Do you dream about the day when you can say “Goodbye Landlord”, that time may be hear sooner than you think. In this article well tell you about all the benefits of home ownership and what you need to do to get started. Many renters delay purchasing a home longer than they need to merely out of not knowing that they’re ready or even able to buy. What I mean is that they can qualify to purchase a home but just haven’t thought about it.
We come across renters everyday that believe they just cannot afford or cannot qualify for a home and are pleasantly surprised when we tell them just the opposite. Did you know that buying a home is actually less expensive than renting? Yep, over time the costs associated with paying off a house payment in addition to the appreciation and equity a homeowner takes advantage of makes buying a home way less expensive. We haven’t even talked about the tax savings yet! Dont get me wrong, home ownership does work and you do have to be financially responsible but the rewards in the long run will far outlast anything that a house for rent can offer.
I want to be able to say… Goodbye Landlord!
When you own your home you have many benefits available to you, things like equity, appreciation, fixed payments and tax write-offs just to name a few. Owning a home is having your first real estate investment and whether it’s your first home or your hundredth you can let it put some money in your pocket. Equity is the difference between what you owe on the property and what it’s worth, if your loan balance is $100,000 and your property after appreciation and paying down the mortgage is worth $150,000 then you have $50,000 in equity. Keep in mind you may have only bought the house for $125,000 which is awesome, in this example you would’ve paid your loan balance down $25,000 and you would’ve seen an addition $25,000 in appreciation. This $50,000 total is your new equity!
Owning a home is like living in your piggy bank! You have a tool that you can make money from like the example above, you could also rent the house out or just rent out a room. Home ownership gives a person the ability to do what they want without having any landlord looking over them. I’ll be you didn’t know that you can even write off the interest on your mortgage payment, you sure can. Consult with your tax professional for specifics.
Are you ready to say Goodbye Landlord? The first step is to get approved with a lender, we work with several highly trained lenders that specialize in these types of scenarios so if you’d like to get started just give us a call!