Should I Buy
Should I Buy In 2023
It’s true. Buying a home is a life-changing decision — and one no one should take lightly. If you’re thinking of buying, my advice is to gather as much info as you can from industry experts like me!
Top of the list is getting prepared by securing a mortgage (Pre-approval).
Then…
Make the decision after you’ve learned more about a mortgage if you want to buy. Here are the pros and cons of renting vs. buying.
PROS AND CONS OF BUYING
Pros: Build equity, fixed monthly payment, tax benefits, can remodel and customize, stability
Cons: Down payment, upkeep and maintenance costs, property taxes, HOA fees, not easy to get up and move without renting or selling the home.
PROS AND CONS OF RENTING
Pros: Upkeep and maintenance costs covered, no property taxes, avoid market fluctuations, easy to move
Cons: Won’t build equity, rent may increase, no tax benefits, can’t remodel or customize, pets may not be allowed (sniff, sniff).
No matter where you find yourself in life, it’s never too early or too late to begin investing in real estate, even if you only have a few thousand dollars for down payment to start with, start building equity.
What exactly is home EQUITY?
In the simplest terms, it is the amount of personal equity, or wealth you hold in your home.
How do I calculate how much equity I have in my home?
1. You can call me to walk you through it
2. You would take the current market value of your home and then subtract your home equity line of credit balance (if applicable) and your outstanding mortgage amount. This will give you your total home equity
For example:
$500,000 home value
-$400,000 mortgage balance owing
= $100,000 home equity
If you’re currently renting? Are you still asking yourself, should I buy in 2023? Let’s connect and get you on the path to turn those hard-earned dollars into your home equity instead of someone else’s!
“90% of all millionaires become so through owning real estate.”
-Andrew Carnegie
