Karen Scopetski - Coldwell Banker Residential Brokerage-Vice President, MA real estate single family


Want to make your homeownership dream a reality? Get pre-approved for a mortgage, and a first-time homebuyer can move closer than ever before to acquiring his or her ideal residence.

Ultimately, there are many reasons to receive pre-approval for a mortgage, including:

1. You can establish a realistic homebuying budget.

Entering the housing market for the first time can be challenging. In fact, many first-time homebuyers struggle to establish realistic expectations before they begin their home search. And as a result, these homebuyers may end up spending too much for a house.

Fortunately, getting pre-approved for a mortgage enables a homebuyer to enter the real estate market with a budget in hand. This ensures a homebuyer can avoid the temptation to overspend on a residence.

Pre-approval for a mortgage also allows a homebuyer to map out his or her homebuying journey. With a plan in place, this homebuyer may be better equipped than others to acquire a top-notch residence that matches or exceeds his or her expectations.

2. You can speed up the homebuying journey.

Although a first-time homebuyer can always submit an offer on a home without a mortgage in hand, doing so may be tricky. In some cases, it may even slow down the homebuying process, especially if a homebuyer has to allocate significant time and resources to find a mortgage lender.

On the other hand, a homebuyer who gets pre-approved for a mortgage should have no trouble accelerating the property buying cycle. This homebuyer will know exactly how much money is at his or her disposal, and as a result, can speed up the homebuying journey.

3. You can gain a competitive advantage over rival homebuyers.

In many instances, a home seller may be more likely to accept a proposal from a first-time homebuyer who has been pre-approved for a mortgage versus an offer from a buyer who still needs to obtain a mortgage.

A homebuyer who has a mortgage likely won't have to wait too long to acquire a house. Conversely, a homebuyer who needs to apply for a mortgage after an offer has been submitted may need to wait many weeks or months to complete a home sale.

Clearly, there are many great reasons for a first-time homebuyer to receive pre-approval for a mortgage. For homebuyers who want to ensure the best results possible, it certainly helps to collaborate with an experienced real estate agent too.

An experienced real estate agent understands the ins and outs of the housing market and will do whatever it takes to help a homebuyer streamline the property buying journey. This housing market professional will set up home showings and negotiate with a home seller on a property buyer's behalf. Plus, he or she is happy to provide honest, unbiased recommendations to help a homebuyer make his or her homeownership dream come true.

Take the next step to acquire your dream residence – get pre-approved for a mortgage today, and a first-time homebuyer can get the necessary financing to purchase his or her ideal house.



14 Stirrup Brook Ln, Northborough, MA 01532

Single-Family

$849,900
Price

11
Rooms
4
Beds
2/1
Full/Half Baths
Meticulously maintained custom colonial sited on cul-de-sac in desirable Stirrup Brook neighborhood! Grand 2 story foyer, 9" ceilings. Cherry kitchen w/large center island, stainless steel appliances, granite counters, walk-in pantry & dining area. Warm & inviting family room w/fireplace, hardwoods, built-in bookshelves & columns. Formal dining accented with elegant chair & crown/dental molding. Den/office w/french door. Master suite with two walk-in closets, sitting area & master bath w/Jacuzzi tub, double vanity & tiled shower. 3 other generous size bedrooms. The fabulous finished walk out lower level w/daylight windows adds a game/play room & work out room. Loads of storage. Fresh interior paint! New Trane furnaces & A/C condensers. Enjoy your new composite deck overlooking private fenced back yard, perfect for outdoor entertaining! Desirable location is the key to a great home & this has it all while only minutes to commuting, shopping & walking distance to high school!
Open House
No scheduled Open Houses

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9 Coram Farm Rd, Northborough, MA 01532

Single-Family

$524,900
Price

10
Rooms
4
Beds
2/1
Full/Half Baths
Well maintained expanded grambrel cape on a lovely cul-de-sac in desirable Northboro Farms nieghborhood! Renovated cherry kitchen with granite counters, tiled flooring and stainless steel appliances. Formal living & dining room w/hardwoods. Family room with fireplace & slider leads to skylit 4 season enclosed porch. Hardwoods majority of home! Large Master suite with double closets & full bath. 3 other generous size bedrooms. Partially finished lower level includes a home office and exercise room New windows & water heater. 2 renovated baths. New septic 2016! Low maintenance vinyl siding. Over sized two car attached garage. Fabulous location on a small cul-de-sac sited on a private wooded lot! Town water & natural gas. Community garden in neighborhood. Whole house generator connection. Enjoy all that Northborough has to offer including top rated schools, shops, restaurants and access to commuting routes.
Open House
No scheduled Open Houses

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Buying a home is one of the biggest and most useful investments that you’ll make in your lifetime. One thing you should understand when you're making big improvements to a home or doing any kind of high return renovations is that of the Capital Gains Tax. This tax can take away from the return on your investment, especially under the right circumstances. Even with minimal improvements to a home, if an area has seen an upswing in popularity, you could end up paying the price when you go to sell. 


Taxpayer Relief Act


The Taxpayer Relief Act of 1997 can help many people to hang on to the returns they see from the sale of their home. 


Previously, homeowners could qualify for a one-time tax exemption of up to $125,000 on the sale of a home. They also could combine the earnings in on the purchase of another home. Currently, there are a few ways that you can save on the Capital Gains Tax thanks to the TRA. 


House Flippers And Homeowners Aren’t Equal


Not all home sales receive an equal tax treatment. If you are flipping houses, you’re out of luck when it comes to receiving profit-friendly tax breaks. You need to have lived in a home as your primary residence for two out of five years of owning a home in order to qualify for tax breaks. If this isn’t the case, you’ll end up paying a Capital Gains Tax on the sale of the property. If you’re a professional house flipper, your homes are considered inventory and taxed as income. The tax on this can vary from 15% to 20%, depending upon the tax bracket you fall into.



The Type Of Property Matters When It Comes To Taxes


Whether the property is a primary place of residence, a vacation home, or a rental property, the gains are all taxed differently. If you own a second home that you’re interested in selling, it’s not treated the same as a primary residence for tax purposes. You’ll be taxed based on the amount of time that you owned the property, or the amount of time that the property was used as a second home. The taxes are based on a prorated amount of time.


The Price Of The Home Doesn’t Matter


You may think that higher priced homes are taxed more heavily than less expensive homes. This would be the case when it comes to property taxes, but it isn’t so when we’re talking about Capital Gains Taxes. These taxes are based on how much profit is made from the sale of the home. If a loss was taken, or the homeowner “broke even,” they may not owe as many taxes. A smaller home that had significant improvements made could be taxed a bit more than a home that was sold at a higher price with fewer upgrades.



8 Latisquama Rd, Southborough, MA 01772

Single-Family

$524,900
Price

8
Rooms
4
Beds
2/1
Full/Half Baths
Step back in time on one of Southborough center's most picturesque and historic streets. Make this charming Victorian your own! 1st floor offers elegant living room with fireplace and bay window, formal dining room , chair rail and French door. 1st floor den or office, large eat in kitchen with picture window. 4 good sized bedrooms one with fireplace, all with hardwood flooring. 2.5 baths. Filled with character. Updated windows and oil tank. Expansion potential in 3rd floor walk-up attic. Desirable Southborough location known for top rated public schools and 2 exclusive private schools. Short distance to town centers Main street, library and St. Mark's golf course. A slice of privacy w/an amazing yard , in-ground pool and two screened in porches for entertaining, just steps from the charming town center. New septic being completed prior to closing. Estate sale sold "as is" needs some rehab. Convenient commuting location with easy access to all major highways and Commuter Rail!
Open House
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