Is not the time for me to Rent? Or Buy?
Rent or Buy? It's A BIG Decision. Take this into consideration...
You may be asking yourself, is it a better decision to rent
or buy? And there is no blanket answer for that question. There are a lot of
factors to consider when making a big decision like buying a home. It’s often
the largest purchase you will ever make.
Affordability
Affordability is at an all-time low, with interest rates
just slightly above inflation, it’s like borrowing money for free. With
interest rates at historic lows, borrowing money to finance a home has much
less of an impact than it does when rates go up.
Monthly Costs/ Repairs
Consider if you can afford the monthly costs of becoming a
homeowner. As a homeowner you are responsible for all utilities and often
overlook paying expenses like trash
removal, sewer, and HOA fees that may
have been included when you were renting.
Deposit
Have you been saving and planning for the purchase of a
home? Having an earnest money or good faith deposit (as it is sometimes called)
available is important when writing an offer on a home; as it shows the seller
you are serious and have some skin on the game.
Down Payment
Having a down payment to apply towards the purchase price or
loan amount can help you reduce your loan amount or buy down your interest rate
or reduce lender points. It’s also a great way to reduce your monthly out of
pocket expenses.
Programs
Often special loan or grant programs are available that can
help first time buyers, repeat buyers and military professionals. Incentives to
purchase in some communities or based on special criteria can help you get into
a home with little to no money down.
Credit Rating
Your credit rating can affect your purchase ability and
often raising your score before you buy, can help save tremendously when financing a home.
Debt to Income Ratio
How does your debt compare to your income? Your current debt
compared to your current income will be converted to a percentage. Depending of
the financing program you are considering a lender will be looking for a
certain percentage to not be exceeded. The lender will discuss this with you as
it helps determine the investors risk to lend to you.
Establish Roots
Are you looking to establish roots? When you purchase a
home, consider the amount of time you expect to stay in the same location.
Family Goals/ Plans
Depending on your family goals and plans, major life events
like marriage, divorce, career change, additions to the family, children headed
to college, retirement goals, etcetera that all need to be considered prior to
purchasing a home. Is the home big enough for expansion, too big to take care
of in your old age by yourself? There are lots of factors to consider.
Tax Write Offs
A home can be a great tax write off. Consider speaking to a tax attorney or your
Realtor about the benefits.
Financial Investment
Owning a home can be a great financial Investment, consider
your options to purchase. Different markets and areas of town can make a big
difference. Is your money better invested in home ownership or in other
financial investments? Take it all into consideration.
Stability
Your stability is a big factor in deciding to purchase a
home. What does life look like in the near future? Are you riding the waves or
sinking? Speak to your Realtor and discuss the best options for your and what
is to come.
When is the right time?
Your Realtor is a great resource in helping you understand
if Renting or Buying is a good choice for you and when the time is right.
Contact the Bush Team for a FREE Buyer Consultation to learn more about the
benefits and discover if the time is right for you.
The Bush Team consistently ranks in the Top 5
Teams at Keller Williams Realty Southwest Las Vegas and number 46 of over
10,000 agents in Clark County- Greater Las Vegas Area. The
Bush Team is a group of Real Estate Professional in
Las Vegas Nevada. Born and Raised in the Las Vegas area with over 17 years
experience. In addition to being well-versed in buying
and selling homes, The Bush Team has worked with land development,
managed new home community projects and commercial land sales and leasing.
Presently, Michelle Bush
serves at Keller Williams Realty as a Broker/Salesperson. The Bush Team is a
group of accomplished Real Estate professionals who prides themselves on providing outstanding service to their clients. Their experience and knowledge allows
them to be well rounded in all aspects of real estate transactions. The Bush
Team takes care of their clients by servicing them from list to close. For all your real estate needs, please visit The Bush Team at www.LasVegasAreaHomeSearch.com or call 702.483.9620.
The Bush Team is your Las Vegas-Henderson Home, Investment, Luxury and High Rise Specialist connection. Call us today 702-483-9620 or feel FREE to visit our website anytime at www.LasVegasAreaHomeSearch.com and search our interactive map for all available homes in Las Vegas and Henderson.
www.LasVegasAreaHomeSearch.com
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