Did you know in many cases it is cheaper or the same price to buy a single family, condo, or town home in Virginia Beach vice renting?
This is often unknown to renters and something that should be carefully considered. After all, you have to live somewhere, right?
As an example look here:
Purchase price: $250,000
Mortgage with P&I: (based on 4% interest rate: $1200.00 approximate
Taxes: (Va Beach based on .99 cents per hundred) = $170.00 monthly
Insurance: (estimate) $100.00 monthly (probably high)
Estimated monthly payment with all above: approx $1470.00
Some of you have Veterans Administration benefits and can do 100% financing, others have different programs that can almost achieve the same. Ask my lender on what programs he can make work for you. (he is good and friendly)
Some benefits of home ownership versus renting:
1. Make the home or space conform to your desires. Paint, remodel, have a yard, whatever.
2. Forced Savings. Yes, paying a mortgage every month in most cases works to build equity over the long term (and wealth) so later you can be a move-up buyer or just have a comfortable next egg for retirement.
3. Rent out the house later in life and become the landlord. A great way to build equity and maybe that college fund for the kiddies. Strapped for income? Consider renting out a room to a friend to cut down on monthly expenses.
4. You own it...the landlord aint kicking you out. You want to paint the living room wall purple go for it.
5. Repairs. Yes you do them, but at your urgency. Landlords can typically takes days to get a repairman to your residence.
6. Fixed Mortgage - The monthly payment is not going to rise (mortgage note) unlike rents that are going up 3% and more yearly. Lock in your financial obligations.
7. Interest rates. This is the biggest no-brainer going now. You can get a mortgage for 4% (maybe lower) at this time. My first mortgage was 12% back in the 80's...but it was still my home for the family.
8. Tax deductions for mortgage interest and possibly some energy renovations should you do them. That alone can save you money from what you are paying rent.
Now think about this. If you are going to be in the area for a significant amount of years then buying is probably a good option (more than 3 years in my opinion unless you are willing to be come a landlord for the long term).
So what are you waiting for? Search the homes and figure out if buying versus renting in Virginia Beach and Hampton Roads is the better deal for you. You may be very surprised. Contact me now and let's start the search. Also, consider the advanced search if you are really looking for specific properties in Virginia Beach and Hampton Roads.
PS: Use the mortgage calculator on the right side of this site to run sample amounts. This will be principal and interest and does not include taxes/insurance.
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