A current trend, where renters turn into buyers, could affect Baton Rouge real estate. Rising rents around the nation have renters discovering that a mortgage payment is more affordable than rent. In addition putting money toward ownership will pay off in the long run allowing homebuyers to build equity and write off the mortgage interest paid come tax time. Real estate in Baton Rouge benefits tremendously from high affordability levels which are greatly aided by today’s low rates.
If you are renting a Baton Rouge property at the moment and tempted to buy there are a few things to consider. The first and most important is your financial picture. Do you have good credit, do you have steady employment, do you have enough money set aside for a down payment and closing costs? The next thing to consider is how much you can afford for a monthly payment and whether this can be less than you are paying currently for rent. Finally ask yourself how long you plan to stay in Baton Rouge. If the time period is five years or more then it certainly makes sense to examine buying a home.
Contact us today to learn more about buying Baton Rouge real estate. We can recommend an experienced lender and help you begin your Baton Rouge home search. Having knowledge and experience on your side will make the entire home buying process run more smoothly.
Click here to read “Rental Increases Should Prompt More Home Buying Moves” from Realty Times.