Owning a home is proven to be one of the best investments you can make.
Fire Your Landlord!
Every month when that rent is paid, you get no return on that money other than a roof over your head. It’s simply gone. Yes, you have a place to stay, but renting doesn’t allow people to alter the property to fit their own needs or even make updates to improve the property’s function. When you own a home, on the other hand, every payment you make puts you one step closer to owning a property free and clear. Even if you decide to sell at some point there will be equity available to use for purchasing a new home.
Market Values Increase Over Time While Your Payment Does Not
When market values increase and you are a renter, that means your monthly payments will go up. Generally speaking, rents tend to increase yearly. The same goes with home value. But instead of your mortgage payment also increasing, it generally stays the same. This means it is deflationary. If you buy a home with a fixed rate mortgage, that monthly payment will look cheaper and cheaper over the years when you compare it to what renters (or other home buyers) are paying. Historically, real estate has proven to be a solid investment, even when short-term downturns occur.
Featured Highlights of
Renters, You Can Buy!:
Enjoy Pride of Ownership
While good renters take care of their rental unit, it still isn’t theirs to update or improve in any way. Money that is spent benefits the landlord, not the renter, as most improvements are not portable. When you own a home, that’s not true. Every improvement is yours to enjoy and benefit from. When your circumstances change, additions can be made to accommodate new needs, or remodeling can make a home much more comfortable. You don’t need to beg the landlord for updates or repairs; you simply take care of it in a way that suits your needs.
Have Peace of Mind
Most people love the security of owning their own home – a place to put down roots. It’s human nature to need the knowledge there will be a place to retreat to at the end of the day. That means families will know how to effectively budget without the uncertainty of potential rent increases looming in their futures.
Where Do You See Yourself In Five or Ten Years?
Of course, no one can know exactly what the future holds, but we all have dreams and plans we’d like to see come to fruition. What are yours? Do you foresee job changes that might require a move to a distant city? Are you thinking about going back to school? Each option will impact any buying versus renting decision, so it’s important to honestly discuss your dreams for the future when deciding to purchase a home.
If you’re just getting married, buying that one-bedroom condo may make sense but, before doing so, it pays to think about how things might change in the coming years. Those considering a family, for example, might find it a better idea to reconsider that one-bedroom unit in favor of a home that can accommodate a child or two. As a couple, it would be a good idea to talk about the advantages and disadvantages different property types offer.
How Much Money Is Needed to Buy a Home Now?
There are stories going around about the huge down payments needed to buy a home today. While there are some financing options that do require a significant down payment, other options are very affordable. At Fellowship Home Loans, we have access to a number of programs that help make home ownership more affordable. That means you don’t have to scrimp for years before you can qualify for a home loan. If you really want to get out of that rental unit and into your own home, we can help.
Ready to learn more about Renters, You Can Buy! or explore your options? Get started today!*
*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact your Fellowship Home Loans Loan Officer today to get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.
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