Buying and Renting Real Estate
Written by: James McGlinchey
…to buy or to rent?
Renting
You pay landlord to live there!
Little to no responsibility and flexibility.
No maintenance cost, no insurance, no property taxes
Myth - your always losing money every month
Buying
You own your house!
investment that is likely to build equity and a source of tax deductions - “Forced Saving”
Tax incentives
Fixed payments (on mortgages)
Perception “American Dream” - owning house is key to happiness
Buying a house is a major commitment!
Things to consider:
In terms of buying and getting a loan:
Income and Employment Status
Debt to Income Ratio
Liquid Assets(can you put money down)
Timing (what are the mortgage rates)
In terms of general lifestyle:
Do you want to live / stay in one place?
How to buy a house?
Mortgages are loans that are used to buy homes or real estate.
Mortgages are available in a variety of types, including fixed-rate and adjustable-rate.
The cost of a mortgage will depend on the type of loan, the term (such as 30 years), and the interest rate the lender charges.
Mortgage Rates can vary widely depending on the type of product and the qualifications of the applicant.
Steps for finding and purchasing a home.
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Apply for a loan
YUou will get conventional loans for your mortgage. These are not backed by the government but by private agencies like banks.
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Get a real estate agent
Your real estate agent is your representative in the home purchase transaction.
Your agent will look out for your best interests by finding homes, and helping you write offers and negotiate.
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Finding your house
Considerations:
Price, Square footage . Home condition and possible need for repairs, Access to public transportation, number of bedrooms, Backyard/swimming pool, Local entertainment options
Local school district ranking
Property value trends
Property/real estate taxes
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Sell it.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
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Style it.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
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Share it.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Make it stand out.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.