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Rent vs Buy in Arizona : Real Estate Advice

  • All491
  • Local Info27
  • Home Buying282
  • Home Selling36
  • Market Conditions11

Activity 43
Thu Mar 2, 2017
Rachelavalos25 answered:
My is Rachel Avalos and i have bad credit and i also have an eviction on my record I'm staying at a friends house in the living room floor with my family i have a daughter that is about to have her baby by the end of the month if you can please help us my number is 480-548-2120 I really would appreciate it thank you or you can email me at Rachelavalos25@gmail.com ... more
0 votes 30 answers Share Flag
Wed Jan 4, 2017
Iamdarlene4 answered:
There's a 55 plus park in Mesa and I'm pretty sure it's called Mesa East. They own their own land there.

Here's an example. http://www.highgarden-phoenix.com/mesa/mesa-east-homes

Another is Fountain of the Sun but it's a bit more pricey. That also is a 55 plus park and they own their own land.
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0 votes 2 answers Share Flag
Sun Mar 20, 2016
Karen Peyton answered:
If you love it, you're already sold! The only thing to do now is figure out if it makes financial "cents." Sometimes the cost of owning is cheaper or similarly equal to rent, sometimes not. The obvious benefit of owning (which you already know) is building equity - a residual and hopefully accumulating benefit of monies paid.

To make an informed decision, I suggest you contact an agent who can help you determine the costs.

Good luck!
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2 votes 3 answers Share Flag
Sun Dec 27, 2015
Sally Grenier answered:
Rent to own homes are pretty rare these days. They used to be more common when we were in a strong buyer's market (more sellers than buyers) and sellers would offer rent to own as an option to attract more buyers. However, most parts of the country are now in a very strong sellers market. Sellers want to sell, not rent to someone who may or may not qualify down the road.

Plus, rent to own is never a good option for a buyer. You're typically paying a higher rent, and that money may or may not be going toward your down payment. Plus what happens if you get to the end of your lease, and you still can't qualify? The seller can just keep your money. Why not use this extra money you plan on spending and put it toward paying down or paying off your debts?

I assume you're asking about rent to own because you can't qualify for a regular mortgage (due to credit issues)? You need to figure out what is keeping you from buying now, and fix those issues so you can qualify for a traditional mortgage down the road. Good luck!
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1 vote 1 answer Share Flag
Thu Sep 18, 2014
Jeanne Feenick answered:
Visible issues like cracks or water stains are best to tackle prior to listing - agree with prior posters assessment that they will have one of two negative impacts - scare a buyer away altogether or lower pricing by a margin which may well exceed the repair.

As far as renting versus purchase - I think that is a question for you to tackle yourselves with the assistance of your agent and perhaps your financial planner.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
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0 votes 7 answers Share Flag
Sun Aug 10, 2014
Zak Himmelberger answered:
My experience helping clients with bad credit find rentals has been pretty straightforward. Credit didn't so much matter as did their ability to pay the rental amount and demonstrate their ability to pay with proper documentation such as paystubs, bank statements, etc. - Credit does matter but in my experience it has not the most important factor when choosing a renter. If you haven't had any previous evictions from rentals and have no violence or drug related criminal history, in my opinion, you shouldn't have too much trouble trying to find a rental.

You may offer to pay a higher deposit or first and last month's rent upfront as a way of demonstrating that you're serious and ready, able and willing to do what you must to rent a property.
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0 votes 1 answer Share Flag
Sun Jul 13, 2014
James Wehner answered:
I can help you with your options. Depending on your situation, there are more appropriate times to rent vs. buy and vice versa. We can work through the different scenarios with you.
0 votes 6 answers Share Flag
Wed Feb 12, 2014
Minette Goldsmith answered:
This is certainly a personal decision, but with 2 dogs and 2 cats, my guess is your options for renting will be limited, unless they are all real small. Home prices in Tucson have started to move up in most neighborhoods. It is probably a good time to buy. And, by the way, depending on your financial situation, there are many options for putting down less than 20% to purchase a home.


Minette Goldsmith, your Tucson Mortgage Loan Officer at V.I.P, Mortgage, Inc. 520-975-3909
NMLS#261487 VIP NMLS#145502 AZ BK-0909074 Equal Housing Lender
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0 votes 2 answers Share Flag
Tue Jan 28, 2014
Angela answered:
I have a furnished 2 bed / 2 bath home in Terravita subdivision off of Scottsdale Road in Scottsdale that I would be willing to rent out in a long term lease, but it is not for sale.


Text 815.529.8597 if interested...

Best,

Angela
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0 votes 9 answers Share Flag
Thu Dec 5, 2013
Robert Baker answered:
Their probably is one, what is your question?
0 votes 10 answers Share Flag
Fri Aug 9, 2013
Gary Geer answered:
ceciliawoodbeck,
Your fist step is to ge pre-approved for a loan. Contact a local lender professinal to get that done. This will establish your price range of properties that your agent can use to find homes that match your criteria. Yes you can look at town homes that are listed at a lower price than what your leder has approved you for. Then go out with your agent and learn about the market by viewing some of the homes. This will help you refine your search and identifiy a great deal when you see one. I wish you all the best. ... more
0 votes 5 answers Share Flag
Sun Jul 28, 2013
Roy Bush answered:
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again. ... more
0 votes 9 answers Share Flag
Fri Jun 21, 2013
Bianca Bennett answered:
Are you currently working with an agent?
I would be happy to help.

feel free to contact me directly


Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: www.InvestInArizonaHomes.com
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0 votes 16 answers Share Flag
Thu May 23, 2013
Ric Mills answered:
Jeff has all good suggestions bit it all comes down to what is important to you. Is moving a need or a want? What is your time frame? Betting on rising prices when you are still paying a part of the expense is usually a bad decision. Possibly a HARP refinance would get you a lower payment so you are not coming out of pocket each month. But check with a lender to see if you can buy another place if you rent this one out. If you want to sit down and discuss, just let me know. ... more
0 votes 8 answers Share Flag
Thu May 23, 2013
Ric Mills answered:
As you can see, in most metro areas it is usually better to buy. However, there are many other factors to consider before deciding.
0 votes 1 answer Share Flag
Tue May 21, 2013
Troy Erickson answered:
You can actually do some things to improve your credit score within a matter of a week. It all depends on whether you are willing to do the work, and pay the price in may cost you, but in the long run, it may be very beneficial. It is called a Rapid Rescore, and I can get you in touch with lenders that can help you out.

Also, a letter explaining your situation may help. I have had several renters with negative items on their history, but a letter explaining their situation cleared matters up, and they were able to rent.

A stable job is good, and if you have a stable rent history (with receipts), that will help as well.
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0 votes 5 answers Share Flag
Tue Apr 9, 2013
Jeffrey Masich answered:
Dear Joe:

Home prices are projected to rise 9% through 2014 by the ASU Carey Real Estate School. Prices have been rising steadily recently.

With mortgage rates at near record lows right now, you may be able to purchase for close to what you can rent for and avoid future price and mortgage rate increases.

To help you decide, I can send you for rent or for sale homes with your requirements.

Also, while it lasts there is a 5% of the loan amount free grant for moderate income buyers in Maricopa County (6% for Veterans).

Call me if you have a question.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://ArizonaHomesLand.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
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0 votes 3 answers Share Flag
Thu Feb 7, 2013
Ryan Buckley The Premier Group answered:
Ryan Buckley Realtor®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
480-440-4541
ryan.buckley@azmoves.com
http://www.liveinscottsdale.com
http://www.facebook.com/rcoldwellbanker
twitter @rcoldwellbanker
... more
0 votes 2 answers Share Flag
Sun Nov 18, 2012
Doug McVinua answered:
0 votes 13 answers Share Flag
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