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Natural Awakenings Hawaii

Deciding to Purchase a Home : Is it Time to Buy or Continue Renting?

Oct 30, 2018 07:06PM ● By KAREN CHARRON

Buying a home is a major event for many. Figuring out if it’s a wise investment as well as deciding when to buy adds to the drama of making the leap into homeowner ownership. While contemplating the decision, people often look back and say, “if only I had bought a few years ago when housing was less ex-pensive.” While this may be true, this kind of thinking doesn’t help. We can’t predict what the real estate market will be tomorrow, next year or five years from now (although generally over time prices do tend to go up). The question really is about today and whether it’s the right time to buy based on personal circumstances. 

The following questions will organize thoughts to help make that determination. Having a realtor that has the time to devote to getting answers to these questions will help immensely.  

Renting vs. buying

  • How does what is currently being spent on rent compare to payments for a purchase?

Work and credit history

  • Is there a steady history of employment?
  • Were job changes made to increase pay?
  • What is the current credit rating and history of paying bills?
  • How does a balance on credit cards factor into eligibility for a mortgage?

Affordability of a home purchase

  • What are the different types of lenders and mortgages?
  • What determines how much of a mortgage can be applied for?
  • How much down payment is needed to qualify?
  • Are there loans that require less than a 20% down payment?
  • What are the factors associated with interest rates?
  • Is it possible to get a lower rate?
  • Is a fifteen-year mortgage better than a thirty-year one?

What are the benefits of being pre-qualified for a loan?Navigating these questions alone can feel overwhelming.

Getting professional help is essential — a real estate agent will help clarify thinking, make a plan for moving forward and help take the stress out of purchasing a home.

If you’re interested in learning more about renting versus buying a home, real estate agent Angela Pohakuola Studer (RA) RS-79822, of Coldwell Banker Pacific Properties can help. Location: 4460 Kapolei Pkwy., Ste. 310,  Kapolei. Call 808-551- 0900, email [email protected] or  visit Angela    Pohakuola.cbInTouch.com

©2018 Coldwell Banker Pacific Properties. All rights reserved. Cold-well Banker Pacific Properties fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsid-iary of NRT LLC. Coldwell Banker and the Coldwell Banker logo are registered service marks owned by Coldwell Banker Real Estate LLC. Real estate agents affiliated with Coldwell Banker Pacific Properties are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential  Brokerage or NRT LLC.

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