By Maryanne Jackson
January 25, 2019 (San Diego’s East County)
My fiancé and I have been renting our apartment in La Mesa for two years. Our lease is coming up for renewal and, once again our landlord is raising our rent.
Should we renew our lease and pay the increase in rent? Or, should we start to look at purchasing our own place to avoid this constant increase in rent year after year?
-- Melissa M., La Mesa, CA
There are three important questions that you may want to consider as you ponder this important decision.
- Will there be a tax advantage for you and your fiancé?
- Do you both have stable and reliable jobs to sustain you?
- Do you both have the desire to stay in the area for at least the next three years?
If you answered YES to these questions, then home ownership could very well be a positive option for you. Here are a few of the benefits.
- Building wealth by creating equity that could enable you to sell at a profit if the market prices rise,
- Having the freedom to improve your home to suit your tastes in anything from paint colors to remodeling,
- Finding a place that suits your needs, such as a yard for a growing family and pets in a desirable neighborhood.
- Locking down your monthly payment.
The first step you will need to take is to prepare your credit by paying off as much of your debt as possible and start monitoring your credit score.
Lastly, you will want to speak to a lender to determine what type of financing would be best for you both.
Following these necessary steps will allow you to put your ducks in a row and become PURCHASE READY.
Once you have met with a lender and you have decided on a loan and a purchase price your lender will prepare a Pre- Approval that will fit your budget. This will enable your selected realtor to help you locate properties that you can afford and submit offers on homes that you like.
For additional information or to submit a Real Estate question please email,
firstname.lastname@example.org Maryanne Jackson Real Estate Broker INC. CNE, CPRES. CA DRE# 01784021. 858-740-7858
All questions will be answered on a first come first serve basis.