Life Event Guide: Buying/Selling a Home

Published: Aug 29, 2019
Couple unpacking for their home.


Buying a home is equal parts exciting ("yay, a place of our own!"), scary ("can we really afford this?!") and intimidating ("where do we start?"). It's a big dream, but with the proper planning, advice and resources, it's one you can achieve.

Use this guide to make the most out of your LifePlan benefit and stay on top of the home buying process.

Talk with a financial advisor Piggy bank, icon.

How much mortgage can I afford?

I need help creating a cashflow plan to save for my down payment.

Do I need to improve my credit score? What steps can I take to do so?

What are my lending options?

Should I sell or rent out my home? Can I do a long term profitability comparison?

Schedule a financial advice session.

Talk with an attorney* Legal court building, icon.

I'd like to understand my legal rights as a home buyer or seller, such as

  • rights to disclosure of defects or safety dangers
  • choice or refusal of a lender or mortgage provider

I'd like a review of my purchase agreement and title report.

What are the steps of closing? Am I missing anything?

What do I need to consider when I title my home?

Should I have a will or trust (and how is that related to owning a home)?

Discuss your estate plan in light of the purchase/sale of your home and walk through what decisions you need to make, and what information you need, in order to make changes.

Schedule a legal advice session.

Create or update your estate planning Stack of estate plan documents, icon.documents 

Create or update your will or trust to include your new home. You can also determine who should get your home when you pass away.

View estate planning documents.

Talk with a tax professional* Tax paperwork, icon.

What are the capital gains rules? Is my home subject to them?

Does my state/county/municipality charge a transfer tax?

Am I eligible to take a mortgage interest deduction, state/local property tax deduction and/or loan origination fee deduction?

Am I eligible for the Mortgage Interest Credit?

Am I eligible for other state and local tax breaks?

What are my options for a home office deduction?

Schedule a tax advice session.

Talk to an insurance professional * Umbrella, icon.

What is the proper amount of homeowners insurance to

  • rebuild the structure of my home?
  • help replace my belongings?
  • cover costs if I'm unable to live in my home?
  • protect my financial assets from lawsuits and other liabilities?

Am I required to purchase flood or other natural disaster insurance?

Schedule an insurance advice session.


Need help?

(888) 556-0888 Mon-Fri 7am-7pm CT

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*DISCLAIMER: Legal advice is provided by an independent network of attorneys. Tax advice is provided by 1-800Accountant, insurance advice is provided by Mylo, our trusted service partners.