~ No Thanks, I Think I'll Just Rent ~
It bothers me when I hear this comment. This usually comes from the mouth of someone that is not fully educated on the current market. As I explained in an earlier post, Should I Buy or Should I Rent a Home in south Aurora?, now is the perfect time to purchase a home.
The average sales price for a home in south Aurora that has between 1000-1400 square feet with 3 bedrooms and 2 bathrooms sold for $133,264 in September 2011. The payment, based on an FHA loan, with the minimum 3.5% down, of $4665 and at 4% interest, would be less than $950.00 a month. (That payment would include principle, interest, taxes, hazard insurance and mortgage insurance.)
According to a local property manager, to rent a similar property in south Aurora, one would be spending between $900 to $1275 per month. Yes, by renting one has the freedom of not being "tied down" to one place for a long time, but looses the pride of home ownership and the tax deductions one receives when they own a home.
If this post is making you think twice about your decision to rent, contact Dawn Fabiszak, and put her 18 years of experience to work for you. She has been a full time real estate professional and is very familiar with homes and condos in south Aurora.
***** For more reasons why it's a great time to purchase a home in south Aurora, read, I'm Waiting for Prices to Hit Rock Bottom!