Renters Insurance Prices
HELP. I have an opportunity to buy a 2500 sqft home for 360k and no down payment with an interest only loan?
for 7 years. This is because my parents cannot sell it in time and will have to foreclose. I only make approx 45k a year, I can afford the payment because I have permenant renters (brother and sister) but I am afraid to take the risk in case the economy gets worse, and I wouldn’t be able to sell it.
On the other hand if the economy gets better and housing prices go up with in five years I can sell it and make a profit, also would give me massive tax refunds and I will be able to stay in the beautiful home I live in. My car is paid off so the only other expense I have is insurance and utilities.
What is the wisest decision?
I am so torn….
PS THIS IS MY PARENTS INVESTMENT HOME SO THEY CANT REFINANCE AND GET THE INTEREST ONLY LOAN FOR THE LOW RATE ALSO HAS SOMETHING TO DO WITH THEIR HOME THEY LIVE IN NOW. PLEASE READ THIS CAREFULLY THANKS ALL STARS ? ?
NO NO NO. You just can’t afford it.
First, how do you know that the place is worth 360k. I’m guessing that is what is owed on the property. Before I would even consider buying it, I would have it appraised.
2nd. You can’t afford this. With 45,000 a year income, you can afford a TOTAL payment of $950 a month.
With a interest only lown at 5% on a 360,000 mortgage. Plus taxes and insurance and upkeep each month, your total payment would be 2,500 a month. You JUST CAN AFFORD IT.
In regards to the brother and sister renting. What happens if they move. You can’t depend on renters, even family. Lives go on.
It sounds like your parents are NOT looking out for your well being. They are in trouble and trying to get out of it – even if it pulls them down.
DON’T DO THIS.!!!!!!
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How to Get the Best Renters Insurance at the Best Price
Shopping for renters insurance? Want to know how to get the best renters insurance at the best price? Here’s how …
Renters Insurance
Contrary to popular belief, your landlord’s insurance does not cover your personal possessions if they’re damaged or stolen, so if you want to protect them you need to Get Renters Insurance. Here’s what renters insurance covers:
Personal Property
Renters insurance covers your personal property like furniture, clothing, TVs, and electronic equipment. It pays to replace this property when it’s lost or damaged due to fire, theft, vandalism, explosions, wind and water damage (excluding floods).
There are two types of personal property coverage: 1. Cash value coverage which pays the depreciated value of your damaged or stolen property. 2. Replacement cost coverage which pays the full amount of your property. Replacement cost insurance costs a little more than cash value insurance, but it’s worth the extra cost to get full coverage.
Renters insurance pays only a limited amount for expensive items like jewelery, furs, collections, etc., so you’ll need to need to get additional insurance in the form of a rider to cover these items.
Personal Liability
If someone were to slip and fall in your residence you could be sued and be liable for thousands of dollars in damages. Renters Liability Insurance pays for claims made against you by another person for bodily injury or property damage.
Insurance prices vary dramatically from one company to the next, so the first thing you need to do is to go to an insurance comparison website. Here you can get quotes from a number of different companies so you can get the best rate.
These sites have you fill out a questionnaire so you can tailor your insurance to your needs. You’ll be asked what deductible you prefer and what discounts you want. Get the highest deductible you can afford to pay, and all discounts you’re eligible for.
Some insurance comparison websites also offer a chat feature where you can talk online with an insurance expert who will answer all your questions. You can use this feature to find out what discounts are offered so you can take advantage of them. (See link below.)
Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to compare the best renters insurance rates from top-rated companies and see how much you can save. You can get more renters insurance tips by checking out their “Articles” section.