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RESOURCES
• Agents in real estate
• The deal in mortgaging
• Hidden Cost in mortgaging –
Plan for your finance
• Mortgaging or Rent – vital decision
• Refinance - The competitive market
• Plan your finance – mortgaging is an
additional burden
• Borrowing in Real Estate
• Mortgaging Jargons
• The Fundamental Needs
RELATED LINKS
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Mortgaging or Rent – vital decision
Life is full of if and buts, where perhaps nobody on the earth can guarantee your survival even for tomorrow, still we dream, we plan and we act accordingly. Now home mortgaging is a decision, which will definitely affect your financial position on the long-term basis. We will try to discuss some of the issues, which one has to account for while going for such a vital decision and it is needless to say that it is applicable after a reformation considering your life stature.
Figures
A rented apartment at West 89th, New York, NY of 700 sft costs you $2000 per month. The cost of a home for sales of similar area is $14,00,000. Even if you consider the down payment of 20% and rate of interest is 6% on monthly reducing balance then the Equated Monthly Installment (EMI) comes to $6,715. Again if you want a real estate at the city Anaheim of the same California state, the cost of 900 sft real estate comes down to $4,00,000.
So the clear indication is if you want to stay in a rented real estate, go to the proper city of your choice and if you want to mortgage a real estate compromise with your choice of location. Another considerable factor becomes the conveyance cost for you. This may immediately crop up as soon as you are looking for a mortgaging as most of us are ready to compromise the location advantage.
Last but not the least, the value of real estate is ever increasing, perhaps you can also treat it as the most weatherproof investment option.
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