My name is Michele Stella and I have been a Realtor for nearly 13 years. Throughout this time I have sold close to 270 homes ranging from Bank Owned fixer uppers to Million Dollar Luxury Properties and have seen it all! Having experienced so many transactions has given me the tools to be very creative in getting to the closing table. I often get asked a lot of questions by clients, my response is always “there is no stupid question!”  Having said that, a buyer once asked me what they should wear to settlement, and I told them that may have been the exception 😉

Renting vs. Buying- What To Consider

With rates still hovering at historic lows, it is a great time to buy a home. You may be surprised to find that your monthly payments to own may be cheaper than renting right now! When deciding whether to rent or to buy, you should consider a few variables.

Monthly Budget

First, think about your Monthly Budget. How much are you bringing in each month and what are you spending on things you need like food, transportation, etc. Bill Engel, a certified financial planner, states that a good rule of thumb is to keep the total housing costs around 28-30% of your gross monthly income.

Future Expectations

How long will you be in the area? Financially, it makes more sense to buy when you are planning to stay in the home for a longer amount of time. There are online calculators available to help you figure out how long you need to live in an area to make buying affordable. One of my favorite websites is nerdwallet. They have calculators for almost everything, cost of living calculator, down payment calculator, debt-to-income calculator, etc. Follow the link to get started.

Tax Benefits

Buying a home is a huge investment, and with it comes tax benefits. According to The Tax Policy Center, “the main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property tax payments as well as certain other expenses from their federal taxable income. Additionally, homeowners may exclude, up to a limit, the capital gain they realize from the sale of a home.”

If you are interested in buying a home, there are dozens of other benefits I can discuss with you. Inventory is tight, but with the networking I do with other industry professionals; I often have knowledge of properties before they hit the market. If you are looking to sell, I have an aggressive marketing campaign that has yielded quick closings at 98% of asking price or more for my sellers.

There are many questions related to the process of buying and selling real estate. It is a very detailed process with many steps and timelines. As you can see from testimonials on my website www.MicheleCanSell.com , I am there every step of the way for my buyers and sellers answering questions and concerns in order to make the home buying and selling process as smooth as possible!

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