What are the five things you need to think about when getting ready to execute your plan to move from your parent’s home or a rental and into home ownership?
Are you renting in the high priced Northern Virginia (NoVA) area or the DMV (DC-MD-VA)? Are you living with your parents to save money on rent to create a down payment? Would you like true independence? Would you like to take advantage of the benefits of home ownership?
Well, maybe you qualify to purchase a home, townhouse or condominium? The rent you may be paying, in this high rent area, may equal what you may pay in a mortgage payment. Home ownership gives you financial and tax advantages, which renting doesn’t.
Renting is giving away money in exchange for a place to live. Building equity in real estate is a sound financial move for the future. Deducting the interest on your mortgage payment helps keep more money in your pocket. These are just a couple of the benefits of home ownership versus renting.
Some of the things to think about before beginning a home search:
- If renting, when is your lease up? This gives you a timeline and deadline to hit; so, you move from your apartment directly into your newly purchased dwelling.
- Prequalification: working with a lender, they can tell you how much you can qualify for, based on your cash flow and overall financial situation.
- Where would you like to live? What is the cost to live there, the total cost of living? Prequalification can help you blend areas that are acceptable for you and that you can afford.
- Owning and bringing in a roommate, whose rent helps you pay the mortgage.
- Receive advice from a Realtor, who can guide you through the process of starting and helping you find a suitable place to purchase.
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