patrick.net
An Antidote to Corporate Media
1,264,132 comments by 15,107 users - Patrick, Tenpoundbass online now
invite responseComments 1 - 1 of 1 Search these comments
1
unclemat
2013 Feb 28, 7:35am
Your rent and comparable sales should be the guideline. Rent/purchase guidelines are easy to find so is sales data for your area.
Generally speaking your monthly cost (mortgage+taxes) excluding maintenance should be lower than your rent for it to be a good purchase. You need a buffer there for maintenance/repairs and potential rental profit should you rent the place to somebody else at some point.
I've been renting a home for 5 years on a lake that I love. I want to buy it but the owner hasn't wanted to sell me the property until now. He is an older man that lives next door and now wants to sell the house I rent to buy a place in FLA. I am very friendly with him and seek a fair, balanced, smooth transaction. However, I'm concerned he has an inflated value of the property. How would two friends go about determining the value of a property in a fair way? My original thought was to have two appraisals of the property and average them both. But my concern is that appraisers are usually trying to get "over" the purchase price to justify a mortgage. In this instance they would actually be determining the purchase price.
#housing