Buy a Home for Less than Rent

Wow! The Raleigh-Cary market is very active. The home prices have bottomed and are increasing in several areas. The home loan interest rates have bottomed and are increasing!

This means, now is the time to consider buying. Actually buying is less expensive than renting. You get a lot of tax deductions by buying and you get none with renting. So to compare apples to apples, you can decrease a mortgage payment by approximately 25% to equate to a rental payment to compare. For example a $1000 mortgage payment is approximately equivalent to a $750 rental payment.

And now the great news, a $1000 mortgage payment will allow you to purchase a $150,000 to $190,000 home with little down payment, which means that I can find you a 3 or 4 bedroom home with 1400 to 2200 sq.ft. plus a one car or two car garage, depending on the area and location. Compare this to renting an apartment, you may be getting a 2 bedroom and 800 sq.ft for the same equivalent amount.

Another example is you can buy with me a $135,000 newly redone Ranch home on large lot with 100% loan, only $500 down payment and monthly payment of $800 per month. This is owning the home, and if you wanted to rent it, you would pay $950 per month. So you can see, it is less to buy and own now than it is to rent.!

For more information, contact me direct at DennisFowler@Remax.net with any questions. My Real Estate Expert Services are free to buyers, so contact me to schedule your complimentary consultation. We can do this online, by phone or in person, you choose, but don't wait, contact me soon!