The process of acquiring a home may seem scary, however many people rent a home in Asheville would really prefer to own. In addition to building and increased home over the years, owning offers more freedom to define what their home will be like and where it will be. Asheville renters should know that home prices are slowly going up as the economy continues to recover and a delay in buying an Asheville home may cost them money.
Here are the 6 steps in finding a Rent to Own A Home in Asheville for those looking to purchase their first home in 2015:
1) Analyze what you like and dislike about your current living situation so that you’ll see more clearly your top priorities for the new place.
2) Don’t let applying for a mortgage cause you to panic. If you have a steady job and good credit, it’s usually a ”done deal”. The current rate (February, 2015) for a 30 year fixed mortgage is 3.8%. At this rate the payment for a $175,000 loan, including real estate tax and mortgage insurance, is $985.00 per month. Isn’t that less than what you are paying in rent?*
3) Find out how home ownership will impact your federal tax bill each year. What you save in $ to Uncle Sam may surprise you.
4) If you have flawed credit, face it squarely and work with a lender who will help you to iron out your credit problems.
By: SANDRA BROOKS, Broker
Mosaic Community Lifestyle Realty