To Buy or Not to Buyer...That IS the Question

The answer WIIFM..."What's In it for Me?" 

Ask yourself, "What are the benefits of owning a home versus renting a home?"  "Should I continue renting?"

Review the following scenario:

IF:
You rent a house for $1000.00 per month

BUT YOU:
Can buy a home for $150,000
And you pay 20% down (30,000)
Your *loan amount would be $120,000
*3.250% for 30 year fixed rate

P&I $522.25 per month  Note:  P&I stands for principal and interest of the loan amount.  This is ONLY the principal and interest payment per month.  Remember to add monthly taxes and homeowners insurance on top of the P&I to get a true picture of your total monthly payment.)

So in this scenario, your monthly house payments could be lower or equal to the amount that you are paying for rent!  (Depends on local taxes and homeowners insurance costs.)

WIIFM Buyer Rule:  Always check out the market values and rate of increase per year in the area that you are considering to buy a home.  Also, take into condsideration the amount of years that you project to be living in the home.  And don't forget to check with your account regarding tax deduction benefits for the interest that you pay on the loan.   These are important key factors in considering the question "to buy or not to buy."

Cathy Perez Whiteside, Century 21 Homes Plus 715 W. Maine, Enid, OK  73701  580-233-3500