In today’s time for some it may be easier to rent rather than buy. For renting, you do an application and pay a fee then a deposit and wait to be approved. Buying a home has sort of the same initial steps. You do a mortgage application to see if you can be approved to purchase a home. Find a REALTOR and find a home. Then you do due diligence and close on your home.
Let’s take some pros into renting into consideration. 1 – you are only committed to a lease for 12 months, 2 – you are free to move after those 12 months, 3 – you can live in select areas that fit your comfort zone. Here are some cons about renting 1- rent increase after the first 12 months, 2 – change of property management (you can never remember staff because it changes so frequently), 3 – cramped space or noisy neighbors (yes those apartment walls can be pretty thin).
Now if we take a look at buying a home. 1 – It is something you own with liberty to paint and change things as you want, 2 – no increase in principal and interest, 3 – tax deductions and/or credits, 4 – space….space….SPACE. Cons – no maintenance man (but that’s what a home warranty has you covered for).
Some apartment dwellers prefer to move into a home but will you be renting a home or buying a home? It is a hard decision to decide and others tend to steer away to one of America’s most precious dreams in home ownership. Below is an example of renting versus buying.
Sq Ft: 1681
Sq Ft: 1332
*Estimated Mortgage Payment: $989.82 (Mortgage includes principal, interest, taxes, and insurance)
*Keep in mind that everyone’s monthly payment will be subjective to their credit and interest rate but this is an estimated payment calculation.
Which would you choose? Do you want to rent at $1295 and receive no benefits or buy at $989 with benefits? If home ownership is a part of your dream, download the guide below and schedule a consultation today.
|Download Guide to Buying A Home|