Are there better ways of spending your rent money?

for rent 1I love the articles with interactive charts and when Trulia came up with their Cost of Renting vs. Cost of Owning your home, I couldn’t help but play with the numbers. Trulia reported that as an average, it would almost be 30% cheaper to purchase a home than to rent.

But what does that mean? I entered a few numbers into the calculation to see just much a home in the Cedar Rapids area you could purchase, if your rent is $850 per month.

According to Trulia’s interactive chart, $850/month rent equals to a monthly loan payment to purchase a $110,000 home.

Renting is a really good option sometimes; however, it may come to a point where your monthly payments would go further paying for YOUR home rather than buying someone else’s. Here are 10 more reasons to purchase now instead of rent – click here to read more.

Purchasing your home in the Cedar Rapids or surrounding area makes sense right now because home prices are going up – slowly – and interest rates are still low. Home prices will generally continue to rise and the mortgage rates will continue to increase. In fact, buying a home will still make sense until interest rates hit 10.6%! And interest rates haven’t been that high since 1989.

So, if you’d like to see how much home you qualify for, give us a call! I can help you find the right financing and find the right home!!

Call me today and let’s get started!!

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