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Rent vs Buy in Brooklyn : Real Estate Advice

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  • Local Info198
  • Home Buying939
  • Home Selling89
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Activity 19
Wed Aug 31, 2016
Sally Grenier answered:
Sun May 22, 2016
Andreacsikja79 asked:
Im just Really need inform. How CAN i start BUy House
0 votes 0 Answers Share Flag
Wed Dec 4, 2013
Jose Garcia answered:
It is good idea to check your finance first to see if you qualify for purchasing a house or condo.
However, is great to know if you can qualify for a mortgage because sometimes you end up paying more if you rent. I will be happy to help you with either of your goals rent or buying. Thank you
hoping to hear from you soon.

Sincerely,
Jose Garcia
RE broker
... more
0 votes 6 answers Share Flag
Sat May 4, 2013
Suet answered:
Depending on the market and your own income, buying is often times the much better choice. I don't see how renting is any better than home ownership and would encourage purchasing if you will be in an area for an extended period of time. Rents for the same size home, with the same amenities in my area, are double of what my mortgage is. The tax write off, and the ability to own the property, as an investment that I get to use, make home ownership a smarter choice. That being said, if you don't plan on staying in the area, and don't want a long term commitment, then renting may be the better opiton for you. ... more
1 vote 6 answers Share Flag
Mon Feb 25, 2013
Anna M Brocco answered:
Thu Feb 21, 2013
Kajal answered:
I do a RENT TO OWN program for first time home buyers who have difficulties qualifying for a mortgage.. we help you FREE of cost with getting your credit up to par and getting you approved for the mortgage so you can own the home!! IF needed i can put you on rental basis where i would be your landlord til you're approved! No closing cost or fees and 100% of the rent goes towards the house. Its a fast process, especially for people who REALLY want to own a home. We have newly renovated properties ALL OVER Queens and Brooklyn. No closing cost or fees and 100% of the rent goes towards the house.

If you're interested give me a call at (917) 407-6520 my name is Kajal and i'd be delighted to be of assistance.

After seeing the previous comments, i decided to give you an analysis of what WE do. also answers to many agent's questions/concerns.

Basically we have solutions to all these problems. I represent a company that does RENT-TO-OWN and our clients who are now HOMEOWNERS are still very content with no complains. WHY? Because with us its a case of you get what you see. I will now answer the questions and concerns from the agent below in the same order:


*****QUESTIONS::
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?


********ANSWERS::
1. The option period depends on your qualifications and situation at the time of buying/choosing

2. 100% of the the rent you pay will go towards the house and NOT our company.

3. All of our transactions are FULLY EXECUTED

4. We only sell our houses when we know our potential buyer can afford it.

5. Depends on your qualifications/the house/your budget.

6. We take care of that.

7. With our company it's irrelevant. Our prices are determined by FHA (Federal Housing Administration) Appraisers. So no matter the value, it stays right there.

8. The selling price wont matter if its already fixed =)

Hope that summed it up for you, if you have further questions, feel free to contact me at (917) 407-6520 and my name is KAJAL.
... more
0 votes 5 answers Share Flag
Sun Sep 30, 2012
First Last answered:
Congratulations on taking the right first step, which is getting a pre-approval letter! This makes life much easier for everyone as you consider your options.

There are co-ops that will accept 10% as a down payment in Brooklyn, I have represented some as the listing agent, but yes, this does certainly limit what is available for your purchase. Many co-ops require 20% as a minimum, or even 25% or more.

I would be happy to speak with you to calculate which approach is best for you personally. If you plan to live in the area at least 7 years, owning for most people is almost always a better financial investment than renting.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
... more
0 votes 2 answers Share Flag
Tue Aug 28, 2012
First Last answered:
The bank does not have to agree to the short sale, so you may not get this property at all. I certainly hope you have an attorney working for you? If so, definitely get their advice. First find out what your contractual obligations are now on this short sale at this point, or you might end up with two apartments--one rental with a lease you are obligated to pay, and one owned by you that you are also obligated to pay for.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
... more
1 vote 1 answer Share Flag
Mon Jul 23, 2012
Anna M Brocco answered:
Consider working with an agent; check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.
1 vote 2 answers Share Flag
Wed Jun 20, 2012
answered:
Dear Mo25,

The question is, is it a good time for YOU to buy? You can try to "time the market." In 22 years of helping homebuyers as a mortgage professional, I've never seen any "timing" work to a homebuyer's benefit. I take the approach of preparedness and persistence, instead. That's how a HomeBuyer sets the BEST time to buy a home.

Prepare to buy:

Get Prequalified for mortgage financing: focus on monthly payment
Understand your price range: determine your price limits for making offers
Know the location where you want buy your home: when you do, find an experienced Local Realtor
Have your "wish list" ready with the preferred features of the home you want: the "Dream Home" exists in our minds. Knowing your preferrred features of the home you most want helps you compromise when you find the right house at the right price that meets most of your preferred features. You can always add a fireplace later!

Persistence:

WHEN you go out there, shop 'til you drop. Buying the right home is hard work. Looking at homes, then giving concise feedback to your Realtor helps you find a home that meets your needs and a Seller willing to sell at the price you're willing to pay. You'll be disappointed a few times, that's part of the process. Stay with it and you are sure to make your own "BEST" time to buy a home.

Trevor Curran
NMLS #40140
... more
0 votes 5 answers Share Flag
Wed May 23, 2012
answered:
Hire a realtor that you trust.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes 2 answers Share Flag
Mon Mar 12, 2012
Adriane Riley answered:
Hi - Please contact me at 646-535-2516 at your earliest convenience. I have something in your area in your price range for immediate rental.

Adriane Riley
0 votes 2 answers Share Flag
Thu Jun 30, 2011
Molly Mosley (Hay), CDPE,CNE, MIP, SFR answered:
Your first step to home ownership is to contact a lender. By contacting a lender first you will know how much money down you will need, what your payments will be, what type of loan, etc. This is the most important step! After you find a lender you should find an agent to help you with this process. I would interview a couple of different buyers agents that are familiar with the area you are considering. Having a buyers agent is the 2nd step for a first time homebuyer! Besides, a buyers agent is a free service to you and they will guide you through the process smoothly and eliminate errors and headaches!! Good Luck! ... more
0 votes 4 answers Share Flag
Sun Jun 12, 2011
Roberta Wasser answered:
It depends if you are planning to stay more than a couple of years, I would definately suggust its a great time to buy,The rates are low and there is lots of inventory available to see. If you do have bad credit then it would be a good idea to rent till your credit is straightened out,consult an experienced loan officer for details.It is also depending on the area you have choosen to live. Should you have any question feel free to call me anytime on my cell at 914-589-6741 ... more
0 votes 3 answers Share Flag
Tue Mar 1, 2011
First Last answered:
Your age is not what matters. The fact that you're in your first job is irrelevant. Scores of people just like you buy real estate every day.

Among the key questions are, do you have enough savings and income and job stability to buy something you want to live in--that is, do you qualify financially? A pre approval letter from a lender, such as your neighborhood bank, will tell you that.

Are you able to commit to staying in one place for the next 5 to 10 years? If not, realize that you may likely lose money on your investment if you have to sell unexpectedly.

Are you comfortable with the investment risk and commitment of owning real estate? It does not sound that way from here, because you are so focused on your life inexperience in your question.

It's a great thing to ask advice, but it's your life to live. Assuming you even have the option to purchase instead of renting, really only you know what's right for you.

Karla Harby VP
Rutenberg Realty NYC
kharby@crrnyc.com
... more
0 votes 10 answers Share Flag
Tue Apr 28, 2009
Rhonda Holt answered:
To find a house for rent in Brooklyn you can try www.Craigslist, www.move.com and www.rent.com.

Before you rent a home, please have the landlord specify exactly what you are responsible for such as utilities, recycling, repairs, etc.

Good luck!
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