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Kevin McNeal's Blog

By Kevin McNeal | Agent in Philadelphia, PA

Attention Renters!

Okay, so I'm a realtor, of course I'm going to tell you to buy vs. rent, right?  RIGHT!  I met with someone the other day who was looking for a $1500 apartment in Center City.  There are literally hundreds of options in that range and we checked out a few.  While we were out looking, I asked the client why not look at options to purchase?  If most places are requiring $4500 out of pocket to move in, why not use that same money to put down on a house and buy it? 

Did you know that a monthly rent check of $1500 could get you a mortgage on about a $300,000 home?  It's making a little more sense now but let's delve further into the buy vs rent dilemma.

Say you have or intend on having a roommate.  Buying a place with two or more bedrooms affords you the chance to have that roommate pay part (or ALL!) of your mortgage payment!   One roommate paying $750 a month now means you are paying $750 for your $300K investment!  Buy a three bedroom and rent two rooms....you're living for FREE in the house you just bought.  Furthermore, I haven't even mentioned the tax savings you'll finally be entitled to but these are even more reason to buy.  

I've got some great properties in mind for first timers to look at, some in South Phillly, Point Breeze, Fishtown, you name it....Contact me and at least look into the possibility of home ownership.  Stop paying off your landlord's mortgage and get your self on track financially!

Kevin McNeal

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