Where is your rent going?
You are already paying a mortgage payment, Someone else's mortgage!
Consider this:
You are paying rent of $500 per month...
You live in the same rental house for 30 years...
The total rent you paid in 30 years is................$180,000.00
This does not take into consideration of rent increases
(typically 5% per year)
So at the end of 30 years what do you have?
More rent.
If you were to buy your home, using the
same numbers in the example above, what could
you have after 30 years?
click here to see
This home sold for $74,900
in January 2008*
Sure when you own the
home you have to pay for repairs and maintenance.
That's right. But let's look at it this way... in the course of 30
years you have
to replace a water heater. Average price for a water heater is
$250, so you saved
$250 by renting right? Besides, there are home warranty programs
available just in case!
Let's look at it another
way:
The benefits of home ownership are: YOU build equity
in your future, YOU have the pride
of owning your own home, YOU reap the tax benefits,
YOU control your living space!
But what if I want to
move?
Okay so you can't just pack up and move out this weekend. Real
estate is not a liquid
investment, however it can be sold with
the right real estate
team. So you need to
ask yourself: Am I ready to "settle down" and stop bouncing from
apartment to apartment?
If you have children, Are they tired of moving from school to
school? Do they deserve
stability in school, their friendships and home life?