Houston Texas Real Estate Center
Houston-REALTORS®, Broker (713) 589-2220
We understand that there are certain times when renting is necessary. We represent renters and look out for their best interests however there are certain things you should be aware of.
Advantages to Owning Your Own Home.
1. All taxes and interest is tax deductible.
2. Building equity.
3. Pride of Ownership.
4. Often more space.
5. Often a yard where some rentals have none.
6. Complete Freedom to decorate, build, landscape (don't forget to confirm construction with the Home Owner's Association.)
7. Freedom to have pets.
These are just to name a few. In short there are numberous benefits; both personal and financial.
Get More Pay Less!
Get More Pay Less!
For example: A three bedroom two bath room condo is leased for one year for $1250 per month. You also take out a small renter's protection policy that is $100 per month which brings the total to $1350 plus utilities.
The owner requires a deposit equal to one months rent and the first months rent due upon move in which totals $2500.
Now we have a listing with an asking price of $100,000 that is an older home but has recently been improved with new carpet, paint, roof and other extras. It is 3 bedroom, 2 bath, 2 car garage and is on a 7000 square foot lot (large yard.) The seller agrees to pay 3% towards your closing costs with a full price offer and one of our preferred lenders approves you for a 100% loan which will put your payment at $729.19 total (7% on the 80% portion and 8.5% on the 20% portion which exempts you from paying mortgage insurance.) You do not have to escrow but you decide it is best so the taxes and insurance add another $250 to your monthly payment bringing your total to $979.19
As far as funds needed to purchase the lender agrees to escrow your insurance therefore all you have to pay is $500 earnest money and $250 for an appraisal. You decide to have a professional inspection which costs another $250 which addes up to $1000. Then upon the day of closing you are suprised to get a refund of $900 therefore the purchase only costs $100.