better off than renting a place.

Yes, as an accountant i will give you advise, buy a house defintely,realize sooner or later houses will go up, beacuse of the demand, Another consideration is if u do fill out Income Taxes, when purshasing a house u will probably get a "Morgage" the percentage that you will pay for morgage is "Tax Deductable", it is a biggest ivestment you will ever make, as suppose paying for renting an apartment.Just to clarify your point, only the mortgage interest is tax deductible. The tax deductible part of this interest can be smaller than the full amount of mortgage interest you have paid in a year, after applying the IRS formula for maximum allowed tax deduction.

Other two good things about owning:
1. Mortgage payments will stay the same for the life of mortgage (30 years for example). There is a good chance that in 10 years you will be paying less for your mortgage than you could have been paying for renting a similar property.
2. Refinancing. You can possibly make real cash in a few years by refinancing your mortgage.

Just to clarify your point, only the mortgage interest is tax deductible. The tax deductible part of this interest can be smaller than the full amount of mortgage interest you have paid in a year, after applying the IRS formula for maximum allowed tax deduction.

Other two good things about owning:
1. Mortgage payments will stay the same for the life of mortgage (30 years for example). There is a good chance that in 10 years you will be paying less for your mortgage than you could have been paying for renting a similar property.
2. Refinancing. You can possibly make real cash in a few years by refinancing your mortgage.

payments stay the same only with conventional fixed rate mortgages. there are plenty of other mortgages outthere, so the statement that the payments stay the same can be misleading (if not outright wrong).

payments stay the same only with conventional fixed rate mortgages. there are plenty of other mortgages outthere, so the statement that the payments stay the same can be misleading (if not outright wrong).I stand corrected, I missed that important point. Payments stay the same for fixed rate mortgages.

Oh yes, as an owner, Property Taxes are also deductable if you file your taxes.
cool you will defintely be in advantage better off than renting a place.


accountant -to-accountant...I agree :)

Don't base your decision to own property too much on the ability to deduct some expenses on your tax return. You won't deduct them dollar for dollar, only the amount * your tax rate and only if you itemize your deductions. A lot of times you won't get any benefit from this, especially if you are married or work off the books.