Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
There is no universal right or wrong in the rent vs. buy discussion. It comes down to what is right for YOU and YOUR family. Before getting into the list of pros and cons, a couple of things to consider first.
Of course, hot cities like Washington DC, New York City and Los Angeles will typically have much higher ratios along with much higher purchase prices, so look closely at your budget and ratio before jumping to any conclusions. Don’t rely on any blanket rules to make your decision, create a detailed personal budget first to see if there are items that you’re willing to give up in order to comfortably afford to buy a home. Sometimes that hot new pair of boots, or a quick trip to Vegas are going to be more important. You have to be prepared to lose some of that budget freedom before jumping into buying a home.
Don't worry, we are here to help you. Give us a call at 917-921-5397, or, send us an email by clicking the link below. We will go over your particular circumstances and will point out things you might not have thought of, or, we might clarify things your were not sure about.