Benefits of buying over renting in NYC

A lot of people wonder why buying a property is more beneficial then renting. We stress that if you are renting a property you are helping the owner of the property pay his mortgage while you are stuck paying for a property that in the end you will not own. Owning your own property is the most beneficial thing to do whether its a Home, Condo, or co-op its worth it because at the end of the day it is your property to do with as you please. We’re usually asked if it is hard to get started with the process of owning your own property and the simple answer is its challenging but can be down with ease if you speak to the right people. Here are some things you can do to buy this year:

1) Pay your bills on time- This helps you to boost your credit score

2) Research some loan options- Learn which loan option fits your situation the best so you won’t be paying too much.

3) Avoid a big purchase- Avoid purchasing something big (I.E Car, Flat screen TV. ETC…) before trying to add a mortgage this can hurt your credit score.

4) Have about 3 trade lines- Lenders like it if they can see you can balance multiple payments. (EX Credit card, Student loan, Car loan). This show you are a responsible person and will make it much easier to get a bank loan.

5) Save for your down payment- The more money you have the easier it will be to get a loan. The recommended amount for a down payment is 20% of the purchase price. This will help you avoid P.M.I(Private Mortgage Insurance).

6) Credit Timeline- 6 months before your home purchase stop checking your credit score. 2 months before stop using your credit card.

If these 6 steps are followed you are on your way to purchasing a property in 2020. With the housing market on a decrease and the housing market on a decline it will be a lot easier to purchase this year and allow more people to buy their own property instead of helping someone else pay off theirs.