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If you are in the position of being a first time home buyer in this market, you may be stuck in a sticky situation. With a depressed real estate market, is it better to rent or own a home? Before you make this important selection, there are a few factors you should bear in mind. After going over these points, you should be in a better position to make this life changing decision.
The biggest issue for most people when it comes to making the assessment to rent or buy is the costs concerned. You should look first at the current local real estate prices and use a finance calculator to figure out how much you can expect to pay for a home. Look at the rental listings and take note of how much rental fees are currently going for. Use websites like Realtor.com or Craigslist.com to keep tabs on the current prices. You may also want to deem getting pre-approved for a mortgage loan to figure out your accurate APR and price range.
If your potential mortgage payment price is lesser than a leasing per month payment, you need to keep a few issues in mind. First, as a property owner, you will be liable for your water and rubbish payment every month (something that most landlords take care of). This can sum between $100 and $200 per month. In addition, there are several other costs involved with buying a house including closing costs and fees for the realtors. You will also have homeowner's insurance to take care of and different maintenance costs involved (like caring for the garden) that many new home owners don't consider.
The actual cost of your credit can also be affected by the type of mortgage loan that you get. A fixed rate APR loan is the best if the interest rates are low because the amount of your loan payment will never change. However, an adjustable APR loan will rise and fall with time. If interest rates are high, you may have lower payments when they go down. But on the flip side, your payments will raise when the rates go up as well.
If the leasing cost is inexpensive, you need to take into account that rental prices increase from time to time, sometimes as often as once a year. Even if you have a good rate now, you may be paying several hundred dollars more in the upcoming years as your landlord raises your rate. In addition, as a homeowner you can use the equity in your home to consolidate bills or entire house improvement tasks. Your mortgage payments actually pay you back but your leasing payments are gone eternally.
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