With home prices on Long Island being more affordable than they have been in the past few years, you may be thinking…should I rent or buy?
A question just about everyone has faced in their lifetime. If you find that this question keeps creeping up in the back of your mind, it’s time to really figure it out. Here are 4 ways to find out if it’s time to buy a home:
- Do you have credit card debt? If you have credit card debt and haven’t saved for a sizable down payment, you’re not yet ready to own.
- Have you saved 10 to 20 percent for a down payment? If you have this, congratulations! You are on your way! In order to get approved for a mortgage, banks require 10 to 20 percent of the purchase price for a home as down payment.
- Do you plan to stay in your new home for at least five to seven years. When you combine the costs associated with buying AND selling a home, it’s very possible that leaving your home too soon could eat up close to 10 percent of its sale price. Make sure you are ready to make this house your “home” so the cost of selling does not exceed any potential price appreciation during the time you owned.
- Do your calculations show that the cost of renting is a better deal than the cost of buying. Our website as a reliable & free online calculator that helps you calculate if how much you may save if you buy vs. rent.
- Are you ready for the responsibilities of homeownership? Don’t feel like you have to run and and buy a home TODAY! This is a huge purchase, so take your time. Do what feels right to you – as long as you can afford it.
If you are looking to buy or rent a home, be sure to check out our website for FULL and current access to both our exclusive properties and the Multiple Listing Service of Long Island.
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