Dino Rossi
New England Preferred Properties | 617-969-0676 | dino@realestateman.com


Posted by Dino Rossi on 3/19/2017

When you’re looking for a new place to live, it’s a valid question to ask whether you should rent or buy a property. After you take a good look at your finances, you may want to consider the following advantages to renting instead of buying: 


Less On Your Shoulders


Once you buy a home, there's a lot of responsibility that you take on. Aside from a new type of financial burden, you’ll find that you have more to take care of with a home. If anything goes wrong in the house, it becomes your issue. Everything from broken locks to leaky toilets in your own home are something you must take care of. If you rent, it’s your landlord’s responsibility to fix those problems. 


Debt Free


Whether you own or rent, you’ll need to pay a monthly fee to live on the property. The payment could be in the form of rent or a mortgage. Being without a mortgage, however, has its advantages. Renting means that you’re only responsible for the monthly rent and utilities. That’s it! Buying a home puts you instantly in debt- by a few hundred thousand dollars that is! You’ll also need to pay taxes, insurance, and keep some money aside for repair costs. Once you buy a home, buying just about anything else using credit can be difficult as well, not to mention a bit more costly due to higher interest rates. 


No Need For A Lot Of Financing Paperwork


While you’ll need to fill out a rental application to rent a home or apartment, there’s very little involved. Buying a home, however, requires you to disclose your life story in order to get a mortgage. While you may be prepared to do that, some people don’t have the time or patience to wait to get approved for a mortgage. If you need to move quickly, keep this in mind.  


Freedom!


When you’re renting a home or apartment, you’re free after the terms of the lease are up. You can move wherever you want once you have met the agreement. There’s no strings attached! The best part is that you don’t need to find a replacement tenant. It’s the job of your landlord or rental company. There’s no need to go through the stressful process of selling your home while you’re still trying to find a new one.  


While buying a home gives you equity and a type of financial backing, renting can be advantageous for many reasons. This is especially true if you’re not planning on staying in an area for more than a few years. Being a tenant gives you the freedom to allow you to lead a more flexible lifestyle. When you’re considering your living options in a new city or town, think long and hard about your lifestyle. While buying a home may seem like the “responsible” thing to do, it’s not for everybody!





Posted by Dino Rossi on 10/26/2014

Owning a home is a dream come true for most people. To them, it is living the ideal life, for others, it is the worst decision they will ever make as far as their finances are concerned. The reason for this is that there was no proper in-depth analysis before they made the purchase. Many questions come to mind when it comes to owning a home, questions like, do I really need a home? Will I stay in this home long enough to reap the benefits of owning it? Am I ready for the financial responsibilities associated with owning this home? Owning a home is a major financial investment and should not be done without a proper understanding of all aspects of ownership. Below is a  look at the pros and cons of owning a home, this should help prospective home owners determine if owning a home is in their favor. Pros and Cons of Owning a Home There is the need to consider the financial impact owning a home will have on you. Would being a home owner have a positive effect on your financial position? Let us look at the advantages and disadvantages from a balanced point of view before arriving at a conclusion. The Pros

  • As a home owner, you have greater privacy.
  • There is a great possibility that your home will increase in value.
  • You tend to have a stable cost as compared to renting because most mortgage rates are fixed.
  • Interest and property tax portion of your mortgage is tax deductible.
  • There is pride and a healthy self-esteem associated with owning a home.
The Cons
  • The financial commitment associated with owning a home is long term.
  • All maintenance related expenses associated with your home is your responsibility.
  • When you own a home, you are more likely tied to your community making it more difficult to suddenly relocate.
  • When buying a home, there is a down payment, mortgage payment and closing cost.
  • If you do not make the mortgage payment, your home can be taken by the bank.
  • There is no guarantee that the value of your home will increase.
Pros and Cons of Renting a Home The Pros Depending on your financial standing, renting a home might be a preferred option. Here are a few pros and cons associated with the renting.
  • It may be a cheaper option than buying a home with comparable size. Your rent might also cover the monthly utilities.
  • It affords more flexibility especially when you have a job that requires you to move from place to place.
  • Maintenance expenses are not on you. The landlord is responsible for all maintenance from plumbing to electricity as well as other expenses associated with household repairs.
The Cons
  • You are not entitled to a tax break. When you file for a tax return, you cannot claim deduction for property tax and mortgage.
  • Your rent is not fixed and there is the possibility that it would increase from year to year.
In summary, there are several factors to consider when deciding whether or not to buy a home as ownership is not for everyone. This important decision should be based on your present financial status, the nature of your job and what plans you have for the future.





Posted by Dino Rossi on 6/22/2014

You may be considering buying a home but it is hard to know if you are ready to be a homeowner. It can be a big step. Buyers that educate themselves on the process and set realistic expectations have the best experiences. To gauge whether or not you are ready to own your first home you should ask yourself some serious questions.

  • Are you in a lease or is your living situation easily changed?
  • Do you need to remain in your current community or would you be willing to move?
  • Do you have the time and resources necessary to make your first home purchase a success?
If you have answered these questions favorably you may well be on your way to homeownership. The next step is to evaluate your financial situation. Here are some questions to check your financial readiness.
  • Do you have a steady source of income?
  • Do you know your credit history?
  • Do you have a down payment ?
  • Are you ready for the financial responsibilities that coincide with home ownership?
If your answers to these questions are positive then it is time to get the loan process started to see how much you can afford. A reputable lender will give you realistic expectations and many offer a free consultation for buyers seeking pre-approval. Now it is time to start your search. Working with an agent that you trust and are comfortable with is very important. My skills include educating you about the buying process, negotiating, having your best interest in mind and helping you find a perfect first home while hopefully saving you time and money.




Categories: Real estate  


Posted by Dino Rossi on 4/21/2013

Home prices are at rock bottom and mortgage rates at all-time lows so you may be considering going from renter to homeowner. If you are planning on staying put for a while the choice makes sense. There are a few things to take into consideration before you make the leap from renter to owner. First, you will need to determine how much you can afford. Consult with a mortgage professional to help you determine what kind of mortgage you qualify for. Just because you pay $1,000 a month in rent, doesn't mean you can handle a $1,000 monthly mortgage payment. There are more costs to owning a home than just the mortgage payment. As a homeowner you will also be responsible for property tax, home insurance, utilities, and repairs. To prepare for those costs plan on adding about 40 percent to your base cost. So, if your mortgage is $1,000, add about $400 a month for a better estimate of costs. Before you make a rash decision see if you really can afford the cost difference. Once you know the cost difference spend a few months depositing the difference between your rent payment and your cost estimate in the bank. In the previous example you would deposit $400 a month into savings. If you've been able to keep up the deposits and pay your other bills, that's a sign you can afford to buy. Now that you have been saving more you have more money to put toward the down payment of your new home. These are just a few tips to get you started. Once you have a better financial picture it will be time to start shopping. That is when the fun begins.





Posted by Dino Rossi on 9/16/2012

Year after year, study after study, good market, down market the story is always the same...owning a home is a good investment. Not only does it build wealth but it also provides many psychological benefits too. A survey released earlier this year by the magazine Better Homes and Gardens found that eight in 10 respondents said homeownership is still a good investment and believe owning a home is a smart financial move and a source of pride. Here are some results of the 2,500 people surveyed online:

  • 86% of home owners still feel owning a home is a good investment.
  • 85% feel “owning a home is one of their proudest accomplishments.”
  • 69% of Americans who don’t currently own a home agree with the statement, “No matter what happens in the U.S. housing market, owning a home is still an important goal in my life.”
  • 68% of Americans plan to spend money on their homes in the next six months, with roughly half (49%) expecting to pay up to $1,000.
 




Categories: Buying a Home   Real estate