27 October 2017
How to Save on a Mortgage Payment in Ohio - Whether Buying or Selling
In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains:
“Since we started keeping track in 2012, it’s been a better deal to buy than rent in America’s largest housing markets – and for much of that time it hasn’t been close.”
It then goes on to ask the question:
“But does the equation change for renters who share their rent with a roommate?”
The report reveals:
“While the standard rent vs. buy analysis reveals buying is cheaper than renting in all of the nation’s 100 largest metros, this doesn’t hold true for those choosing between renting with a roommate and buying a starter home.”
It seems obvious that sharing the cost of renting your living space by taking in a roommate dramatically decreases your housing expense (which is exactly what the report concluded), but it got us thinking.
What if you purchased a home and took in that same roommate?
The savings you would gain by adding a roommate would also occur if you purchased a home. This presents an opportunity for a list of possible purchasers. Here are two examples:
- The first-time buyer: As the report explains, many young adults already live with a roommate. If they purchased a new home, perhaps that roommate (or someone else) would be willing to rent a room in their new house. The rent could help offset the mortgage payment.
- The empty-nester seller looking to move: Their home may no longer fit their current lifestyle. They may now be looking for something a little smaller with all the bedrooms on the ground level. These families may be able to open a bedroom to an older family member (parents, aunts & uncles, etc.). This would kill two birds with one stone.
A smaller, move-down home is almost impossible to find in the current housing market. If the seller-turned-buyer takes on a tenant, they could buy a more expensive home knowing that the additional monies needed to pay the mortgage would be offset with the additional monies they receive in rent. Secondly, the older couple (ex. parents) could get a housing option that probably far surpasses anything else available to them in the current market.
Bottom Line
Considering the concept of renting a portion of your house to be able to purchase the perfect home may make sense to many families. You will need to decide if it is right for you. Contact me today at 440-315-6000 or LeeHisey@howardhanna.com. Let's get started today!
23 October 2017
08 October 2017
Segment of Buyers and Sellers Considering City Living in Northern Ohio
There are two very different groups with similar housing interests coming into the market. What do the newest generation of buyers and the oldest have in common? Many of them are becoming interested in the same benefits living in a city area have to offer.
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- Generally reduced maintenance.
- Smaller yards.
- Smaller homes.
- Condos/Townhomes.
- Proximity to what they do and who they are.
- Music venues.
- Art museums.
- Sports Facilities.
- Eliminate Drive Time! Wasted time on the road.
- Bike to work and fun.
- Public transportation.
- Taxi/Uber/Lyft type services prevelant.
- Less insurance/vehicle maintenance/fewer vehicles.
"Why waste time on a large lot we seldom use with square footage we don't need when we can live, work and play in the same space."
"Let's use our resources doing things we love rather than supporting things we really don't need."
Are you considering a change?
Contact me today at 440-315-6000
Let's make your dream a reality.
If you live in an area we do not service we are happy to refer you to a real estate professional.
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