Boca Raton, Fla., May 18, accounting for property taxes said Levinrad“. “We know this
2011 /PRNewswire/ The and insurance in many market well because we
Distressed Real Estate instances it could still be purchase these houses
Institute released a new cheaper to purchase a home directly from the bank and we
report today called “Warning than to rent it”. “This is a often fix them up and then sell
to All Renters: Renting a great time to buy real estate – them to first time home buyers
House Could Cost You a especially if you are a first or renters that are looking for
Million Dollars!” time home buyer and you a rent to own home”.
T can qualify for an FHA loan”
he report was based
said Levinrad.
“Many people that are
on the findings of a
currently renting in this price
Distressed Real The basis of the study was a point have decent credit and
Estate Institute study that comparison of the costs of a could get approved for an
looked at data on thousands typical 3 bedroom 2 FHA Mortgage” said Levinrad.
of single family homes in bathroom South Florida “They simply do not know that
South Florida. “We looked at house which would appraise they can afford to own their
historical price data for these for approximately $100,000. own home and in most cases
houses and completed a There are houses in this price there is no one that is
market analysis of how a point in many South Florida marketing to them and
typical first time home buyer Cities especially in Broward informing them of this fact”.
could benefit by purchasing County cities like Fort one of these houses today Lauderdale, Pompano instead of renting the same Beach, Margate and house” said Lex Levinrad Deerfield Beach. These Founder of the Distressed houses would typically rent Real Estate Institute. for approximately $1,100 per
month and would cost about
“What we found is that prices the same in monthly
have actually declined so mortgage payments if they
much in South Florida over were purchased with an FHA
the past few years that in Mortgage Loan. “Our
many cases it could actually specialty is low priced single
be cheaper to purchase the family starter homes which
house than to rent it” said are most attractive for renters
Levinrad. “Even after and first time home buyers”
56
Warning to All
Renters: Renting a
House Could Cost
You A Million Dollars