If you’re renting vs buying because you don’t want a mortgage, I have bad news for you.
Renting vs buying because you don’t want a mortgage? I have bad news for you. You’re paying a mortgage. It’s just the landlord’s mortgage. Renting should be an option when you are only going to be in a location for a short time. If it becomes a permanent lifestyle, you are just flushing your money down the toilet. I know, some renters have had some tough circumstances and renting is the only solution. Don’t let that be your future. You can get beyond that and take ownership of the American dream of being a homeowner.
I was reviewing a few rental applications over the past few weeks and I noticed a pattern. A lot of tenant candidates don’t want to buy because they don’t want the burden of a mortgage. But, if you’re renting, you are paying a mortgage.
You’re missing out on beneifts
Again, if you are paying rent, you are paying a mortgage. You are paying the landlord’s mortgage, but you’re not getting the benefit of equity build-up and a increase in your net worth, tax deductions on real estate taxes, insurance and interest. Plus, you have limited use of the property. It is the home you’re allowed to live in, but you likely can’t paint, landscape, build on, upgrade, change light fixtures and appliances or have a dog or cat.
Not all debt is created equal
Most of the applicants didn’t want to add the mortgage debt because they have student loans, car payments, and credit card debt. Ironically, in this area, the rent on most properties is equal to a reasonable mortgage payment. So, if you can pay rent and still maintain a quality lifestyle with the other debts in tow, why give your money to a stranger? Why not pay your own mortgage and build your own financial future through home-ownership? It’s more than just having a roof over your head.
Here’s the deal
When you’re ready to make that choice, give your Cornerstone Business Group, Inc., real estate pro a call. We are your local real estate sales pros. We can help you find a home that meets your needs without breaking your budget. If you’re a long-time resident, renting vs buying is a simple question. Buy!
If you’re renting because you don’t want a mortgage, I have bad news for you.