Why Rent If You Can Buy?
Home ownership rates are the lowest they have been in the last 50 years. Yet a large portion of Americans are still renting properties, instead of enjoying a home of their own. Consumer reports believe this is an issue because of a buyer's lack of trust in their ability to purchase. It is still a long standing notion that a buyer needs 20% towards the cost of the home in order to move forward, but this isn't true. With countless down payment assistant programs, and closing cost roll-ins, a home owner could move in with as little as a few hundred to a couple thousand dollars. Which is a huge difference in the time it takes to save up to make the move.
Current interest rates are stable with some increase over the past few months, home ownership in today's market is still a great investment. The money saved over a mortgage's lifespan can result in tens of thousands of dollars, if not hundreds. That's more money in your pocket today. Don't wait to buy when interest rates soar again. With good interest rates, that means your monthly mortgage payments are at a significantly lower cost, as well. With such a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment, if you can move into a home a pay a monthly rate that is the same, and get a 3 bedroom house with a great backyard?
There is also a fear that a home can keep you "stuck" or "rooted" to one place, without an easy transition out if you decide to move. Although the future of the housing market isn't easily predictable from location to location, you can always discuss with your agent about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to selling is going to be far more beneficial, than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place.
Now imagine if you were renting a home for $1500/month. If your landlord is renting to make a profit, think how much less you'd be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn't be paying a landlord to profit off of you, you'd be paying a reasonable rate, and get to call the property your own. Discuss with your agent and lender the steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into.
Here are some great options for homes to consider if you're ready to stop renting and start owning! Let's talk about what you're looking for. I'm ready to help you find the home that's right for you. Stop throwing money away, start building equity!
Boundless opportunity in this comfortable home! Recently a successful rental, it would be a great investment or a full time residence. Located at the end of a quiet cul-de-sac, very close to Broadford Lake Park and Southern High School. You will love the quiet back yard bordered with trees! Relax on the back deck, walk to near-by attractions. Minutes from an award-winning hospital and schools!
Three bedroom, one and half bath house 2 blocks from the rushing Yough River. Renovation completed in 2009. Lots of storage for wet suits, boats, bikes, and outdoor toys. House is located on a flat lot with an established garden and parking area. Take a walk with your fuzzy friend on the easily accessible walking trail that follows the Yough River. Quick drive to I-68.