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Buy versus Rent Quiz (Answer questions Yes or No) 1.Are
you qualified to get a mortgage? -A lender can pre-qualify you quickly (sometimes while on the phone) at no cost. A little later, they can tell you if you are pre-approved. (Some lenders are now doing pre-approvals on the initial phone call.) 2.Is
there a high probability that you will stay
in the home about 5 years or that if you
move, your employer will cover the expenses?
-Typically it takes about 5 years to
break even considering the expenses to buy
and sell a home. 3.Does
the price of homes in the area typically
increase annually enough to exceed the rate
of inflation?
-Some areas may be decreasing in
value or have good probabilities of
significant decreases in market value and
lead to a loss of your equity in a home. 4.Are
your current itemized tax deductions without
home ownership deductions close to or exceed
the standard deduction on your Federal
taxes?
-A major plus for buying over renting
is the capability to recoup some of the
property taxes and the interest paid on your
mortgage through tax deductions. 5.Are
the annual costs of rentals that satisfy
your needs more than the annual costs of
buying a home?
-If the annual cost of renting is
less than the annual cost of owning a home
(including additional deductions for
property taxes, income taxes, and
appreciation), you may be better off renting
and investing your money elsewhere. If
you answered yes to all the above questions,
it is highly probable that buying is the
best decision. If
the answer to number 1 is no, you should inquire as to why and work on correcting the problem if possible. If any answer to numbers 2 through 5 is no, consider whether you should buy, however, you may have personal goals or considerations that out way monetary considerations.
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The Home Page URL for this site is http://www.homebuyerconsultants.com |
HomeBuyerConsultants.Com is a
Service Mark (SM) of HomeBuyerConsultants.Com Inc.
Site by HomeBuyerConsultants.Com
Inc. Webmaster
|
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The Home Page URL for this site is http://www.homebuyerconsultants.com |
HomeBuyerConsultants.Com is a
Service Mark (SM) of HomeBuyerConsultants.Com Inc.
Site by HomeBuyerConsultants.Com
Inc. Webmaster
|
|
Top Ten Reasons to Purchase a Home 10. Buy while my credit report is in excellent shape. 9. Buy while my job is secure. 8. A inflation protected investment. 7.Tax deductions. 6. Annual savings from not paying rent on equivalent living quarters. 5. Can be used for rental property for an income flow. 4. Have something you can borrow money against, if necessary, via a Home Equity Loan. 3. Something you can sell. You will have equity - an amount convertible to cash in the future. 2. Pride of ownership. 1. Empowerment and independence by owning your own 'space'.
|
The Home Page URL for this site is http://www.homebuyerconsultants.com |
HomeBuyerConsultants.Com is a
Service Mark (SM) of HomeBuyerConsultants.Com Inc.
Site by HomeBuyerConsultants.Com
Inc. Webmaster
|