Buying versus Renting home dilemma

Rent vs. buy dilemma!

 

Here are a few facts that may help in your decision:

FACT: The average mortgage payment costs about the same, often less, as the average rent payment. For example if you are paying $850 per month in rent, you could be making mortgage payments on your own $85,000 – $90,000 home. That would probably buy you a lot more space (and privacy!) than you have right now.

FACT: Many sellers are willing to pay all or part of your closing costs when you purchase a home.

FACT: The majority of renters surveyed said the biggest reason they don’t even check to see if they can buy a home is that they are afraid of pushy salesmen, or feeling obligated to buy when they are not ready.

How do you stay in control, and figure out how much home you qualify for?

I always counsel people to talk to a real estate lender and get pre-qualified before they step a foot out the door to look for homes. There are so many things this accomplishes.

  • First: You are in control at this point. You know what you can afford, and what kind of real estate loans you can get. You also know if you need the seller to pay closing costs and can use this in your bargaining. 
  • Second: You want to get pre-approved with a good lender. With the problems that happened in the morgage industry this last year this is most important than ever. I have an excellent lender that I can refer you to; ask me for her name.
  • Third: If you have credit problems, you have time to get them off your record. A good lender will help you do this. If you wait until after you have found a home you love, you may lose it if your have credit glitches that could have easily been handled first. 

© 2017 Houston Association of Realtors All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than Results Realty are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-06-23.

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"This is our second time purchasing a home with Marchel and our first time selling a home with her. She is always a pleasure to work with. We will be returning to her again next time we decide to move. Thanks Marchel!! " Kyle and Rachel Watkins
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