Are you a renter and fed up with your rent being raised? If you owned a home that wouldn’t happen! Many renters make the move to purchase a home because they’re tired of the landlord raising rent or not repairing something. When you own your own home you no longer have to deal with any landlords, you’re your own landlord!
Landlord typically raise rents annually to keep up with market rent amounts and inflation. Did you know that on many home mortgage payments the amount is actually a fixed rate and that the payment never goes up? That means if your landlord is consisting raising your rent then they may very likely be making more and more money off you as their tenant despite their payment never going up. When you purchase your home and have a fixed rate loan then you can be assured your payment wont go up either, that means the first payment you make will be the same amount as the very last. Think about something else for a second, remember back 20 years, what did $1.00 buy you probably a whole lot more than today right? That’s inflation and when you have a fixed rate loan that same $1000 mortgage payment today will be the same $1000 payment in 20 years.
Is Your Rent Being Raised Again?
When you own your own home you put that extra money you save in your own pocket and with not having to worry about your rent being raised, it’s much easier on your budget and your wallet! Another great point to consider about home ownership is the possible tax credits you might be able to take advantage of. Some government entities have energy efficiency savings credits that will save you some money and some entities will actually even swap out some appliances for more energy savings ones. Some of the items may also be available to renters but anything that would be in the form of tax savings, your landlord would only be able to benefit from if you didn’t own the property.
Making the decision to purchase a home is always a little intimidating and that’s why we’d be happy to assist you with any questions you have. We’ve assisted thousand of clients along the way and would be happy to assist you to. If you’d like a free consultation to sit down and see if it makes sense for you to buy versus rent, please contact us. On of y-our professional agents will be happy to discuss all your options with you and put together a tailored program to get you on the path to home ownership.