5 Tax Questions You Should Ask When Buying A Home
Buying a home is a serious undertaking and a massive investment, which is why it pays to arm yourself with knowledge before committing to such a large purchase.
One of the most important factors to consider when buying a home are the taxes. Homebuyers always have questions, and questions about taxes should always be towards the top of the list.
The more prepared you are, the better off you’ll be. However, keep in mind, you don’t just want to ask the realtor because you might not get an accurate answer.
Make a few calls and ask the township or local government offices to get answers straight from the source.
Ask About Schools
Always ask about nearby schools, because schools affect taxes big-time. Even if there aren’t any schools in the immediate township, you can still wind up paying taxes on other schools in the same county.
Ask About Firemen and Police Stations
Another thing to look into when checking out a property is whether you’ll be paying taxes for any nearby police or fire stations.
Some people enjoy living close to police stations because it makes them feel safe. However, that sense of security comes at a price.
A price you’ll feel when you see how much you’ll be paying in property taxes.
Ask About Recent Improvements
One of the things that slips past many unsuspecting homebuyers are any recent improvements made to the property.
If a new shed, deck, or garage has been recently constructed, it will drive up the taxes for that property once it’s re-evaluated.
Ask About Who Pays the Taxes for the Remainder of the Year
When buying a house, don’t forget to flesh out the details of who is responsible for paying the taxes for the remainder of the year.
Whether it’s Summer taxes or Winter taxes, someone is going to be left with the short end of the stick. Make sure it’s not you!
If you forget this little step, you might end up overleveraging yourself.
How Are Back Taxes Handled?
For those of you who might be stretching your finances a bit to land your dream house, you might want to ask about how back taxes are addressed.
How high are the fines if you can’t pay the taxes for a year or two? Although it might not inspire much confidence in the seller, a question like this can help you avoid a lot of trouble down the road.
Alternatively, you should ask if the seller has any outstanding back taxes that you’d become responsible for after purchasing the home.
Learn More From Contenza Properties
Contenza Properties specializes in buying homes for cash, fixing them up, and reselling them. We give homeowners struggling financially a way out.
If you purchased a home with excessive taxes that are too high to keep up with, we can make you a cash offer to take the burden off your hands.
Want to know more? Get in touch with Contenza Properties!