Rentals in Coconut Creek>Question Details

Audrey Feems…, Home Buyer in West Glen, Coral Spr...

How do you determine how much rent you can afford. Thanks

Asked by Audrey Feemster, West Glen, Coral Springs, FL Fri Feb 24, 2012

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4
Dear Audrey,

You are asking how much rent you can afford and this varies depending on your current income and expenses. Most places will require a tenant to at least have an income of 3 times the monthly rent. However, if you are thinking of buying a property, I would recommend you contact your bank or a mortgage lender and they will be able to pre-qualify you. Again, it all depends on your income and your expenses. If you need help finding a mortgage broker I'll be happy to help.

Feel free to call me if you have any other questions.

Best regards,

Nitza Ramos
East Coast Realty
Direct: 954-856-3156
http://www.nrcv.com
0 votes Thank Flag Link Sat Mar 10, 2012
I would call my lender, Michal Bander at Guaranteed Rate, 954-684-9277 I'm sure he can help you with that answer. Then I would go to my website and run the "Rent vs Buy" calculator to understand which is better for you.
Web Reference: http://www.garylisa.com
0 votes Thank Flag Link Sat Feb 25, 2012
Hi Audrey,

This is a great question and as I tell all of my buyers when thinking of buying a home you should first consult with a mortgage professional to determine what price range will work for you. I would be happy to put you in touch with a mortgage banker Just email
Or call me with your contact info.

Thanks,

Stephanie Infantino
REALTOR® & Team Manager
The Tino Team
Access USA Realty, Inc.
Direct: 561.504.2301
Fax: 561.300.8879
Web Reference: http://www.tinoteam.com
0 votes Thank Flag Link Fri Feb 24, 2012
The amount really depends on many factors; generally one needs to calculate the net monthly income after taxes; then subtract monthly expenses such as credit cards, any other loans, food/entertainment, miscellaneous expenses, etc.; see what's left over for rent without exceeding your monthly income.
0 votes Thank Flag Link Fri Feb 24, 2012
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