Think about these three ways you lose money by renting:
1. You're paying for someone else's mortgage payment. You're missing out on the appreciation that the property gives to the landlord. Appreciation is a term used in accounting relating to the increase in value of an asset, which means in real estate terms, added value to the property.
2. Renters don't have the ability to freeze their monthly housing expenses like home buyers can. Just think about how much an apartment costs today compared to ten years ago. On average rents in Washington State have risen each year by 7%. That may not seem like much but if you figure after 10 years it will double, that’s a big increase. Home buyers who had low monthly payments in 1997, who did not refinance their mortgage, enjoy low payments 10 years later and don’t have to worry about there payment going up.
3. Renters don’t have all the tax advantages. Home owners get income tax deductions. Tax deductions for interest costs, for instance, save tax payers thousands of dollars.
Pride of Ownership
Putting aside the advantages of the 3 items listed above, it’s hard for renters to get the same satisfaction of home enjoyment that benefits home buyers. In most rentals you’re not allowed to paint your walls or fix up the property with your own style and design. Since you are limited to your personal touch in the property, it’s difficult to get the feeling that this is YOUR home and create that emotional attachment.
So How Can I Buy My First Home?
Some of the biggest barriers to home ownership are often the down payment and credit. Most people think they have to have thousands of dollars for a down payment but even in todays mortgage market if you have good credit and a decent job, you can get a mortgage for a home with as little as $500 down. And you can finance most of your closing costs by having the seller contribute towards them. Also, with today’s mortgage rates and programs you may be surprised with how much home you can afford.
So now let’s say that your credit is the main issue, well, this is where Empire Options can step in to help. With our rent to own program you can pick the home of your choice and have a set monthly payment that won’t adjust on you. You are locking in a purchase price so you can plan for the future. One of the best parts is that you have the freedom and flexibility to get that pride of ownership. You can make changes and improvements to your property just like you would in your own home. With Empire Options rent to own program, now even if you are unable to get financing, you can still get into home ownership!
If you would like more information about mortgage loan programs, feel free to give me a call. I would be more than happy to answer them for you. Or, if you have been turned down for financing and would like more information about Empire Options rent to own program, let me know and I can send you some information. You can also visit our website at www.EmpireOptions.com.
So the moral of the story is if you're renting, make one of your New Year's Resolutions to buy your own home!
Dedicated to your Success,
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Lakemont Mortgage Specialist
License # 510-LO-36929
http://www.empireoptions.com/
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