Have you ever asked yourself whether it is good time buy a home or to continue to rent, here a few steps that could help you decide:
1. What will monthly costs be, and can I afford the payments?
Keeping mortgage payments under 30 percent of your monthly income is a good rule of thumb. If you can't keep mortgage payments below that, you may be better off renting for awhile.
2. What other debts do I have?
Total rent or mortgage payments plus credit obligations should not exceed 35 to 40 percent of monthly income.
4. How much will taxes, monthly maintenance, or other fees cost?
Owning a home means you may have to pay real estate taxes, that is if your propertey is valued at 250,000 or more and other costs like insurance and maintenance. On the other hand, owning a home brings big savings at the end of the year. As a renter, the owner pays those costs for you.
5. How many years will I stay here? Generally, the longer you plan to live someplace, the more it makes sense to buy. You'll build equity in your house and its value is likely to increase over the years.
If you are ready to buy your home, contact us at Seaview Properties Real Estate.
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