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Wednesday, October 12, 2011

It is not a great time to buy a house in Brevard County, Florida...

....for everyone.

There are times to rent and times to own a home.   The challenge is recognize when you should buy a home.

What are some of the considerations that go into to the rent vs. buy decision?

Income/Job Security.  This has to be the primary consideration.  The purchase decision is a long term commitment not to be entered lightly.  The commitment goes beyond the monthly payment.  It also involves a commitment to your home (repairs, maintenance).

Your "roots."   I am not referring to ancestry but rather how long you plan on staying put.  The days of beginning able to sell in a year or two and break even or make a dollar have disappeared.  The markets are declining.  Besides the purchase of a home should never be approached with an attitude of making money on an investment.

Mortgage ability.    A high credit score is critical to obtaining a mortgage at the best interest rate.  Sure, even with a few hiccups in your credit a loan may be possible but look at the interest rate.  It may be best to improve your credit score over the next few years and get a better rate.  Contacting a lender is one of the key first steps to the home buying process.  I know several local Brevard County mortgage professionals who will be glad to discuss mortgages with you - call me.

Know all your local taxing authorities.   The tax rate today is not fixed.  Values change as does the amount of money required to maintain municipal services.  And lets not forget about homeowner or condo owner associations.  While you are thinking of variable costs remember the insurance company.

Rental Rates.   The amount you pay for rent is likely to change over the course of the next few years.  As home ownership has declined recently the competition for good rental accommodations has grown.  In the end it all comes down to supply and demand.

Run the numbers for yourself.   This particular NY Times tool allows a chance to modify things like fees, insurances, etc.  This can be a really telling when considering the rent vs. buy decision.

If you are in Brevard County and ready to buy a house or a condo, call me at 321-693-3850 or email me.

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