Tom Garrity reporting from St. Paul MinnesotaEvery time we read an article online about taking a more analytical approach to deciding whether or not to buy a home, you’ll always get comments about how “personal” or “emotional” the decision is but if you’ve found this page, that’s not why you’re here. You’re looking for a “left brain” experience and you’re going to get it.
When analyzing a decision on a move, it’s important to know the variables, have all the tools and take thewhole decision under consideration. It can be frustrating poking around all over the internet to find these facts, tools and calculators so we’ve done our best to collect them for you here. Ultimately, you want to calculate the true cost of homeownership but to get there, you must complete a fact finding mission via the following 5 steps:
- Find Your Market Rent using the widget below
- Find Your Neighborhood Appreciation Rate
- Calculate Your Market Mortgage Rate and Closing Costs
- Calculate Your Mortgage Insurance
- Calculate the True Cost of Renting vs. Owning
If you’ve gotten this far; congratulations, you’re a real do-it-yourselfer. And now that we know that, allow us to express our concern for your wellbeing. If you keep it up at this pace, you’re likely to consider trying to negotiate your own lease or mistakenly try to find you own home on some out-dated website and we’d hate to see that. No, . . . if you’ve gotten this far it’s time to get thee to an excellent Realtor!