I’ve had many clients ask if they can rent their current primary home and purchase a new home for themselves. The answer is YES!
Here is what you need to know.
There are different things to think about when buying a home, and the to-do list only grows when thinking of renting. One thing to consider is how soon you need to rent your home, as this can be dependent on your debt to income ratio. Different loans have different debt to income ratios, so there’s a possibility that having two mortgage payments pushes you over the debt to income ratio allowed to qualify for a home. If that is the case, there are ways to overcome that. One way is renting out the home and showing proof of a lease. Worried about drafting the lease, legal jargon, and unfamiliar with housing laws? No need to worry. I can assist you with this process!
Now, getting the house rented is one thing. Another aspect to consider is the financing needed for you to acquire your new home. Knowing your buying power allows you to look within the appropriate scope. I work with a fantastic team that I can get you into contact with asap. Act now to ensure you follow your dreams of living in the home that best suits YOU!
Another thing to consider is whether you will be managing the property, meaning dealing with ensuring rent is paid every month, calling the plumber at midnight for a broken toilet, etc. Some people look forward to being involved where others may prefer to have a professional take care of it. A good way to see what best suits you is creating a pros and cons list of managing the property yourself versus having a professional to do.
If you are on the fence about renting, just remember that real estate tends to be a safe investment as property usually goes up in value. As they say, they aren’t making any more of it! Have an inkling on your mind that I haven’t mentioned? Shoot me a message and let’s work through it together!
If you or someone you know is in this situation, get the help you need TODAY and call/text me at (928)366-8024 and or email me at azucenagonzalezrealtor.com. You may also find me on various social media venues: Facebook, and Instagram, LinkedIn.
Author:Azucena Gonzalez Phone: 928-366-8024 Dated: December 5th 2018 Views: 147 About Azucena: ...
View our latest blog posts in your RSS reader. Click here to access.
Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contract s, current laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
Available to you, our most important client, is a vast network of business professionals dedicated to every facet of the buying or selling experience. We specialize in “targeted” marketing that provides optimal exposure through every forum available in today’s competitive market.
We have all seen it before (or have even done it ourselves): an additi
"We have known Ms.Libby Miller since 2011 when we purchase a single family home we quickly noticed she was very knowledgeable in real estate transactions and was spontaneous in our request for assistance in closing and arranging the marketing of our rentals along with great negotiating with other agents and sellers.We find her friendly and helpful. As she assisted in the house sales for us from beginning to the end and not only that she has follows up on our real estate interests frequently. We continue to be in contact with her to rely on her knowledge of the Arizona markets and her immediate responses to our enquiries and followup. We currently have retained her services on multifamily Units in Arizona. "