Buy Vs Rent
1. Decide what to do. Buy or Rent?
- Compare the cost of owning to the cost of renting. Use any payment schedule to determine monthly payments for purchasing a home. You can use our Mortgage Calculator.
- Compare the price appreciation of your purchase against the rent increase over the length of time you will own the home.
- Don’t forget that you can itemize deductions on your Federal Income Tax for mortgage interest.
2. Determine what you can afford. Don’t forget to consider any hidden factors for the purchase of a home.
- What’s your combined monthly income?
- What will be the expense on purchasing a home? Include the mortgage rate, loan amount, property taxes, legal fees, house insurance and loan charges.
- What’s the amount of cash available for down payment?
3. Shop around for loans and get pre-approved.
- Shop for rates and check with banks for specials.
- Know your limits. How much you can afford?
4. Pick the right agent.
- A knowledgeable agent can guide you to the right direction and save you time, money.
- Communicate with your agent your purchasing needs to help you make the right decisions.
