Do you feel like you are throwing money away with every rent check?
Are you tired of waiting around for a landlord to fix or replace the outdated dishwasher? Do you often have to fight the urge to paint a dining room wall red? It may be time to consider buying a home.
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There are benefits to renting and buying, so understanding your current objectives, as well as where you want to be in the future, is important to determine the benefits of both options.
Questions to ask yourself:
After considering these questions, contact BBVA Compass if buying a home seems like the right decision for you. We’ll talk you through all the details and help make your home buying experience as smooth as possible.
To compare the costs of renting vs. buying, enter the current or projected costs of renting and home purchase. To find property taxes, check MLS listings online, or contact your county’s assessor/recorder’s office or a local real estate agent. Calculate homeowner’s insurance, or contact an insurance agent for a quote.
Adjust the term to see how much your monthly payments may change based on your choice of a 15 or 30-year mortgage. The origination charge is generally between 0.5% and 1% of your mortgage loan, but check with your mortgage specialist to confirm. For Other Settlement Services, consider the cost of an appraisal, credit report, flood certification, tax service, lender and owner’s title insurance, and government recording fees.
Estimate the appreciation/depreciation rate of your home based on factors, such as the neighborhood, future developments, planned renovations, etc. How many years you plan to spend in the home may also determine whether renting or buying is your best option.
While most people understand it's almost expected of them to negotiate the price of a new car or a house, few realize that plenty more things can be bargained for–including rent.
Moving to a new home can be stressful. And that's even before you calculate the thousands of dollars you may spend on packing and shipping your belongings.