Is It Possible To Buy For Less Than Renting in Danbury,CT

By
Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

I'm seeing some things happen in the market. A seller sells their home to an investor, and the investor does minimal work and then puts their Danbury property on the market for rent. In some cases, I've seen them listing the rentals over a little over 1% of the sales price per month (bought for $130,000 & renting for $1325 per month). Even with the landlord paying their maintenance fees and taxes, that is a sure why that you will be paying down your landlords mortgage and helping them build equity.

As a potential new home owner, you want to keep the payments at a place where you feel comfortable. If you home shop in a higher price range, you might end up with a larger home than you need or if you go to low, the home might not fit your needs and/or you might have to move sooner than planned. generally speaking, e $100,000 that you borrow at today's interest rates for a 30 year fixed rate home mortgage is about $500 per month. From their, add in your monthly home owners association dues and property tax information.  Keep in mind to budget for some maintenance or improvements that you'd like to make to unit, as well as budgeting for future larger expenses such as a furnace.

Anyway, depending your initial investment in a home new home, it can be more affordable to rather than rent. Most places even to rent require 2 month security plus 1st month rent just to keys.  If you continue to save up, you can have enough for for a down payment on  a house plus the closing costs.  You don't need 20% down, as some people might tell you.   In addition, if your total monthly payment is close to what you are paying in rent, at the end of the year, it is cheaper because you get to write off the interest on your mortgage on  your income taxes.As a home buyer, I don't look to much at the overall purchase price, but rather your monthly payment.  You will be surprised when you run the numbers.

Are you in the market for to purchase your first home? View current listings here or contact me for a personal no-obligation meeting for your house hunting in Greater Danbury & Candlewood Lake area of Connecticut. I look forward to hearing from you.




Posted by

Jonathan Hall-Realtor Serving Greater Danbury & Candlewood Lake with William Pitt Sotheby's International Realty
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at danburyrealestate@gmail.com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.

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Jonathan Hall

Realtor - Danbury,CT Area Real Estate~203-417-0523
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