TENANTS! Simple 123 of Home Buying

Rent-or-Buy1-600x300

Interest rates are low and affordable, and there are plenty of loan programs out there. There are also plenty of people out there right now who are making the step towards home ownership from renting. If you are unfamiliar with the logistics of finding your own home, it is as simple as the following (it’s your agent and lender who do most of the work):

  1. Get qualified for a loan – you can compare that to how much you want to pay per month
  2. Find a real estate agent who will listen to your wants and wishes – and who will send you addresses to go by (these properties meeting your parameters). The agent will then show the properties that you would like to see on the inside, all with no obligation
  3. When you find “that” property, which is within your financial parameters, it is time for negotiations
  4. Once negotiations successfully come to a close, within 30 to 60 days from that point, you will be a proud owner of something that can last and add to your estate for you and your family

Is It The Right Time to Buy?

Deciding when to buy a home is a personal, financial, and emotional decision. Exploring the idea, stages and requirements involved in home buying is a good first step to making the right decision.

RENTING VS. BUYING. It is important for your mortgage or rent payment to be manageable, but take into consideration the mortgage interest deduction, or the emotional comfort of having your own home.

CURRENT INTERET RATES AND HOME PRICES. The market is cyclical and the value of owning a home isn’t just in the equity you build, but also in the memories you build.

YOUR FINANCIAL STATUS. You should consider all costs involved: Down payment requirements, mortgage payment, homeowners insurance, property taxes, association dues, etc.

FUTURE PLANS. There are options of what to do with your property in the short or long term, like living in it, renting it or selling it. These options will depend on future market values and if you are planning to expand your family, or eventually move.

BUILDING WEALTH AND INVESTING IN YOUR FUTURE. You will build equity in your home over the long run by paying down your mortgage or realizing an increase in value when you sell.

THE COMFORT OF A HOME. It is a place to create a comfortable environment, a place for family and friends, and a place to create memories.