First-Time Homebuyer Q&A: Part 3

By Heather Faucher | Posted on July 9, 2009 | Filed Under Real Estate 

Check out Part 1 and Part 2 of this semi-regular series.

8. WHERE SHOULD I GO FOR INFO ON LOCAL SCHOOLS?

One surefire source for getting the low-down on local schools is by contacting the school systems themselves. They can give you basic information on their statistics and rating levels. You can also pop by their website, if they have one, to see what information they have posted online. Alternatively, contacting the city or county school board can also turn up further information on local schools. A good real estate agent is definitely going to be knowledgeable about schools in the area, so may be an additional source to tap.

9. WHAT ABOUT INFO ON COMMUNITY RESOURCES?

The local chamber of commerce is a great place to start. They should have promotional literature they can send you, as well as a website you can poke around on your own time. Also, try asking your estate agent about welcome kits, maps, and other information. Another place to seek information is the local library, since it can be an excellent source for information on local events and resources. Many librarians can often answer many of your burning questions–and are eager to help library patrons.

10. WHERE DO I GO TO FIND OUT WHAT THE CURRENT GOING PRICE OF HOUSES IN MY TARGET COMMUNITIES?

Your real estate agent can give you an idea of ballpark figures by going over comparable listings in the area you’re shooting for. Real estate professionals usually have access to comparable sales maintained on a database and are perfectly willing to review them with clients.

11. WHAT ABOUT INFO ON HOW MUCH PROPERTY TAXES RUN IN CERTAIN AREAS?

House listings typically contain information on the total amount paid for the previous year’s property taxes. If it’s not, request a copy of a tax receipt from the seller or contact the local assessor’s office. Many city and county assessors now offer basic information online, so check out the local municipality’s website. Keep in mind, though that tax rates can change from year to year, so these figures are only going to be a ballpark figure to keep in mind.

12. WHAT OTHER TAX ISSUES SHOULD I TAKE INTO CONSIDERATION?

Remember that mortgage interest and real estate taxes are going to be deductible. A qualified real estate professional (either an agent or attorney) should be able to give you details on other tax benefits and liabilities.

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