There are several things to consider when deciding to rent or buy, we want to help simplify your decision.
Maintenance Free
Landlords typically take care of all maintenance issues at no cost to you. But you are also limited to what, if any changes and updates you can make to the home.
Security Deposit
Upfront costs to renting include security deposit and first months rent, along with pet deposit etc. There are not typically any ways around the upfront costs to moving in.
Rent Fluctuation
Rent costs typically increase with each renewal term. You may end up paying a higher rent price by renewing for multiple years than if you rented a different home each year.
No Interest Payments
You won't be paying interest but you also won't gain any tax benefits.
No Equity
There are no financial benefits to you for paying your landlords mortgage
Flexibility
Renting a home offers you the flexibility to easily move after your lease is up.
Make it Your Own
While maintenance costs are on you, you also have the freedom to make your home your own. PS. Home warranties can help you out with unexpected maintenance costs.
Closing Costs
Upfront costs to closing on a house include closing costs and down payment. However, there are loans that require zero down payment and closing costs can be negotiated into the sales price.
Consistent Payments
Your mortgage payments are planned out for the entire length of your loan so you won't have any surprises.
Tax Benefits
The interest portion of your mortgage payment can be a tax deduction.
Build Equity
You are growing equity in your home with every mortgage payment.
Growing Wealth
You are growing equity in your home with every mortgage payment. As the market grows so does the value of your home.
1st Steps to buying a home...
1. First step is getting connected to a lender to see what types of loans and what amount you can qualify for. It's important to know what price range of homes to start searching for. We are happy to connect you with multiple lenders to see what options you have. Plan to send over your recent pay stubs, last 2 years of taxes, last 3 months of bank statements and a copy of your driver's license. You will work closely with your lender throughout the home buying process.
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2. Once you are pre-approved for a mortgage and know your price range it's time to start the home search! We will discuss the must-haves and would-likes to refine your search. We have an app for you to download that gives you the most up-to-date information on listings. You can save, make notes and send us properties you are interested in.
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3. After we've reviewed the homes that fit your needs we will schedule the showings and take you around to view homes.
Did you know?
It costs you nothing to have a buyer's agent.
In almost all cases the seller is paying any commissions to the listing agent and the buyer's agent.
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The listing agent only has the seller's best interest in mind.
It benefits you to have your own agent to help you buy a home. The listing agent, whether a new construction home or a resale home, has their seller's best interest in mind. For you to get the best deal on your home and make sure every t is crossed and every i is dotted you will be best represented by having your own agent.