Are You Renting? Consider This:
Owning a home and making mortgage payments is a great way to save money. Just consider each mortgage payment a savings deposit, and the house, your bank's vault. You can open that vault and take back those payments by refinancing or simply selling the house to someone else later. It doesn't matter if it's not your dream home, just get started and start saving. Do this and you will have a whole lot of money to put down on your dream house later. Get started now and stop renting.
Or Keep Renting: You pay first last and security ($1,800-$2,100). Say goodbye to that money. Get locked into a one year lease ($7,200-$8,400). Say goodbye to that money. If your landlord doesn't fix your damages, you stop payment. You get evicted and the cycle starts all over again. See, you're spending more and more money and in the end you leave with nothing.
I Help Renters Become Owners
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Cost of Renting |
Versus |
Benefits of Ownership |
|
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This chart illustrates your cost if you continue to rent |
- Stop paying your landlords mortgage
- Build your equity-not your landlords equity
- Realize real estate appreciation
- Possible tax benefits
- Build net worth
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Monthly Rent
$1,200
$1,500
$1,700 |
1 year
$14,400
$18,000
$20,000
|
3 years
$43,200
$54,000
$61,000 |
5 years
$72,000
$90,000
$102,000 |
10 years
$144,000
$180,000
$204,000 |
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Benefits of Home Ownership
Credit:
Owning a home helps you establish financial credibility.
Independence:
Owning your own home provides you with independence and more privacy than renting. You are free to paint walls, plant flowers, keep pets and anything else within legal bounds.
Investment:
As you make more payments and own more of your home, you add to its investment value. Most improvements you make will also add to its value.
Pride:
A home reflects its owner's values and lifestyle. Owning a home can provide you with a source of pride, enjoyment and satisfaction.
Security:
A home can provide security against inflation because the value of your home increases as prices go up.
Stability:
Being established in a community provides a sense of belonging, stability and security.
Tax Advantages:
Interest on your mortgage loan is deductible on your yearly personal income tax return. Many of the closing costs associated with purchasing your home are deductible, as are your property taxes.
To schedule your FREE, Home Buying Consultation, please contact me by phone at 818-399-9981.