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Rent vs Buy : Nationwide Real Estate Advice

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  • Home Buying264K
  • Home Selling45K
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Activity 812
Wed Feb 13, 2013
Brittany W answered:
I make close to 60k annually.
currently rent an apt for $900 monthly
Have a car note of $402
I am a first time homebuyer looking for a 3+bedroom townhome/single family home.
My target areas to live would be: johns creek, alpharetta, and sugarloaf (30043) I am not opposed to suwanee.
I plan on waiting no longer than 2yrs max depending on how soon I can boost my credit score.
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0 votes 10 answers Share Flag
Wed Nov 7, 2012
Robert A. Rabuttinio answered:
In my opinion it is always better to own than rent!
0 votes 5 answers Share Flag
Tue Jan 1, 2013
Alma Kee answered:
Condos will require a large downpayment so if you have at least 25% to put down...possibly more, then you can consider buying a condo.
0 votes 6 answers Share Flag
Wed Aug 17, 2016
Ron Thomas answered:
Understand that having no EQUITY in your house, was the biggest reason why we had so many foreclosures.

There are programs; fewer than we used to have, and sporatic at best.

Also, understand that as a rule, if you have less than 20% equity, the Lenders require you to have PMI, which insures the Lender in the event you default: This can add a lot to your monthly mortgage.
If you put 10% down, then you will pay PMI until you reach that 20% level, when you can petition the Lender to stop doing that.

Talk to several Lenders; look at their GFE's and compare the numbers.

Good luck and may God bless
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0 votes 8 answers Share Flag
Tue Oct 30, 2012
Tom Miller answered:
It could be but not necessarily. The monthly amount is probably estimating the amount of a mortgage. The amount of your down payment would affect the monthly amount. With interest rates and prices historically low, now is a great time to buy. Could you and/or your friend qualify for a loan? ... more
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Fri Nov 2, 2012
Alison Hillman answered:
Hi there-

Take a look! http://info.trulia.com/rentvsbuy

Hope this helps,
Ali, Community Manager
0 votes 1 answer Share Flag
Sun Oct 28, 2012
Katherine Racine answered:
That all depends on what you need. A single family home with 3 beds and 2 baths will run at least $1200 a month. If you need 2000 sq ft or so you can expect to pay $1700 or more easily. $2000+ for 4 bedrooms.
That being said, if you were to purchase a $250,000 home with 100% financing, your monthly note with taxes and insurance would be about $1800.
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0 votes 1 answer Share Flag
Mon Oct 29, 2012
Alison Hillman answered:
Hi Patricia,

Can you please elaborate, what listing are you referring to?

Thanks,
Ali, Community Manager
0 votes 1 answer Share Flag
Sat Jan 26, 2013
Tracy Robinson answered:
Hello Mzjanea

It depends on your credit and the bank if they are willing to allow a lease purchase with the option to buy in two/three years. They might because you said you have a fifteen year work history. Some banks are willing to work with a renter to do a lease purchase especially if your credit score is not to far from being mortgage ready. You have nothing to lose by asking. If it does not work out then call me and I will be happy to help you get a lease purchase.

Thanks
Tracy Robinson-Realtor
KELLER WILLIAMS PREFERRED
62 South Main Street
Yardley, Pa. 19067
Office: 215-493-0200 ext 1087
Direct: 267-395-0251
tracyrobinson@kw.com
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0 votes 4 answers Share Flag
Fri Aug 9, 2013
Paul Paich answered:
Feel free to call me at 602 722 0026 and I will be happy to help answer your questions for you.

Kind regards,

Paul
0 votes 5 answers Share Flag
Thu Apr 28, 2016
Keith & Kinsey Schulz answered:
That depends an lots of variables other then VA. Obviously you have the VA mortgage option, but what other kind of benefits do you get as a renter or home owner? Other factors are your local market, your financial situation, how long you plan to be there, etc. See my blog post about deciding to buy a home (linked below), it will have additional tips to make sure you are ready. ... more
0 votes 10 answers Share Flag
Mon Oct 8, 2012
Ron Thomas answered:
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
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?

This is the Ultimate Caveat Emptor!
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0 votes 3 answers Share Flag
Fri Oct 5, 2012
Daniel Alvarez answered:
Hi Andrea,

Sounds like you'd be a good candidate for NACA's first time homebuyer program. Check out their site: www.naca.com. There is no down payment and no closing costs. They do, however, require that you have some savings (reserves) to ensure that you won't slip up on mortgage payments (along with unexpected repairs and other emergencies).

Rent to Own options are often loaded with stipulations that can appear "scammish" (i.e. option to purchase deposit will be forfeited if you're late on a payment). Most likely you'll be charged slightly higher than market average rent (which they will often times justify by saying a portion of it will go towards the purchase price.) Moreover, the option to purchase is often a price that is higher than market average. Its often times just a clever way for these property owners to generate extra income at your expense.

Your best bet is to check out that non-profit (NACA) and once prequalified, work with an agent to find something within your budget.

Good Luck. I think you'll do well in the long run by purchasing rather than renting. You stated you're in a bit of a pinch and need to find something quickly. If you have no choice, then please avoid the rent to own route. Put the extra money you'd be spending on that option into your bank account and work towards owning for less.
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0 votes 2 answers Share Flag
Wed Oct 30, 2013
Sylvia Barry, MAS,CIPS,SRES answered:
Hi Ferrisr001:

I help my clients with renting out their homes at times. I have to say that it will be difficult to find a nice house with a large yard that will take large dogs, even though your dog might behave really well. However, it is not impossible as there are many animal lovers in Marin county.

It will probably take some time and you might have to call each owner and find out what they will take though.

Best,
Sylvia
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0 votes 2 answers Share Flag
Thu May 2, 2013
Keith Keller answered:
Hi Ferrisr001, Of course it is! I will take it that you are looking to rent in the way you question is worded. So here's the deal. As a long time landlord I can attest to the difficulty of renting to a tenant with a large dog so here's what you do. Offer a dog damage deposit! It should be brought up as soon as you ask if the landlord will take a large dog. Second ask that the landlord come meet your big (hopefully) sweet and lovable dog and be prepaired to show that your dog will follow simple commands like "out " or "sit". You need to demonstrate that you have your dog under control at all times and his or her behavior is not destructive! Finally be ready to do a simple demonstration of you control of the dog so the landlord can be put at ease. And don't for get the old "the dog stays in the garage pitch"... ... more
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Thu Oct 4, 2012
Jeanne Feenick answered:
Much will depend on the very cost/benefit analysis that you have begun. I would suggest that you start by talking to your landlord who may be willing to excuse the penalty if you find an acceptable tenant to take your place.

The consensus is that interest rates will remain low so I think you will be safe on that front through the term of your lease. Home prices are stabilizing and inventory in some areas is moving at rates that suggest some appreciation. But appreciation where it happens will be modest for a while.

I think the best thing of all is that you are excited about buying - however this works out you should be a-ok. Now would be a good time to talk to a banker to be sure you are in the position to buy and to talk about what you can/should do to be in the position to qualify for the best rates.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpaseed Results
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0 votes 1 answer Share Flag
Fri Oct 5, 2012
Alison Hillman answered:
Hi Cheryl,

Take a look at the market trends in your area: http://www.trulia.com/real_estate/Minneapolis-Minnesota/

That should help,
Ali, Community Manager
0 votes 1 answer Share Flag
Wed Sep 26, 2012
Anna M Brocco answered:
Rent to own apartments in the area are rare; keep in mind that if interested in co-ops, each board does have their own financial requirements that must be met in order to be approved. Also keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright... ... more
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