The upside of buying is that it is truly your home and pride of ownership is a wonderful thing. Sounds like you have first time homebuyer jitters. The first step is to get yourself pre approved for a mortgage. Going through this process will help you to organize your financial papers, matriculate you through a series of steps that may be overwhelming (at first) but increase your awareness of yourself, your financial discipline and set realistic parameters for you to consider regarding affordability of homeownership.
The gas cost and vehicle wear / tear associated with your commute is adding to your overall monthly bills, possibly 100-200 hundred dollars. The process of mortgage approval may be the tipping point that you need to best evaluate your options.
The rental market is very active and can be costly. If your commute is shorter, you might be able to afford a higher rent? If your monthly payment for rent or a mortgage is pretty much equal, then look at the cost of the downpayment, and ongoing maintenance costs related to home ownership. Keep a journal of the process, your thoughts along with a wish list.
Sounds like your concern is timing. If you shift from renting to renting or renting to homeownership figure at least one month of double expenses to make the transistion. You can do it and achieve your goals/dreams. You can get started today!
Brock Realty Inc.
If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
rates are at historic low, and there has never been a better time to buy than now.
Please contact me at your earliest convenience to discuss all details in regards an approval for a mortgage loan.
Lic. Loan Originator
It is very important to look at many factors just in making a residential move. Location, lifestyle and budget are key. A home requires much maintenance and upkeep. Hence this depends on your availability to do that or hire someone to help you. A condo, villa, or town home provides an HOA that maintains the upkeep of the entire complex and outside of each unit. However, there is a fee for that maintenance. Purchasing a home all comes down to buying power, and whether it is possible for you to get financing. Factor in the taxes and additional community fees for hoa.
The best place to start is to get with a loan officer and see whether you can get a mortgage. This will help see whether you qualify for the criteria necessary for a loan. It will help determine whether you will need to do a 20% down conventional loan or FHA 3.5% down loan. If a loan is not an issue BUYING is definitely a contender. The mortgage rates are at a all time low! Its a great time to buy smart.
If you don't qualify for a loan, the lender can help you prepare for the future purchase of a home and get you on the right track. We can work with you even if you should decide a rental is the right way to go!
I would love to help you make the right connections. Even with your financing, partnering with the right lender is essential to having any real estate transaction go smoothly.
Wishing you the best!
LaRosa Realty Team
Atchley International Realty
Check out our website and get current updates on the latest properties available!
Raffie Hamilton, Broker
Good Life Realty
Since you are somewhat familiar with the area, you have a leg up on many buyers that are totally unfamiiar with the Sarasota-Bradenton area. Your options may be clearer with an evaluation of your financial capability and a meeting with a mortgage consultant to nail down possible programs, available rates, and your best options.
You are not alone with your dilemma. Many others are weighing the pros and cons of ownership vs renting. Probably the most important considerations to keep in mind is that "right now" may be one of the best times ever, for buyers to enjoy home ownership. Prices are way down(but beginning to appreciate), there's still availability, and mortgage rates are still near all time lows.
One might consider this "the perfect storm" for buying a home. But, because one is holding a new pair of shoes, doesn't mean they will fit. Buying may not be the best option for every individual.
You have begun a journey by seeking insight on buying vs renting.....to this point you have made the right choice. Continuing your journey will likely involve more investigation and the collection of information. Safe travels......
I would say that now is the best time to buy. Interest rates are very low and you can find a nice home for a good price. You may also qualify for an FHA which is a first time buyers mortgage that offers some advantages.
It is important to find a Realtor to help you through the process.
I have work with many first time buyers and would be happy to help you. Give me a call or send me an email and I can give you some more details on how to get started.
Sunset Coast Properties, LLC
With mortgage interest rates and home prices being so low, it is more affordable now than in the past 15 years to own a home. In many cities it is less expensive than renting, according to the Wall-Street Journalâ€™s third-quarter 2011survey. If you are thinking about buying rather than renting you need to do your research, compare the pros and cons, and decide if it is affordable and practical for you.
Some issues that many face are being unable to qualify for a mortgage because of the new stricter guidelines or keeping a steady job. These people are most often forced to stay put or continue to rent. Apartment and home rentals are expected to rise and they have been continually rising in certain areas of the country. This makes owning a home more attractive to renters.
There are some items to take into consideration when buying a home that you will not have to do if you are renting such as: paying property taxes and special assessments, purchasing homeowner insurance, paying for maintenance, paying homeowner association fees (if applicable), and/or paying a membership or recreation fee in a community. Some advantages to renting are you may get more space for your money, you have more flexibility, you donâ€™t have to pay for repairs, and there is minimum risk.
In most instances it is better to buy a home than rent. Your mortgage payment is pretty stable other than homeowner insurance or property tax changes, you can deduct your mortgage interest and property taxes on your federal income taxes, you have pride of ownership, you eventually build equity in your home, no landlords to deal with, and you can remodel, paint or redecorate any way you choose.
If you are thinking about buying rather than renting you need to do your research, compare the pros and cons, and decide if it is an affordable and practical choice for you.
Here is a web link to a calculator to compare the advantages and disadvantages of renting vs. owning. http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Se
If I can help with anything else, please contact me.
Tammy Hayes, Realtor
Green Lion Realty
BRIAN A. MCGREEVY
Broker/Owner, REALTOR, MBA, GRI, ABR, SRES, RRS, AHWD
2007, 2008, 2009, 2010 & 2011 Five Star Award Winner- Best in Client Satisfaction
Sarasota Home Realty
2100 Constitution Boulevard
Sarasota, FL 34231
Phone: (941) 544-6763 FAX: (941) 866-7588