Elizabeth Eversen
Elizabeth Eversen
(805) 815-1976(805) 815-1976

Renting Vs. Buying

First time home buyers have a lot to consider when making the decision to rent or buy a home: interest rates are at all-time lows, there’s still plenty of housing stock and prices are at or near their lowest in years. Still, deciding whether to buy a home or rent an apartment can be a complicated decision. How do you know what’s right for you? Potential buyers should ask themselves several key questions before making this important decision.

What will monthly costs be, and can I afford the payments?

Keeping mortgage payments under 30% of your monthly income is a good rule of thumb. If you can’t keep mortgage payments below that, you may be better off renting for awhile.

What other debt do I have?

Total rent or mortgage payments plus credit obligations should not exceed 35% to 40% of monthly income.

What is my credit score? Can I qualify for a good interest rate?

A high credit score indicates strong creditworthiness, and that qualifies you for better interest rates on a mortgage. Maxing out on your credit lines and paying bills late will lower your credit score. The impact of a credit score on interest rates can be significant. For instance, a borrower with a score of 760 could pay nearly two percentage points less in interest on a mortgage than someone with a score of 620. Lower interest rates also mean lower monthly payments. If your credit score is low, you may want to delay buying a home until you can improve your score.

How much will taxes, monthly maintenance, or other fees cost?

Owning a home means you’ll have to pay real estate taxes and other costs like insurance and maintenance. On the other hand, owning a home brings big tax savings at the end of the year. As a renter, the owner pays those costs for you.

How many years will I stay here?

Generally, the longer you plan to live someplace, the more it makes sense to buy. You’ll build equity in your house and its value is likely to increase over the years.

 

Elizabeth Eversen

Picture of Elizabeth Eversen

Elizabeth Eversen

Your Camarillo and Ventura County Real Estate Expert

CA DRE# 01912095

EEversenHomes@gmail.com

(805) 815-1976(805) 815-1976 mobile

CENTURY 21 Troop Real Estate

2301 E Daily Dr, Suite 101 Camarillo, CA 93010 CA DRE #01994886

Elizabeth is your go-to Realtor for buying and selling your next home or investment property. Serving the real estate needs of home buyers, sellers, and property investors in Ventura County including Camarillo, Santa Rosa Valley, Ventura, Oxnard, Thousand Oaks, Newbury Park, Oak Park, Moorpark, and Westlake Village. Elizabeth specializes in Camarillo’s many distinctive neighborhoods from Village at the Park, Mission Oaks, Spanish Hills, Sterling Hills, Las Posas Estates, Camarillo Heights, Camarillo Springs, University Glen, Santa Rosa, Somis, and Old Town Camarillo.

Community Events

Beach Scuba Dive, Saturday!

805 Scuba Diving

We will meet at SCDiving front Parking Lot, then caravan (everyone drive their own vehicle) to a local beach dive location based on weather and dive conditions. Proposed Location: Broad Beach, Malibu, CaParking Fee: NoneRestrooms: None This meet...

Camarillo Acoustic Rock Jam

Camarillo Acoustic Rock JAM

Casual Jam in my backyard featuring Acoustic and Folk Rock music. Music books available or bring your own music (8 copies). $3.00 to cover Meetup cost.

JULY BIRTHDAY MEETUP AT THE MANHATTAN IN CAMARILLO!

Ventura County Girlfriends Group

It is time for us all to gather over excellent food and celebrate all of the July Birthdays! Let's try a new restaurant this time....The Manhattan of Camarillo! The restaurant has excellent reviews and has a variety of dishes. Hope to see you all...