As I write this article the cost of rent has surpass the cost of ownership. With interest rate being in all Should you buy Now?
Today you will be told of what you need and what you should get. The average person gets approximately 500 to a thousand reasons why they should buy. When you decide to buy a home some will agree others will not. I get asked “Michael is this the perfect time to buy?” Will the market get any better? If so when?” Have you ever lost any sleep because the CPI (Consumer Price Indexes) drop 10% in 2 days? Have you ever worried because the senate bill was not passed? Chances are you never lost sleep for any of these issues and never will. Issues that will keep you awake are the ones that affect your family. You will stay up all night thinking how to make ends meet; you will stay up all night thinking of the increasing crime in your neighborhood. If you are a parent you will think about the schools and parks that surround your kids. The market indexes, expert analysis and Moodys report should not be your primary indicators for you to buy. After all the most import indicator that you have is not in a report but in your personal balance sheet. How much are your living expense? How much is your monthly Rent? What will be the cost if you were to buy? What will be the cost if you weren’t to buy? What is your 10 yr plan?
The Garcia’s where a family who thought about buying, but the newspaper and know it all neighbors will throw on the braking parks. “Michael I do not want to lose the house if we decide to buy. Look at the news there’s hundreds of families who are losing their jobs and homes”. The Garcia’s were paralyzed by fear of the uncertainty of the market. These are valid concerns however living expenses is a necessity not a want. Mr. & Mrs. Garcia whether you buy or rent these costs are real in your monthly budget. Have you calculated the cost of not owning? From knowing the area and the condition of the home I knew what this home will sale for if put in the market. I calculated the cost of a 30 yr mortgage at a 5.5% rate added taxes and insurance and compared it with the monthly rent. Mr. Mrs Garcia if you were to buy this home your mortgage payment will be $250 less than your Rent payment. In addition to your $250 savings the interest is tax deductible at the end of every year. Last winter the Garcia’s moved into their new home and began a new chapter in their lives.
Like the Garcia’s you can have analysis paralysis. You may be crushing numbers, speaking to hundreds of experts, and monitoring the market with a telescope but the best indicator of whether you should buy is your Personal Balance sheet.
Are you ready to buy?
As I write this article the cost of rent has surpass the cost of ownership. With interest rate being in all Should you buy Now?
Today you will be told of what you need and what you should get. The average person gets approximately 500 to a thousand reasons why they should buy. When you decide to buy a home some will agree others will not. I get asked “Michael is this the perfect time to buy?” Will the market get any better? If so when?” Have you ever lost any sleep because the CPI (Consumer Price Indexes) drop 10% in 2 days? Have you ever worried because the senate bill was not passed? Chances are you never lost sleep for any of these issues and never will. Issues that will keep you awake are the ones that affect your family. You will stay up all night thinking how to make ends meet; you will stay up all night thinking of the increasing crime in your neighborhood. If you are a parent you will think about the schools and parks that surround your kids. The market indexes, expert analysis and Moodys report should not be your primary indicators for you to buy. After all the most import indicator that you have is not in a report but in your personal balance sheet. How much are your living expense? How much is your monthly Rent? What will be the cost if you were to buy? What will be the cost if you weren’t to buy? What is your 10 yr plan?
The Garcia’s where a family who thought about buying, but the newspaper and know it all neighbors will throw on the braking parks. “Michael I do not want to lose the house if we decide to buy. Look at the news there’s hundreds of families who are losing their jobs and homes”. The Garcia’s were paralyzed by fear of the uncertainty of the market. These are valid concerns however living expenses is a necessity not a want. Mr. & Mrs. Garcia whether you buy or rent these costs are real in your monthly budget. Have you calculated the cost of not owning? From knowing the area and the condition of the home I knew what this home will sale for if put in the market. I calculated the cost of a 30 yr mortgage at a 5.5% rate added taxes and insurance and compared it with the monthly rent. Mr. Mrs Garcia if you were to buy this home your mortgage payment will be $250 less than your Rent payment. In addition to your $250 savings the interest is tax deductible at the end of every year. Last winter the Garcia’s moved into their new home and began a new chapter in their lives.
Like the Garcia’s you can have analysis paralysis. You may be crushing numbers, speaking to hundreds of experts, and monitoring the market with a telescope but the best indicator of whether you should buy is your Personal Balance sheet.