Coldwell Banker Realty Corp presents Rent vs Buy
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Transcript of Coldwell Banker Realty Corp presents Rent vs Buy
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Buy vs Rent SeminarConnie Schaffer V.P. Corporate ServicesCRP, ABR, CNAS, CNRS, CNISOffice: 215-855-5600 Cell: [email protected]
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Renter Demographics
Nearly 1/3 of all households rent.People who frequently relocateThose with unstable employmentThose with need to improve their creditThose that think they cannot afford
to buy!
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Cost of Renting
First and last months rentSecurity DepositRenter’s InsuranceUtilitiesMaybe Association Fees
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Advantages of Renting
Easy to moveLess maintenance and repair workMay offer amenities like pool or tennis courtOther expenses may be included in rent like electric, trash, etc.
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Disadvantages of RentingNo tax deductionsSubject to lease termsRents can increaseProperty can be sold with little noticeFew opportunities to upgradeRestrictions such as pets, noise, etcWhen you leave, there is no equity
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Cost of OwnershipMonthly mortgage paymentDown PaymentClosing CostsUtilitiesHomeowner’s InsuranceReal estate taxesMaintenance
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Advantages of OwnershipPride of OwnershipBuild equity and Potential for value to increaseIncome tax deductionsMore privacy, more in chargeMore room and storageCan customize and enjoy pets, specific lifestyle
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The ProcessGet pre-approvalChoose a buyer’s agentExecute an agreement of saleTake mortgage applicationInspectionsMortgage commitmentWalk thruSettlement! Congratulations!!
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Current Market ConditionsMontgomery County YTD Market Snapshot thru May 2013Settled volume up 14.50%Median Sale Price up 3.24%Average Sale Price/Original Price 92.8%Upper Providence TownshipAverage Days on the market- 47 daysAverage List to Sale Price- 96%
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Keep in Mind…
People are always paying for a home. It’s just a matter of whether it is for themselves
or their landlord.
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Questions?
Contact Coldwell Banker Realty Corp215-855-5600