Owning -vs- Renting
Beaufort and Morehead City, North Carolina
If you're unsure about whether or not owning would be a better choice for you than renting, here is a basic guideline to help you make the decision to own or rent.
Owning may be less expensive than renting.
To help determine how much you could afford to buy while keeping your monthly mortgage approximately the same as your current rent, simply do the following:
Multiply your monthly rent by 200 = the purchase price of the home.
For example, if you are currently paying $850 per month on rent, you could possibly afford to purchase a home costing $170,000 ($850 x 200 = $170,000).
You should also keep in mind that as a renter, you are extremely vulnerable to the future rent changes such as increases in the cost of living or inflation. It is not unreasonable to expect that your rent could increase as much as 4 percent per year.
As a homeowner, your monthly mortgage would remain the same for the life of the loan unless you decided to go with an adjustable rate mortgage.
Back to Buyer Tips |
Beaufort Buyer's Agent |
What Is Earnest Money? |
How To Make An Offer
First-Time Homebuyer Mistakes |
Moving Day Checklist |
Negotiating An Offer
Owning -vs- Renting |
Signing, Closing & Possession |
The Home Buying Process
Tips For First Time Homebuyers |
What Is Title Insurance?
Please Contact Copeland Real Estate to act as a Buyer's Agent for homes, land, commercial property or other real estate in Beaufort or Morehead City, North Carolina.
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