THE COST TO YOU
Here in Grove City and in the Columbus area right now, I’m seeing monthly rentals that cost as much as a monthly mortgage payment!
So why rent when you can buy and begin building equity in a home? Well, for one thing some people struggle with the “start up cost” of buying a home.
Do I have enough cash?
Buying a home requires cash upfront. Don’t let anyone tell you otherwise!
You need to cover closing costs and a down payment, which ranges from 3 percent for a government loan from the Federal Housing Administration up to 20 percent for a conventional loan.
Plus you still need to make sure you have an “emergency fund” in case of a job loss or accident!
How much will I spend on a monthly basis?
Your monthly payment will consist of principal and interest (PITI). This is calculated by figuring the home’s purchase price, interest rate, home insurance and property taxes. Your monthly budget should also include transportation, food, utilities and upkeep on your home.
Will buying a fixer-upper save me money?
If you don’t mind putting in “sweat equity”, and you’re handy and healthy enough for it, you may want to consider a fixer-upper. (Boy do I have one of those for sale right now!)
Just remember, those repairs and upgrades cost money as well!
What’s the answer?
Each case is important and different.
Give me a call and I’ll answer each and every question you have and make sure the answer is based on your personal situation!
Saxton Real Estate
Grove City, Ohio 43123