In a year when we’re learning to do so much remotely, homebuying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices
Is It Better To Rent Or Buy A Home
Dated: August 6 2019
Virtually all adults ask themselves this at some point as they form their goals and plan for the years ahead. Owning and renting each have their advantages, but what is best for you depends on your circumstances. Before you decide, here are some things to ask yourself:
How Long Will You Stay In The Home?
Each market is different, but declaring the time you plan to spend in the home justifies if the purchase can be predicted. Typically, it takes four to seven years to break even on a home. If you are thinking about buying a home and selling it in two years, it is very unlikely that buying will be cheaper than renting.
Do You Think Of Or Need Your House As An Investment In Your Retirement Plan?
Americans are used to their homes being a store for wealth they can liquidate in retirement as part of downsizing their lifestyle. In 2018, Gallup reported that more Americans names real estate as the second best long-term investment, over gold, savings accounts/CDs, and bonds. 31% of Americans choose Real Estate.
Are You Financially Ready?
Owning a home is a financial commitment that requires planning how home ownership will fit into where your life is headed. Ask yourself what your budget is and if either buying or renting would require you to stretch your finances. Crunch all the numbers. A frequent mistake of first-time home buyers is comparing a month’s rent to a month’s mortgage payment. There are many additional fees necessary to include to make a fair comparison: principal interest, property taxes, property insurance, homeowners’ association fees, and maintenance.
Are You Prepared For The Down Payment?
This is a lump sum payment that funds your equity in the property (how much of the property you actually own). Down payments vary; 20% is the preferred and gets the best rates but there are some loans that allow down payments as low as 3%.
If you or anyone you know is interested in renting or buying a home, call/text me at 702-415-6348!
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