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Is it Time to Stop Renting and Buy a House?

Hero House

Who likes to throw away money?  I know I don’t!  Buying your home is brave and bold.  Some of the benefits of home-ownership are having a fixed monthly payment, the possibility of selling for a profit, and being able to set your own house rules. When you’re renting you have to deal with fluctuating rent fees yearly, no profit, paying more for a place you’re just renting, and the landlord determines the rules.

When you buy your home your money is going towards principal and interest instead of just a payment that goes into the owner’s pocket or to their mortgage company. Usually, the owner charges the renter more than their actual mortgage in order to make a profit.

Paying rent is a waste of money.  Even if you are the type of person that moves around a lot between different states, purchase a secondary home in that other state.  Wasted rent money doesn’t work for you when you’re trying to build your financial wealth portfolio.

Stability is another thing to keep in mind when you are renting, especially if you have children.  If you rent a home and the homeowner decides to up and sell in the middle of your lease, your life is disturbed by potential home buyers coming to view the home.  Now imagine if this happens a few times while renting in a six-year time frame.

Besides for renting being a waste of money, what if you’re the type that likes to decorate or make changes such as home improvements a lot?  As a renter most of the time you have to get permission to do so and when you move you have to convert the property back to the way it was when you signed the lease.

If you are the homeowner you can make any improvements and adjustments to the property, which will add value to your home if you ever decide to sell.

Hopefully, this breakdown will help you figure out where you stand and whether now is a good time to apply for a home loan or continue to rent.

Tips and Tricks

  1. Know your credit.  The better your credit, the higher your chances of securing the best rate and terms.
  2. Location, Location, Location.  This is very crucial when it comes to purchasing your home. You will get the best bang for your buck just by the location, especially if you ever decide to sell.
  3. Continue to save.  Make sure you have a six-month emergency fund savings account for the unexpected.

 

For more information get your copy of Wealth is a Mindset today!

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