Nolan
Hello and welcome. This is Nolan and Kate with Discover NC Homes and Nolan’s News. And Kate, thank you for coming, we appreciate.

Kate
Thanks for having me.

Nolan
Of course! So wanted to talk today about rentals and rental versus purchase. In Brunswick County, we’ve seen an increasing number of rentals because there is such a demand, and Kate has actually recently brought to my attention – our attention – that there is a community that is geared strictly towards rentals, correct?

Kate
Single family homes off of 211 Carolina crossing.

Nolan
And there, what was the the rental range do you remember?

Kate
$1,900 – $2,800, 3 bedrooms and above.

Nolan
So $1,900 – $2,800 for rent that you are putting in someone else’s pocket, which is not such a bad thing sometimes, if you’re a landlord, but you know, we get to discussing, you could easily afford a mortgage on an affordable home in Brunswick County for that range! We work with a lot of lenders, but it just seems crazy to me that if you are able to pay that in rent, I guess, why not own a home and start gaining equity in it? So that’s kind of what we were just talking about. And I know, Kate, you said, one one of your lenders in particular, and I know a few that we work with our company have some special type of packages, right?

Kate
Well, there’s grants, there’s first time home owner products too. So you don’t always need to put 20% down and I think that a lot of people think that.

Nolan
Yeah. Oh, no, not at all. I mean, with FHA, it’s 2.5% percent down of the purchase price and I know you just recently did a transaction where I know you were telling me… Was it a grant? Yeah, that was a grant that as long as you lived in your house for two or three years…

Kate
A few years, and the lenders can tell you about that. But there are definitely programs that can assist with closing costs.

Nolan
Do you remember what the number was that was given from the lender?

Kate
I think it was about $15,000.

Nolan
So we’re not talking about a significant amount of money to apply for, and literally it’s for free as long as you stay in your home for a certain time period.

Kate
As long as you’re in the home for a certain time period.

Nolan
So, just before you rent, I guess, the point is look out there, there is still affordable housing all throughout Brunswick County and it may be a good or better idea, especially if your principal, your interest, insurance and taxes a lot of times they’re going to equal $1,800 – $1,900 or definitely by the time you hit a $2,800 a month rental price.

Kate
Right!

Nolan
So just take a look around. That’s what our point is. Still very competitive prices are leveling out we think, but there ai still lots of affordable home inventory. So just really weigh, purchase versus rent. Thank you. If you have any questions, let us know.

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About Nolan Formalarie

Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.