The age old questions should I rent or purchase a home. It really comes down to home comfortable you feel in to make this huge step in your life. Remember you don’t spend 100, 200, or 500 thousand dollars every day and you want to make sure that it feels right.
All logic says that in this real estate market, especially with Schaumburg homes being at record lows, interest rates lower than ever, and massive amounts of inventory every it’s an easy yes. But, what you really need to do is sit back and evaluate your personal situation. Just because it is the right time to purchase a home does not mean it is the right time for you to purchase a home.
Start first by calculating how much rent is vs. how much your mortgage would be. It is amazing with homes prices and mortgage rates being so low and rental rates being so high it would shock you to see that some Schaumburg homes for sale may actually be cheaper to purchase than rent. The rental market is almost 15 percent higher that it was the same time two years ago. Also you need to look at the tax deductions you will get when you purchase a Schaumburg home. Did you know that you can write off all the interest on your loan? Talk to your account to see how much that can save you in taxes per year. The main concern is do you want to make the commitment? Purchasing a home weather it’s a regular sale, short sale, or foreclosure is an investment that you need to be ready for. I strongly adivse against purchasing a Schaumburg home if you do not want to commit to staying put in an area, or if you are unsure about your own personal situation.
As you see there a quite a few factors that come into play when making this type of decision. First you should consult a mortgage professional to get an idea of what your numbers will look like. Many people think they can’t get a loan. When in fact people can get loans that should be getting loans! If you make a solid income, don’t have a ton of debt, can put down at least 3.5 percent, and have a credit score above 620 you may be better off than you think. If you have any questions about purchasing a Schaumburg home feel free to call me at 847-477-9474 or go to my website www.AaronWittenstein.com
No comments:
Post a Comment