RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Buying or Renting: Which Is Right for Me?

June 13, 2016 12:21 am

Housing is on the up and up, with demand high and sales robust. Still, for those new to homeownership, it may be difficult to determine which route—buying a home or renting one—is the most sensible.

“Millennials should weigh a number of factors before committing to any lease or mortgage,” said Corey Carlisle, executive director of the American Bankers Association (ABA) Foundation, in a statement. “With the cost of living continuing to rise, they must be prepared to handle the demands of their housing choice—whether that’s a rental property or homeownership.”

First to consider, according to the ABA Foundation, is your savings. Do you have enough money for a down payment for a home or a security deposit for a rental—and enough saved for emergencies?

Next, weigh all of your debt obligations—student loans, credit cards, etc. Can you reasonably afford to pay those debts along with the cost of a home? Generally, the ABA Foundation states, mortgage or rent payments and utilities should amount to no more than 30 percent of your gross monthly income.

Your credit score is an important consideration, as well, whether buying or renting. A low score can bring about a higher interest rate on a mortgage, or even prevent you from obtaining a rental. The ABA Foundation suggests taking action to improve your score before making the decision to buy or rent.

Non-financial factors matter, too. How long do you plan to stay in the home? Renters may have the option to move more often, but homeowners will build up equity. Keep this in mind when comparing your options, the ABA Foundation recommends.

For more guidance, contact a real estate professional. He or she can help you make an informed decision based on your needs.

Source: ABA

Published with permission from RISMedia.


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Hurricane Headed Your Way? 3 Preparedness Steps

June 10, 2016 12:12 am

Hurricanes may appear to only impact coastal regions, but they can be just as devastating farther inland if homeowners are not prepared.

“A hurricane is a serious threat to residents in coastal areas as well as hundreds of miles inland,” says Brad Kieserman, vice president of Disaster Services Operations and Logistics for the American Red Cross. “We're ready and we want people to know it's important for them to get prepared, too.”

To do that, Kieserman and the Red Cross advise homeowners to:

Assemble an emergency kit* that includes:

• Battery-Powered Radio
• Copies of Personal or Sensitive Documents
• Emergency Contact Information
• First-Aid Kit
• Flashlight
• Medication
• Non-Perishable Food
• Water (One gallon per person per day)

*Several of the items listed above are available for purchase at RedCrossStore.org.

Keep your kit up-to-date. Ensure documents in your kit are current, and replace any food or water that may be unsafe to consume as soon as possible.

Develop—and practice—your evacuation plan. Discuss the plan with your loved ones and perform drills regularly.

Remember: If a hurricane is in the forecast in your area, stay informed. Every community is different. Find out how your area responds to disasters, and determine where shelters will be located before the storm hits.

For more hurricane and other disaster safety tips, visit RedCross.org.

Source: American Red Cross

Published with permission from RISMedia.


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