Woodbury Realtors Dale Frisch Tells you about Buying vs Renting.
A lot of the news sources are talking about how millennials are not buying homes. The biggest reason that people are concerned about this, is that buying a home is technically a savings plan for retirement. Because savings has become something of the past the banking system knows that if there is no money in banks it is harder for them to lend to people making it hard for them to make money and have it available for other people.
Think of it as bucket of water. We all want to drink from the bucket of water. If more people are taking water and not putting any back in, the water will run out someday.
Is Buying vs Renting scary?
A lot of people think that homeownership is a big deal and that you have to know everything about mortgages and how to fix a home before buying one.
The truth is that homes don’t have that many problems. Plumbing and electrical in homes doesn’t go bad that often. Look at the homes in St. Paul and Minneapolis that are built in the 1880’s. Furnaces and Air condition last 10 to 15 years and often can be fixed and last longer. Roof’s, siding and driveways last for 10 to 15 years. Any problems that come can be easily answered. Who do I call and how much is going to cost?
What can break and will break in under 5 years. Appliances are shit now. The old ones lasted for over 30 years. Now you will be lucky to get 3 to 5 years out of washer and dryer even if they have a 10 year warranty. There are several home warranty programs out there that will come out and fix the appliance. You will have to decide if the cost is worth it compared to replace the appliances as they go.
Buying vs Renting Mortgage
Mortgages are not scary. Most first time homebuyers only can afford to put 3.5% down payment and that can be from a family member or cities that offer down payment assistance. The only loan with that little down is called an FHA loan. Do your research on FHA interest rates and what fees a mortgage company charges.
Buying vs Renting Woodbury Realtor
Getting a Realtor can be easy or hard. A Realtor that doesn’t understand how you live your life, it is hard for them to find you the home or townhome that works for you. Also if they try showing you homes that you don’t want to see is when you need to tell them to stop and if they don’t fire them.
Do you need to sign a buyers representation document? You should feel comfortable with your Woodbury Realtor before signing this since this is a contract that says you will work only with that Realtor. You can get out of this contract by telling the Realtor that you want cancel it and send you written proof. I have never had someone want to cancel one of these with me and if they did I would let them. Why would I want to work with someone that doesn’t want to work with me. Other Realtors may not agree with this.
Buying vs Renting Just Do It!
Buying is a home is a lot easier than you think and once you start asking questions about how much it will cost and find out the truth and not something that was written on Facebook, you will find out that it will cost less than you thought. Most Realtors are nice. Most Loan officers are nice. The right people will make you feel comfortable and answer all the questions you have. The wrong ones will scary you and you will feel pressured. Run away fast.
Feel free to text me with your questions 612.715.6474. You can message me on FB but make sure you put your question since I get a lot of strangers saying Hi. I have 2k in random friends, go figure.
Buying vs Renting a House with a payment under $1500
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