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Massachusetts Home Buyer Guide

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Do Massachusetts Homebuyers Pay For Oil Remaining in the Oil Tank?

Nov 27, 2017 11:47:16 AM

Nearly 30 percent of homes in Massachusetts are heated with oil, and homebuyers are often responsible to pay for any oil remaining in the oil tank at the time of closing. 

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Topics: Home-buying Tips, Real Estate Misc., Homeowner Tips

Massachusetts Has New Smoke Alarm Regulations

Dec 20, 2016 12:45:13 PM

New Massachusetts regulations, in effect as of December 1, 2016, require replacement of old and expired smoke alarms. 

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Topics: Real Estate Misc., Homeowner Tips

Eight Tips For MA Home Buyers to Protect Their New Homes From Fires

Nov 5, 2013 6:54:00 PM

Massachusetts home buyers should know home inspectors do not check smoke detectors and carbon monoxide detectors during a home inspection; however, state law requires home sellers have smoke detectors and carbon monoxide detectors checked by their local fire department before the sale of their home.

Despite the comfort of knowing that the local fire department has inspected smoke detectors and carbon monoxide detectors for code violations before they purchased their home, new home buyers – now homeowners – can further protect themselves by considering the following fire safety tips at home.

No one thinks a fire at home will happen to them, yet according to data from the Massachusetts Fire Incident Reporting System, there were 31,229 fires reported in Massachusetts during 2012 that caused 39 civilian deaths, 322 civilian injuries, 531 fire service injuries and an estimated $257 million in property damage.

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Topics: Home-buying Tips, Real Estate Misc., Homeowner Tips

What Does Broom Swept Condition Mean to Massachusetts Home Buyers?

Sep 19, 2013 9:43:00 AM

Many Buyers assume that when they purchase a property, it will be delivered clean and move-in ready. That is not always the case.

In Massachusetts, properties are sold “as-is.” Unless there is specific language to the contrary in a contract / offer to purchase or a purchase & sale agreement, a buyer purchases a property in the condition that it is in at the time the contract is signed, wear and tear notwithstanding. There is nothing that requires a seller to remove trash and debris and/or clean the property prior to the closing. The condition of the property at the time of closing needs to be agreed upon in advance.

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Topics: Home-buying Tips, Real Estate Law, Homeowner Tips

What Do Home Buyers Really Want? Home Builders Release Study.

May 12, 2013 10:26:00 AM

The National Association of Home Builders (NAHB) publishing arm recently released a study of what home buyers want in a home. 

"The housing downturn of the last few years affected not only the number of new homes that are built each year, but also the characteristics, features and size of the ones that do get built.  Builders and other industry professionals now have an opportunity to find out what home buyers really want and will not give up in  today’s market, as well as which features they are ready to leave behind in light of current economic realities," according to the NAHB study released February 19, 2013. 

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Topics: Home-buying Tips, Real Estate Misc., Homeowner Tips, New Construction

Time May Be Running Out to Take Advantage of MA Homeowner Tax Credits

Mar 8, 2013 9:45:00 AM

Massachusetts home buyers calculating the total cost of homeownership may need to remove the potential for tax breaks to repair or replace a septic system and/or for removal of lead paint. 

As part of a package of tax increases and the elimination of a variety of tax breaks, Massachusetts Governor, Deval Patrick, hopes to raise $1.9 billion annually in revenue. Two of his proposals are to eliminate the lead paint tax credit and the septic system repair / replacement credit. 

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Topics: Home-buying Tips, Massachusetts Association of Realtors, Real Estate Misc., Homeowner Tips

Massachusetts Home Buyers May Have to Share Good Fortune

Feb 16, 2013 1:56:00 PM

For those Massachusetts home buyers that have benefited or will benefit from purchasing a home at prices at or near the bottom of the real estate market, they may have to share their good fortune with the Commonwealth of Massachusetts, if a proposal by Governor Deval Patrick is enacted by the legislature.    

As part of a package of tax increases and the elimination of a variety of tax breaks, Governor Patrick hopes to raise $1.9 billion annually in revenue. One proposal is to eliminate the capital gains tax exemption on home sales.

Presently, Massachusetts follows federal tax law in exempting up to $500,000 in capital gains on the sale of homeowners primary residence. Governor Patrick's proposal to the eliminate capital gains exemption is in conjunction with raising the income tax from 5.25 percent to 6.25 percent, effectively raising the capital gains rate to 6.25 percent.  

For example, if a homeowner sells a home after livng in it for a number of years for a gain of $200,000, that homeowner will have $12,500 in tax liability. 

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Topics: Home-buying Tips, Massachusetts Association of Realtors, Real Estate Misc., Homeowner Tips

MA Housing Partnership Offers Loan Program for Energy Improvements

Feb 11, 2013 8:45:00 AM

In an effort to help affordable housing owners reduce costs and make their properties more energy efficient, the Massachusetts Housing Partnership (MHP) announced January 18, 2013 a new loan program to help its borrowers make energy improvements in their homes.

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Topics: Loan Programs, Mortgage Rates & News, Homeowner Tips

4 Reasons Homeowners and Home Buyers Should Have an Emergency Fund

Nov 25, 2012 10:40:00 AM

Saving money is never easy. After paying the mortgage, bills and having a little fun there isn't always a lot of money left over, but making a commitment to build an emergency fund is important for homeowners, and potential home buyers too, for a number of reasons.

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Topics: Real Estate Misc., Homeowner Tips

    

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