- Buying a home requires a large down payment.
- The monthly payments would be too much even if you qualified for a mortgage.
- The benefits of owning a home do not outweigh the benefits of renting.
Consider these facts:
- For first time home buyers, there are loan programs that require as little as 1/2% down payment.
- For all other home buyers, there are loan programs that require as little as 3.5% down payment.
- Interest rates are at an all time low and home prices extremely affordable.
- Equity is a great benefit of home owning as well as privacy, security, and tax deductions.
If you are spending $1,000 on rent, what does that mean in 5 years? It means that you will have spent $60,000 in rent.
If you are spending $1,000 for your mortgage payment each month, what does that mean in 5 years? It means that you will have built $20,000 in equity, and if homes start appreciating, you will have been investing your money. Not to mention, all of the interest you will have paid is tax deductible!
If you have a steady job and are renting, you should consider buying a home. If you would like me to compare what you are paying in rent to how much home you can buy, give me a call or email me. I'm happy to help you decide if it is a good decision to buy a home or not.
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