Home Purchase Affordability March 9, 2022

Can I Afford to Purchase a Home?

Can I afford to purchase a home? 

Can you afford to purchase a home? YES! Rental rates are out of control and causing many families to relocate to less desirable locations or give up amenities to save on costs.  Some families are even being forced out of their home state, due to regular increases in their rent.   Take advantage of the rates and take control of your finances! The mortgage rates are still much lower than pre-COVID and homes are affordable investments.

How do I know whether to buy vs rent? 

Do the math!

For Example:

Rental Upfront Cost –  $2500 per month x 3(first, last and security deposit) = $7500 UPFRONT  and you still have to pay $2500 per month with an annual increase

Purchase Upfront Cost – Home for $100,000 x 7% (average down payment and closing costs) = $7000 UPFRONT and you will lock in a monthly payment of between $490-$610 with a fixed rate and no annual increase.

Note* If your looking at homes for $200,000 double the figures and you will still save a ton!

Still not convinced you can afford to purchase?

First, ask you parents or grandparents how much they purchased their home for and what it is worth now. When you buy home, increasing home prices can earn you equity and increase your net worth.

Secondly, Real Estate, can help you plan for retirement and give you loan options to borrow from your equity. Your home is like a savings account with much better interest than a Money Market account.

Ask again, can I afford to purchase  a home?  The real question in this economy is, can you afford to NOT be a homeowner?
Rental rates are out of control and homeownership can give you more control of your monthly expenses.

Lastly, it does not hurt your credit to see if you qualify for pre-approval.  You will not know, unless you try.

Work with someone who will educate you! https://crystalcombs-cbflorida.sites.cbmoxi.com/buying-and-selling-tips

Call me! I will guide you every step of the way. Help me, Help YOU!  ♥ #floridarealtor #realestateadvice #realestateadvisor #realestateblog #money #mortgage #help

Can I afford to purchase a home? Steps to purchasing a home

Can I afford to purchase a home? Steps to purchasing a home. Step 1 Call me 954-709-5886, Step 2 Help lenders determine affordability, Step 3 Locate your prospective home, Step 4 negotiation and offer acceptance, Step 5 Order inspection , title and appraisal, Step 6 Celebrate at Closing!