What's It Going to Take-Buying Homes in Hampton Roads

How much evidence is needed to make a decision to get out of the rent race and become a homeowner?

Compare your rent with a mortgage payment on a similar size property. If you want a larger home than your current one, use the rent that property would require instead of what you're currently paying. If it's considerably cheaper, you may not need any further encouragement.

By the time you consider the principal reduction, appreciation and tax savings, your monthly cost of housing could be much less than the rent you're paying.

The principal reduction included in each payment is like a forced savings account that increases as your mortgage balance decreases. Your equity in the property will also grow due to appreciation. The equity is part of your net worth and an investment in your family's future.

The income tax savings can be an additional financial consideration if the combined interest and property taxes exceed the allowable standard deduction.

Trends are showing that both tenants and homeowners are staying in their homes longer. It's been said that whether you rent or own, you're paying for the home. Do you really want to buy the home for your landlord?

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April 03 2013 - Virginia Beach
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    Profile picture for user0471364
    Maybe you can help me.

    2 yrs out of Chptr 7 Bk, should I try to buy or rent? Credit score 580

    I want to purchase a home; however in this market it appears all agents want commission now and not willing to help with the steps to home ownership. Any recommendations. Few facts. Chptr 7 bk discharge , 2 yrs ago. I work full time at same job since 2008, filed BK for medical reason, yrly salary 40k, I have since establish credit with card loan and two high interest credit cards, all of which are paid on time and have been since open about a year ago. Despite this my credit score movement is very slow it only increased 20 points from my before filing bk credit score. My current rent is 1350 per month. No savings, was thinking of a fha loan. Virginia Beach, VA- Hampton Roads area.
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    September 10 2013
     
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