Rent vs Buy in 91762>Question Details

Sandra Chaff…, Renter in Fontana, CA

Rent or buy. I have $50,000 for a down payment towards a home around $200,000. I'm 58 this late in the game should I continue to rent?

Asked by Sandra Chaffin, Fontana, CA Tue Mar 20, 2012

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Gabino_Barrera’s answer
All the answers you are getting are good. But dont use all 50k. Only use 20% of the purchase price, so for $200,000 it will be $40,000. Call me Ill explain why.

Gabino Barrera Jr.
Mortgage Professional

SWBC Mortgage
23705 Crenshaw BLVD. Suit 101
Torrance, CA 90505
424-236-1655-Cell
310-891-1700-Office
310-872-5404-Fax

CA-DOC861438
License by the State of California Department of Corporations under the California Residential Mortgage Act
0 votes Thank Flag Link Thu Jul 5, 2012
Hello,
I agree with the previous answers and I would buy instead of renting.
And It's no late at 58 ,actually you have plenty of your life time ahead of you.
Please give me a call at (909)731-7124 or email me Ludy@tarbell.com

Thank you.
Ludy Ivonina
Tarbell,Realtors
1 vote Thank Flag Link Tue Mar 20, 2012
I would definitely purchase...here is why:
If you purchase at today's prices and low interest rates, there is a high likely hood you will gain substantial equity by the time you are 70. Conceivably , you could have the home paid off by then and use the entire sum ( 300K? 400k?) to afford senior care , etc.
Also , if there is an entity you care to leave something too , this would be a great opportunity to do so with little effort.

Please call me at 951.742.3751 when youre ready or need more info..

Sincerely ,

Jory Blake
1 vote Thank Flag Link Tue Mar 20, 2012
You are never too late to earn equity, in most markets the bottom is here. Meet with a local and trusted loan officer to get prequailified, they can go over the types of mortgages, pros, cons, costs and benefits.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Mar 20, 2012
Joan Harrison, Real Estate Broker

If you haven't purchased a home please contact me at 949 494-7304. I have an ideal home for you on a tree- lined culdesac, fireplace, beautiful mature trees, covered deck, fenced yard, and 2-car garage. The home will be placed on the market in about two weeks.
0 votes Thank Flag Link Wed Jul 4, 2012
Never too late, that's true....but is it financially sound based on your current circumstances and future plans?

Per your very specific info about down payment and purchase range, presumably you've already spoken with a lender who has preapproved you for a loan?

And based on what you can get in your immediate area, your lender and/or realtor can give you scenarios of what it will cost you to rent versus what it will cost you to buy over a period of time.

Are you committed to staying in place for approximately 5 years or so? If you're thinking of moving again in less than 5, it may not be in your best interest to buy a property that you will resell in less than 5. Reasons being you may not build enough of an equity to defray your costs to sell.
0 votes Thank Flag Link Fri Mar 23, 2012
Never, never too late. I have had clients in your same situation before and they were glad that they made the decision to purchase vs. rent and pay someone else's mortgage off for them. Please contact me directly at Love2listyou@yahoo.com or (909)816-4766. I would be happy to help you find the perfect home that meets your specific criteria. This is really a great time to buy with the interest rates still at an all time low.

Jamie Hennessey
Re/Max Champions
0 votes Thank Flag Link Fri Mar 23, 2012
No such thing as being late in buying a home as long as you qualify to get a loan, have financial & credit capability then go buy one especially in this down market. Your mortgage payment will be just the same if not lower than your rental payment especially with your 50K down you have available. Call for any questions or for more tips in comparing "rent versus own" or visit my website. Hope that helps. Thanks for the opportunity to be of service to your RE questions.

Noel Nazareno
909-918-NOEL (6635)
noel_nazareno@yahoo.com
0 votes Thank Flag Link Wed Mar 21, 2012
It depends what rent is for a comparable property. If rent is about the same as your PITI house payment it might be good to buy. With buying you get:

-tax deduction of mortgage interest and property taxes
-loan principle pay down
-the ability to renovate and fix the property how you like
-if you get a 30 year fixed mortgage you inflation protect your monthly house payment (as rents could rise a lot over the next 20 yrs your housing payment won't)
-you could work to get the house completely paid off and have no mortgage payment in your elderly years (where if you continue to rent you will always have rent)

If rent is a lot less than your housing payment would be, I would take a look at possibly continuing to rent. With renting you have no maintenance and repairs and flexibility to move quickly without responsibility for a house.
0 votes Thank Flag Link Wed Mar 21, 2012
When you rent a home, you are essentially paying someone else s mortgage. Included in that is their taxes, insurance and a pad for cost of repairs. Additional, there may even be a little extra for that person to put in their own pocket. At 58, i'm sure you know all of this, unless you are in the habit of giving your money away, why continue to rent? Rates on home loans have never been lower,, at your age, you may even qualify for special rates that could be even lower. Stop throwing your money away and invest in yourself.

Richard R. Rivas, Realtor
0 votes Thank Flag Link Wed Mar 21, 2012
A decision only you can make. It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation.
0 votes Thank Flag Link Wed Mar 21, 2012
When you take into considerations the low interest rates and the low prices in Ontario and you factor in the cost of living and inflation; Historically there has never been a better time to buy. I recently helper a young couple in their early 70's purchase their first home. It was an incredible experience watching them get the keys to their first home and the joy they have knowing that now they were going to be able to spend the Holidays in a place they can call home.
Please visit my website for their testimonial:
http://www.allnationsontario.com/testimonials/fahey

Please call with Questions (909) 908-9474
0 votes Thank Flag Link Wed Mar 21, 2012
Dear Interested in Ontario,
It's a dream come true to own your own home. I see you've received several great responses to your inquiry. I've lived in Ontario for 25 years and would love to assist you with options to look, visit and make your final decision regarding a purchase.
I look forward to answering your questions and helping you find your new home.
All questions are welcome.
Thank you,
Stephanie Batzel,
Realtor
DRE #01874101

951 312-6091

StephanieBatzel@gmail.com
0 votes Thank Flag Link Tue Mar 20, 2012
If I were in your place, I would recommend to buy. Your home would be paid for by 1/4 with just the down payment. The economy will be growing and you will more than likely gain positive equity quickly. If you rent, you would not be able to own your own home, if this is important to you. Your home is your castle to do what you want with it. If you take the risk, you will be a home owner, not a renter. There are positives to owning your own home including interest paid on your mortgage being tax deductible. Most importantly, though, I believe owning a home has its own individual merits, interests and rewards.

Joanne Cothern, Realtor, e-PRO®

“Superior Quality, Excellence in Service”

Century 21 Adams & Barnes
1395 S. Grand Ave
Glendora, California 91740

Office Phone: 626 963-7621
Fax: 626-963-7627
Cell: (626) 485-3180
email:joanne100100@gmail.com
DRE License # 01844305
0 votes Thank Flag Link Tue Mar 20, 2012
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