Buying or Renting in El Paso
Generally, it is best to buy a home rather than rent. Why? Because when you calculate the amount you pay for rent you must consider the opportunity cost of what you are giving up when you rent. In the study of economics opportunity cost is the cost related to the next-best choice available. Therefore you must calculate the equity you would be earning if you chose to buy a home. Read more about opportunity cost here.
There are several rent vs. buy home calculator to approximate these costs including NY Times , Yahoo or Smart Money. For local El Paso housing information contact Russell-Realtor.
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There are many builders and not all are reputable. Most, if not all, use high-pressure marketing techniques to get you to sign on the bottom line. Here are some things you should know if you are considering a new home purchase.
1. They may offer to pay all your closing cost if you agree to use their preferred lender. However, what they don't tell you is that they, in many cases, own the mortgage company.
2. Some builders will sell you models that have tons of square feet. That again is a numbers game. The construction on these homes is usually sub-standard and they will be cutting corners one way or another.
3. It is always in your best interest to be represented by a Buyer's agent. Builder's DO NOT want you to be represented because, among other things, a Buyer's agent will hold their feet to the fire when it comes to completing the home on spec. As a Buyer's agent, It is my duty to negotiate the best outcome for you.
The marketing agents on site are working for the builder and have no fiduciary responsibility to represent you in the transaction. So before you decide to take the bait, call a RE/MAX Buyer’s Agent today.
Copyright © 2010 Russell-Realtor |All Rights Reserved
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