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 is having a fixed monthly payment, 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 determine the rules.
When you buy your home your money is going towards principle 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
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Author~Speaker~Financial and Business Empowerment Coach
Shynna Key is a contributor at www.workingmomin20s.com and Bold.Global that has over 14 years of financial and business experience. She has been in the Real Estate Industry, Operated and Owned a Commercial Cleaning business as well as worked in Corporate America in the Mortgage Industry.
She has always had the knack for encouraging others. She believes that with her experience and knowledge she should be presenting information in an easy to understand manner. Her advice and coaching has touched many lives in the areas such as Finances, Entrepreneurship, Budgeting, Credit, Investing and Building Multiple Streams of Income.
Shynna Key- The Financial Fanatic, mission is to inspire you to recondition your mindset to understanding that Wealth is a Mindset, to become Financially Empowered which is the key to Financial Freedom/Success. With her Empowerment you will learn to love your new relationship with your finances!
Shynna is a proud mother and wife that resides in Atlanta, GA.
She is a member of the Atlanta's Women Entrepreneurs (AWE) and Atlanta's Urban Professional and have been featured on number of radio stations.
For booking visit www.shynnakey.com