BUYING A HOME IS A BETTER CHOICE THAN RENTING
With mortgage rates down lower than they have been in years, home prices still low, it is wise choice to buy rather than rent. Home buyers get a tax write off and build appreciation and renters throw money away each month. Home prices are so affordable and the buyer’s market conditions have resulted in an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REOs (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.
A large down payment won’t even prevent you from buying a home, you can purchase an owner-occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5 percent down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then they will need at least a 20 percent to 30 percent down payment and good credit.
So the first decision you need to make is what type of property you want to buy and how you intend on using it.
Intended uses include:
- Residing in the property
- Renting out the property
- Living in the house or condo
- Flipping the property
- Lease optioning
Be sure you line up financing right away so you are ready to make an offer when you find the right opportunity.
Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and they buyer gets a property with built-in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy a home from a Coldwell Banker Danforth agent.