“Owning vs Renting is a NO Brainer”

           “Owning vs Renting is a NO Brainer”

 

 

 

 

 

Good afternoon Mr. Petrowsky,

My name is Anthony XXXXXXX, Kathy XXXXXXX was gracious to provide me with your contact information. I had a conversation with her regarding how we, my fiancé and I, "look" if we were to apply for a mortgage. Kathy said you would be able to help us answer those types of questions. We may have an opportunity to purchase the Townhouse we are currently renting, it was kind of sudden how it came about and we would like to know "where" we are. The asking price is 300K and we are currently paying $2600 per month rent.

 I can be reached at 860-XXX-XXXX to discuss this further.

Thanks, Anthony

 

 

After running the numbers for the client, with just over $10,000 down their monthly mortgage payment would be less than what is being paid for rent. SO WHY RENT?

 

They shared a few crazy reasons, but when I told them what the mortgage payment would be and what the down payment would be it didn’t take them long to decide to become homeowners. They discussed with the seller that they didn’t have enough money for closing costs, so they finalized a purchase agreement to include the seller paying the closing costs.

 

Get the interest deduction as a tax benefit, getting principal reduction each month and building equity is always better than collecting rent slips.

 

Image courtesy of StuartMiles/Freedigitia;photos.net

 

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 6 commentsJoe Petrowsky • February 20 2018 02:26PM

Comments

That's great news for those future home owners! 

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 8 months ago

Some of those benefits are eroding under the new tax law which stinks!!!

Get the interest deduction as a tax benefit, getting principal reduction each month and building equity is always better than collecting rent slips.

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 8 months ago

Good morning Joe. Sometimes they just need the facts! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 8 months ago

It is a no brainer as long as they understand their responsibilities as a homeowner and willing to accept it.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 8 months ago

Good morning Joe. I would agree but lately it is harder for many and discouraging for those who live in areas with high property taxes.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 8 months ago

Joe Petrowsky so true, espicially down here in Fairfield County where rents are in the thousands of dollars per month.

Posted by David Popoff, Realtor®,SRS, Green ~ Fairfield County, Ct (DMK Real Estate ) 8 months ago

Participate