Tom Garrity reporting from St. Paul Minnesota

lakeville mn real estate rent vs ownEvery 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:

  1. Find Your Market Rent using the widget below
  2. Find Your Neighborhood Appreciation Rate
  3. Calculate Your Market Mortgage Rate and Closing Costs
  4. Calculate Your Mortgage Insurance
  5. 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!

Tom Garrity, Manager, Mortgage Loan Officer NMLS ID 270189

This Article Appears Courtesy of Steven Diadoo

Steven Diadoo, Licensed Realtor in MN with BRIDGE REALTY and best-selling author of 'Road to Success' with Jack Canfield (Chicken Soup for the Soul), Board Member at Bowling for Brains Non-Profit 501(c)3 (Event to benefit the American Brain Tumor Association), licensed Realtor with Bridge Realty, Seen on DIY TV, Create Channel and PBS. For help buying and/or selling a house, please call (952) 270-6141 or Click here.