Renting VS. Buying

By
Real Estate Agent 01912827

Tired of renting and paying the landlord’s mortgage? Let’s take a few minutes and see if buying a home is a good idea for you!

 

Some of the reasons people do not take the next step is because of fear. Fear is lack of knowledge; let’s explore your options together.  If you are paying $2,000 or more for rent per month you may qualify to purchase a house and keep the monthly payment around the same. For most people it’s just a matter of playing around with money and numbers. First step, speak to a lender and ask about all the different types of loans you qualify for and what the monthly payments would look like if you put ‘X’ as a down payment. Most lenders should be able to run a free financial analysis that will show you what your payments would look like for years to come. (I work with the best lenders so call me and I will help get this started)

 

Top 5 Reasons Buying is better than Renting:

 

1)      Mortgages are cheaper – In many cases it is actually cheaper on a monthly basis to own a home than to rent. To see a rent vs. buy scenario click this link: https://mcedge.tv/16o1xq

2)      Make it your own – You have the freedom to do as you please, remodel your kitchen, add in a pool, free to paint,  or even get a new dog!

3)      Tax Benefits – There are several tax benefits when you are a homeowner that ultimately brings the cost even lower.

4)      Equity – This will help with any loans you may need in the future with kids tuition, emergency expenses, or even opening up your own business.

5)      Financial Health – On a long term basis, when renting you will not build any equity at all.

 

 

Now is the time to ask yourself these 3 simple questions:

 

1.    After reviewing the Top 5 Reasons above, am I ready to Buy?

2.    How much can I put down and how big of a loan do I qualify for?

3.    What area would I like to live in?

 

Let's go shopping! Reach out to your local real estate consultant, Teresa Tang with RE/MAX Prestige for further information.

 

Comments (5)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Teresa - Welcome to the ActiveRain community. This is very good information on renting vs. buying.

Dec 30, 2014 07:53 AM
Shapna Riyan
Brax Homes
http://www.braxhomes.com

Informative Post! Nice to know all these information's from you. Thanks for sharing!!!

Dec 30, 2014 01:23 PM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Excellent Post Teresa, Welcome to ActiveRain.  I hope you have a Happy New Year!

Dec 30, 2014 02:12 PM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

Teresa Tang - You bring up some great points here.

Welcome to ActiveRain, hope to see more of you here!

Dec 31, 2014 07:20 AM
Sheryl Arndt

Good points Teresa, folks should know that they may qualify to buy easier than renting. Buyers may qualify from fico scores as low as 500 or even NO FICO score with alternative credit. Loan programs are available for buyers even ONE DAY after a short sale, foreclosure or deed in lieu too. Why rent when you can buy with minimum out of pocket expenses and pay less than rent in many cities. You have Nothing to Lose and Equity to Gain! Bravo...

Jan 01, 2015 11:50 AM