5 Tips For Renters
If you are a renter and you were one of the folks that got crushed in the mortgage meltdown. You went through a short sale or foreclosure. You probably can get back into the market. Or if you are a renter and you have not decided to purchas a home or condo lets talk.
Here are 5 tips for renters to become a buyer of a home:
Check with a Realtor and find out the amount you will need to purchase a home. Some can get a one half percent down payment of the value of the home purchase price. ($900 -$3000) depending on the home value. If you do not qualify for that it could be 3.5% to purchase.
Look at properties with a Realtor in person. The agent will get you into properties you qualify for and help you to actually evaluate the property. If you look on line you are purchasing based on the photographer's skill.
In a lot of the cases it is cheeper to buy than it is to rent. Low down payments and low prices make it easier to purchase today than in the last 3 years. Most renters have not looked to see what they can do for themselves.
If you have never owned a home you are not aware of the tax write off on your income taxes. It is substantial. Think of this you can own a home and pay (in most cases) less than rent and get a tax break in addition.
Our current market conditions exists only a few times in a life time, low value of home and low interest rates. With the current conditions some are woried they may pay to much for their new purchase. We have shown in other blogs that for the past 3 months we have been increasing in the number of sales. The increases in home value normally follows. More importantly the speed of increase in interest rates going up is substantial. If you wait and interest rates go up smaller cheeper homes will cost more per month.
Remters this is you time to own a home lets go shopping.