I know you've heard it from us before but the way the market is picking up, now is the perfect time to purchase a property on the cheap while you still can. With the housing market picking up, home prices will inevitably rise to much higher prices (which is currently the way the market is trending). So if you strike now while the iron is hot and inventory prices are relatively low, you may be able to walk away with a great deal where you are paying less for your mortgage than you would pay for renting a similar property.
I know all this sounds good in theory and yes it would be nice to own your own home, but you're probably thinking that you don't have enough capital to purchase a home, you wouldn't qualify, or the process seems too complicated for you to seriously think about taking that next step. Those are pretty common excuses we hear but I'm here to tell you that you can get your dream house, you can afford it, and you can experience a very smooth transaction. And here's how: find a qualified and experienced agent from Cornerstone Realty and Rentals Inc. to walk you through the process. Here's an example:
For all you visual learners, here are some actual numbers showing how purchasing a home can cost you less than renting:
There is a 2BR/2BA Condo for short sale in Schaumburg. Very nice location and right around 1000 square feet. Updated kitchen appliances, washer/dryer in unit, large balcony, and right next to the pool/clubhouse. The asking price for this short sale property is $70,500.
Assuming that you qualify for FHA financing which requires you to only put 3.5% down as opposed to the conventional 20%, you're looking of a down payment of roughly $2468, of which you only have to pay $1,000 up front for escrow and then the remaining $1,468 is due at the time of closing. That being said, at an estimated interest rate of 3.1% you're looking at a monthly payment of $789 and that INCLUDES home owner association fees, taxes, and insurance! That's crazy! Especially considering if you were to rent out a unit in the same complex you'd probably have to spend between $1,000-$1200 just to rent. That's just one example, but feel free to search the link below to see all available homes for sale in Schaumburg to see if anything fits your needs and budget.
If you would like more information on purchasing a home or investment property please let me know and if you have any questions or would like to set up a time to view some properties, please contact us below.
Kind Regards,
Peter Lee
847-496-0081
Cornerstone Realty and Rentals Inc.
www.cornerstonerentalschicago.com
"HELPING YOU LAY THE FOUNDATION FOR YOUR FUTURE"
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