So you want to buy a house! Did you know...if you should buy or rent?

So you want to buy a house! Did you know?...if you should buy or rent?

 

It’s a question that is often asked – Should I buy or rent my home?

What is right for you may not be right for someone else so it is important to choose the best solution for your personal situation.

Renters decide to rent

for various reasons such as fluctuations in their income, high debt to income ratio, bankruptcy, foreclosure or other credit issues, or because they are simply unable to save enough money for a minimum down payment to buy a home.

Maintenance

is one of the biggest differences between being a homeowner vs. a renter. When you own a home, you are responsible for all of the maintenance and repairs. If you rent, the owner of the property is responsible for repairs and maintenance.

If your job is secure,

you have a steady income and employment history, have a down payment (it could be as little as 5-10% of the purchase price) and have good credit, consider buying instead of renting.

With today’s low interest rates, the cost of rent can be higher than a typical mortgage payment.

Job stability

is a big factor in your decision. If your job does not require frequent transfers and you plan to live in the home for 5 or more years, consider buying a home. If you eventually need to relocate, you can use the equity from the sale as a down payment on another home.

 

Are you are ready for home ownership?

A quick quiz!

1. Have you been steadily employed for at least one year, but preferably two years?

2. Do you plan to live in the home long enough to build equity?

3. Do you have a down payment and enough money to pay for closing costs, utilities and basic furniture/furnishings?

4. Are you current on all your debts, such as car loans and credit cards, etc.?

5. Do you have the time to shop for a home and compare interest rates and financing options from various lenders?

6. Have you checked your credit reports for errors and disputed any errors with each of the three major credit reporting agencies?

The decision to buy or rent can only be made after carefully evaluating of your situation. If you answered “Yes” to most or all of the quiz, buying a home may be right for you.

A REALTOR®

can show you the perfect home and

a lender

can tell you whether or not you can afford it, but

only you

can decide if you are ready to make the move.

Your REALTOR® can help you to find the perfect home based on your individual needs.

Call, text or email me for more information on buying a home.

 

 

 

 

 

 

 

Diana Zaccaro, SFR, CPMS, BPOR

"Your Cocoa Beach Connection"

Direct: 321.537.7855

DianaZaccaro@gmail.com

 Waters Realty of Brevard