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- UntitledIS THIS A GOOD TIME FOR ME TO BUY A HOME ? One of my readers in Georgia, Valerie, asked me this exact question. She was concerned with the state of the Real Estate market including what has happened to property values over the last several years. Additionally, she is 35 years old and [...] […]
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- What is Renting to Own a Home?A “rent to own” or lease to purchase” option is an arrangement in which a buyer and a seller agree to sell a home a certain price within a certain amount of time. It can be a good or a bad thing. Savvy investors did this when real estate prices were ascending in order to capture future [...] […]
- Can I get negative items deleted from my credit report? – YES!!!What is credit repair all about? A straight forward explanation with nothing to sell, just the facts. If you ever heard about credit repair and wondered what that was all about or how could it even be possible to have negative, accurate information [...] […]
- Are you an indentured servant to the bank?Do you remember learning about indentured servants back in school? Back in the 17th century you could get a ride to America in exchange for 7 years labor. This meant that because you didn’t have the money now you traded 7 years of your life for one boat ride. What a horrible deal. But how is [...] […]
- Your getting screwed by your credit score.1. Did you know that the credit report YOU see as a consumer is different than the ones your potential creditors might see? You see, your credit report is assembled “on the fly” its not stored information on some database at the credit bureau. When your credit is pulled a computer program searches a network [...] […]
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Archive for June 2010
IS THIS A GOOD TIME FOR ME TO BUY A HOME ?
One of my readers in Georgia, Valerie, asked me this exact question. She was concerned with the state of the Real Estate market including what has happened to property values over the last several years. Additionally, she is 35 years old and knows that thirty years or so down the road, she must have an eye on those “retirement” years also.
After weeks of research and reading many of the “experts” opinions, I stumbled across a website that answered all questions and settles the issue. For me at least. You may go to this link and program your own variables to see for your own self, the answer to the question “should I buy a home now?”
THE ANSWER IS A NO BRAINER
I used a monthly payment of $800 for rent, and mortgage payment. That would be the monthly principal and interest (5%) payment on a $150k mortgage. In addition I put in an appreciation factor of just 2% (as opposed to the 30-40% pre-crash), and 1% for property taxes. All considered very conservative factors.
AND THE RESULTS ARE IN
At the end of 30 years, the person who continued to rent has nothing but a lease in their hand, and, of course that same $800 rent has been adjusted for inflation to be about $1100. Still paying rent with ZERO TO SHOW FOR IT. The person who became a BUYER and stopped throwing their hard earned cash away on rent … that BUYER HAS $386,000 in their pocketbook! And no payments to make. !!!
CASE CLOSED.
YES, VALERIE, THIS IS A GREAT TIME FOR YOU TO BUY (watch a quick video to learn more here)
Richard Anteau, President
