RENT vs BUYING ... Can you afford to or not to (Part 1)

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Real Estate Sales Representative with Keller Williams Realty, Augusta Partners 302749 GAR Broker

WHO can afford a home?  Even in Augusta Martinez Grovetown Ga where the initial cost of a home is quite reasonable in comparison with the rest of the country~!

As a GENERAL rule, if someone can afford a home, they should probably buy one rather than rent.

Now...  WHAT does  Afford  a home mean?   It means more than just saving the 3-5% down payment.  One must also consider the inherent costs of home ownership.  There are yearly Taxes, Insurance, Furnace and HVAC repairs, Water heaters that burn out, Pipes that burst, Roofs that must be replaced... the list can go on and on... 

 Busted Water Heater

These expenses are often overlooked by home buyers AND their Real Estate Agents.   To be perfectly honest, even in today's difficult mortgage market with its stringent standards, a portential home owner cant count on the mortgage lender assuring that a home is affordable to them either.

Please do NOT think that *I* am trying to talk anyone OUT of being a home owner!   Seriously, I AM a Realtor!  While I do manage rentals, my livelihood comes from SALES of homes, from making people Home-OWNERS.

When working with prospective Home Buyers who are currently renters, I always lay out all the facts on the table.  It is my philosophy to treat them as if they were  a member of my own family and give them ALL the facts so that they can make the best decision for THEIR situation and their lifestyle!  That is my Duty to all my clients.

In short....  There are more things that make up AFFORDABILITY than down payment and monthly mortgage payment!

Tomorrow I will discuss the Advantages to Buying vs Renting!

 

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Rainer
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Jim Startzman
Long and Foster Real Estate - Wilmington, DE

People do need to make informed decisions.  We need to help them understand all parts of home ownership

Jan 24, 2010 01:40 PM #1
Rainer
99,587
Maria Vaill
Keller Williams Realty, Augusta Partners - Martinez, GA
Martinez GA, Evans GA, Grovetown GA, Fort Gordon G

Jim,

look for part 2 tomorrow.  This is actually the first , rather short post , to a series where I plan to really delve deeply into homeownership vs renting and who should buy and who should NOT buy!

Thanks,

 

Jan 24, 2010 01:44 PM #2
Rainer
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Douglas Lovitt
CENTURY 21 North Homes Realty, Inc. - Mill Creek, WA

Maria, you are right though.  There are a lot of reasons why renting might make better sense for some people.  Affordability is a regional thing as well.  Where you are from, buying the house might make sense to someone.  But move them to Seattle and ask them to pay 5 time more for the same house, renting might make more sense.

Jan 24, 2010 01:46 PM #3
Rainer
99,587
Maria Vaill
Keller Williams Realty, Augusta Partners - Martinez, GA
Martinez GA, Evans GA, Grovetown GA, Fort Gordon G

Absolutely!  Doug.

That is something I have plans to discuss.

As Realtors.... Isn't it part of our "Due Diligence" to help our clients be informed enough so that they make timely and appropriate decisions!   In Some cases, that may mean, recommending a particular client remain a renter. 

 

Jan 24, 2010 01:49 PM #4
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Rainer
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Maria Vaill

Martinez GA, Evans GA, Grovetown GA, Fort Gordon G
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