Should I Buy or Rent?

There are so many people that ask this question time and time again. Should I buy or stay renting?

The answer to that question really is whether or not you think you can afford to buy a house. Do you have the money for a down payment, plus closing cost? Can you afford the mortgage plus insurance and taxes.

So many people say of course its better to buy then rent, and in most cases I would agree. This is definitely the best time to buy. But you need to look at each client differently. I wouldn’t want to put you into a home where you are living from paycheck to paycheck. You want to be able to enjoy your home.

You need to look at your overall expenses. If you are really interested in owning your First Home this is what I would suggest to you.

Write down your monthly expenses~ rent, car, groceries, utilities, going out, etc. Then write down your monthly income. Compare the 2 and see how much money you have left over. The money that you have I would put in the bank and see if you can live without that extra money. See if you can do that for let’s say 6 months. If you can do that then you are ready to buy your first home and on top of that some money to use as either your down payment or closing cost.

But now you have put yourself into the mine frame of wanting to really own that home you want and at the same time did some saving. I know it seems easy as enough to write it down, the hard part is following through, but I know you can do it, I have confidence in you!

The answer below is what is normally said to people who question whether or not to buy vs. rent. You tell me the difference……

After you have read through and are still interested in the purchase of your First Home, give me a call, would love to help make that dream come true!

Why should I buy, instead of rent?

• Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.

Should I use a real estate broker? How do I find one?

Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, the broker can save you hours of wasted driving-around time. When it’s time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don’t have to pay the broker anything! The payment comes from the home seller – not from the buyer.

By the way, if you want to buy a HUD home, you will be required to use a real estate broker to submit your bid.

Jeannette Neerpat
9000 Sheridan Street
Pembroke Pines, Fl 33024
www.Neerpat.com

Would you like a Free Market Analysis? Visit www.Neerpat.com or call 954-993-4104.