I heard an ad on CBS radio last week for Trump Parc Stamford that said I can own for the same I pay in rent. Has anyone else heard this?

Asked by Jen C., Stamford, CT Sun May 2, 2010

I live in the Stamford area and am paying almost $3,000 a month in rent which kills me. My friends (who are mostly in finance) keep telling me that now is the time to buy before the market goes back up and while the mortgage rates are still low. I'm not sure if I should re-new my lease or just bite the bullet and buy something. Any thoughts or advice would be much appreciated.

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Jordan Dolger, Agent, Stamford, CT
Wed Apr 6, 2011
Jen,
Trump Parc currently does have some nice incentives for purchasing that could equal what you are currently paying in rent. The bigger picture is are you ready for a long term approach to housing which is what I currently recommend so you can better weather the up/downs of the market. If you are looking at condos keep an eye on the "financials" to make sure the project is not in the red. Also, don't let a catchy sales line decide what you look at- make sure you do your research and look at multiple condos in your price range.
Good luck!

Jordan Dolger-Realtor
jdolger@higginsgroup.com
0 votes
Judith "Judy"…, Agent, New Canaan, CT
Fri Oct 22, 2010
Jen, Keep an eye on the common charges at any condo unit you purchase. Additionally, condo's typically cost more to finance than a single family house. The Trump Parc units are lovely, and perfect for someone who wants to live close to downtown and avoid maintenance. A similarly priced single family house in Stamford will have more square footage and land but you will be responsible for upkeep. Mortgage rates have been in the 4% range. This is the lowest I have seen. If you are sticking around, you really are throwing your money away with rent that high. Remember, you can deduct interest from your mortgage on your taxes. Best advice, however, it to buy slightly less than you can qualify for a loan. A home is not a liquid asset so make sure to buy something you will want to live in at least 5 - 10 years.
0 votes
Sam Goodwin, , Carlsbad, CA
Sun May 2, 2010
Jen,
Ask yourself the following questions. Do I plan to live in this city/town or county for a long period of time? Meaning 5-10 years from now? Will I need to move and sell my new home within the next 1-4 years?

Your finance friends are telling you to buy, because of two reason. The first, money is so cheap right now. Money is cheap, yep I said it. To borrow money these days for the purchase of a home has become ridiculously cheap these days. With good credit and a 20% down-payment you can get a rate as low as 4.5% (not every time or everywhere) . The second reason, is the First time buyers tax credit. ($8,000). The tax credit has ended, sorry you had to have a purchase contract dated 4/30/10 and close by 6/30/10. However, rates are still low. Lastly, if you haven't watch the news in the last 2 years, this is the worst housing down market in a very long time. This is good for buyers not sellers.

If you plan to live there for more than five years, you may want to buy. This will allow you to possibly build some equity, take some of the tax benefits. On the flip side, get ready to maintain the property yourself, or pay someone to do it. If you do buy, get a fixed rate (30YR), rates will go up in 6 months. if you don't you will be sorry.

last but not least, do not allow any real-estate agents to tell you what to do. Make your own decisions, read as many books on how to purchase your first home, before speaking to ANY real-estate professional broker/mortgage loan/etc. you may do business with in the future.

I could go on and on about the different things you should do; however it will be best if you read some books over the next two weeks. This will help you answer your question.
0 votes
Ed Yuchowitz, , Stamford, CT
Sun May 2, 2010
Jen, If you have a good downpayment and good credit score, now is the time. And, of course, if you plan on staying here for at least 5 years. There are many good buys available and I will be happy to show them to you. Just give me your parameters. Ed Yuchowitz, 203-257-0194, The Property Network
Web Reference:  http://www.edsoldmyhome.com
0 votes
Ellen Christ…, Agent, Darien, CT
Sun May 2, 2010
It depends on your personal and financial situation. Following the market for a decade I would say it is a great time to buy. You have choice, price, and strong rates.
However if you need the flexibility that renting provides and you are not planning to be living in one place for 3 o more years and you do not need a tax deduction then don't buy.
When my clients aren't sure what to do we sit down and work through ter numbers. Happy to help you figure it out.
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