Most of the renters I’ve talked to say “no” to every one of these questions. They also feel like they have no choice but to put up with the inevitable inconveniences of renting- noise, strange odors, lazy maintenance. Many have a hard time imagining exactly how they’ll escape the “rental trap.” If you feel this way, I’d like to extend a friendly introduction and invite you to have a conversation about how you might become a homeowner. You see, I specialize in helping people make the transition from renting to owning.
There’s a lot of misinformation out there about buying a home, especially given how much the media focuses on a “bad housing market.” The truth is actually not so simple. Great opportunities exist for first-time buyers, or previous owners who now want to leave their renting nightmares behind.
Let’s assume your have a really nice landlord who only raises your rent $25 a month each year. If you currently pay $1200 a month in 30 years you’ll be paying $2100 a month. (Good luck finding that landlord!) A home owner having a $1,200 payment per month would pay exactly the same amount thirty years later while prices everywhere increase around them. Now that’s rent control. Not to mention that would end with the final payment. There may also be equity in the property giving the homeowner additional funds for retirement.
Also, consider the tax benefits. The IRS allows you to write off home loan interest and property tax. Any points you have to pay when you are getting the financing may also be subtracted. Also, owners who reside in their home two of the past five years, receive maximum capital gain exclusion of $250,000 (if married $500,000.)
Home possession isn’t for everybody. For some people renting may be the right option for now. But, happens when if you attempt to retire without any equity within your home. The budget is going to be extended to the limit with no room for retirement savings along or any other financial targets. Instead of expenses decreasing with retirement, you’d be paying increased rent for that rest your life.
Even if you’re not in a position to consider home ownership right now, I can definitely provide you with some advice and resources to get you on the right path. (Imagine the satisfaction of knowing your rent check isn’t going into someone else’s pocket!)
If you’re curious how I can help make home ownership a reality for you, send me email at email@example.com or give me a call at 303-325-6824. There’s no obligation. Even if you’ve just wanted to ask a realtor® a few questions, I’d be more than happy to help.