1. BUYING:
Is buying always the better option over renting?
This is a debate often discussed within the real estate
market and the answer depends on a variety of variables
including location, financials and length of time in the
home. In general, it is advised to purchase a home if you
plan to spend more than two years there. Not sure how long
you’ll be in your home? Find the break-even point between
renting and buying to help guide your decision.
2. BUYING:
Be sure you can afford more than just
the mortgage.
Getting preapproved for a mortgage gives the buyer a
sense of how much house he or she can afford, but don’t
presume this figure to be your only monthly payment. Keep
in mind costs that may not be as evident, such as utility bills,
taxes, homeowners association dues, mortgage insurance
and money needed to furnish your home. On top of that,
consider closing costs (about 3-5 percent of the cost of
your home) and the potential of paying private mortgage
insurance (PMI) if you are unable to put 20 percent down
on your home.
3. BUYING:
Getting an inspection can save you money in
the long run.
Inspection fees can range from $300-$500, allowing some
to think they can save money by avoiding an inspection.
In almost all instances, this is false. Many issues in a home
may go unseen by the untrained eye. If an inspector reveals
defects not disclosed by the seller, you are able to negotiate a
new offer or rescind altogether. Without an inspection, these
potentially costly issues would ultimately fall on the buyer’s
shoulders.
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