Deborah, an established realtor, discusses “the comparison of buying or renting home”, with Andrew.
May be you are thinking about buying a house, upgrade or downsize by selling your old one or maybe you want to get rid of renting, if you think so, just remember that buying a home is one of the biggest investments of your life and hence it required continuous planning.
Buying v/s Renting
- When you are renting, you have temporary mind-set and also that you cannot make changes in the home you want either owners will not let you do that or if he allows then too why would you put your time and money on others property.
- When you buy your home, every time you make payment you build more equity to your property and when you pay rent, you don’t own anything at the end and you wasted your money.
- There are Tax Advantage too, if you buy.
- You should have minimum 3% of the total cost of home for down payment, if you want to buy.
- Flexibility of moving out if you don’t like the place, if you rent.
- If you have transferable job, then buying is not a good option.
- Buying home requires commitment, and thus you must open house hold savings account (for urgent repair in the house).
- Hardest thing to buy home is planning finances, running around for realtor, providing him with all the documents etc.
- There are many pre-qualification requirements for getting loan for buying a home, you should have a stable job for 2 years or more or if you are self-employed you must provide 3 years or more history of your finances.
- They also have to look at last 2 months’ bank statement specially deposits ,as to ensure that there is no risk of money laundering (to ensure that there are no terrorist activities).
- Sometimes you feel embarrassed, when you are judged on the expenditure you make on daily basis, that’s why you need a good professional lender.
- Parents can deposit but you have to document them and have a proof .
There is a complete process and For the guidance from an expert, you can contact Ryan at 719-228-6055. Mb 7196590043 and you can also call Deborah on 719-641-1357 and make buying your dream property seem like a cake walk.