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Don't rent because it seems cheaper.
Don't rent because it seems cheaper.
Stop and consider your monthly renting expenses. Are they really less than the monthly cost of owning a home?
Stop and consider your monthly renting expenses. Are they really less than the monthly cost of owning a home?
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Typically, you will save money when buying rather than renting because costs associated with renting are affected by inflation. Your rent will likely more than double in the next 20 years! Unfortunately for most of us, increase in home price will not parallel with like increases in salary. With the prices of homes quickly rising, a home could quickly become a valuable asset.
You can typically afford a home loan that is 200 times the rent you pay without increasing your monthly payments.
You can typically afford a home loan that is 200 times the rent you pay without increasing your monthly payments.
Ex: Rent = $1,200.00 per month, 1,200.00 x 200 = 240,000.00. If you pay $1,200.00 in rent you are probably in a comfortable situation to pay a mortgage and expenses for a home listed at $240,000.00. This does not mean that you will not qualify for a higher mortgage.
Ex: Rent = $1,200.00 per month, 1,200.00 x 200 = 240,000.00. If you pay $1,200.00 in rent you are probably in a comfortable situation to pay a mortgage and expenses for a home listed at $240,000.00. This does not mean that you will not qualify for a higher mortgage.
It is important to save, and not live beyond your means when making any large purchase. Many people who had to face foreclosure when the real estate boom ended had to do so because they purchased beyond their means and spent more than they were earning. It is important to buy what you can afford and be careful to not overspend on credit cards.
It is important to save, and not live beyond your means when making any large purchase. Many people who had to face foreclosure when the real estate boom ended had to do so because they purchased beyond their means and spent more than they were earning. It is important to buy what you can afford and be careful to not overspend on credit cards.
When you buy, you are not only putting money towards an investment of your own instead of handing it over to a landlord, but by spending within your means you can come out spending less than you would by renting. As rent prices inflate, your mortgage will stay the SAME!
What are some steps to take when considering the switch from renting --> buying?
What are some steps to take when considering the switch from renting --> buying?
1. Talk with your bank or financial adviser to see what you can afford. They can help you by taking your saving/spending habits into account so you can be realistic when house shopping. They can also talk to you about the loan type that best fits your needs.
1. Talk with your bank or financial adviser to see what you can afford. They can help you by taking your saving/spending habits into account so you can be realistic when house shopping. They can also talk to you about the loan type that best fits your needs.
2. Make lists! Write down 5 qualities you are looking for in a new house from most to least important. These could include things like proximity to a workplace, a good school district, a certain number of bedrooms/bathrooms, outdoor living space, kitchen features, etc.
2. Make lists! Write down 5 qualities you are looking for in a new house from most to least important. These could include things like proximity to a workplace, a good school district, a certain number of bedrooms/bathrooms, outdoor living space, kitchen features, etc.
3. Meet with a real estate agent. Agents have access to software that makes it easy to find houses with your specific needs in mind. Also, did you know that as a buyer you do not pay any commission?
3. Meet with a real estate agent. Agents have access to software that makes it easy to find houses with your specific needs in mind. Also, did you know that as a buyer you do not pay any commission?
In many cases you do NOT need to put 20% down! and just because you have medical bills or a foreclosure in the past that has hindered you from opening a store credit card does NOT mean you will not be qualified to buy. Sit down with a lender and just talk - there are so many options! If you need a lender, feel free to reach out and ask for one that we recommend.
In many cases you do NOT need to put 20% down! and just because you have medical bills or a foreclosure in the past that has hindered you from opening a store credit card does NOT mean you will not be qualified to buy. Sit down with a lender and just talk - there are so many options! If you need a lender, feel free to reach out and ask for one that we recommend.
In addition to working as the head designer at White Pine Interiors, Haley McBryan works with Coldwell Banker located in Northern VA. Feel free to contact her with any questions. Her phone number is (954) 801 - 8707. Even though her office is in Virginia she is able to work with clients anywhere in the US!
In addition to working as the head designer at White Pine Interiors, Haley McBryan works with Coldwell Banker located in Northern VA. Feel free to contact her with any questions. Her phone number is (954) 801 - 8707. Even though her office is in Virginia she is able to work with clients anywhere in the US!
Buyer Seminar
Buyer Seminar
If you are in the Richmond area stop by one of the buyer seminars offered at the office of Weichert realtors Brockwell & Portwood. This is a great opportunity we like to offer to the community. If you are thinking of buying- even if you are a of couple years out -come on out and listen to our lender explain current loan situations, what you really need in order to buy, and to answer your questions.
"With out a plan, a dream is just a wish." -Dierdra Portwood.
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Haley & Hannah
White Pine Interiors
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