Sunday, April 19, 2015

Rent a Home or Buy a Home? What's Right for You?



Maybe you already know what’s right for you, or maybe you’re trying to figure out the best optioneither way, the better informed you are, the better prepared you’ll be.

Renting may be an option if you:
- Plan to move around a lot and don't want to be tied to one location.
- Don't have the funds for a down payment & closing costs.
- Can't afford the ongoing maintenance of a home.
- Are saving for the future.



Buying may be an option if you:
- Plan on staying in one place for a number of years.
- Want to build long term equity into real estate.
- Have available funds for a down payment/closing costs.
- Want or need the potential tax advantages of owning a home.
- Can afford ongoing costs of maintaining a home (maintenance & repairs).

Initial Costs Renting vs. Buying:
- Rental Application Fee
- Security Deposit
- Broker Fee (some markets)
- Advance rents (1st month/last month)
- Moving expense

 
Buying:
- Mortgage application fees
- Earnest money deposit (credited to down payment)
- Down payment
- Closing fees
- Moving expense

Ongoing Costs Renting vs. Buying:
- Rent
- Renters insurance
- Utilities

Buying:
- Mortgage, real estate taxes, homeowners insurance
- Utilities
- HOA / Condo fees ( if applicable)
- Private mortgage insurance (if applicable)

For more info on what may be best for you contact me directly by phone or email.


 
 

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