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Rent-Vs-Own-header-Steph-Mead

Rent Vs. Own: It's Not Just About the Money

There are many reasons why people are hesitant about home ownership. Many might chalk it up to money alone, but there are many reasons why people might wait to seek homeownership or forego learning more about the mortgage process.

Rent-to-own-WEB-READY

All the aspects above are important when considering real estate. Purchasing a home is one of the biggest decisions a person can make. Thankfully, today’s environment favors the first-time buyer in many ways.

 

  • Mortgage Rates are once again at historic lows
  • Purchasing Power is improving
  • Low down payments options exist; including 3% down conventional, 3.5% FHA and 0% down for VA loans
  • Gifts are allowed from family members for a down payment
  • Seller credits can be used to offset closing costs

 

This is a tremendously personal decision nonetheless, but with rental prices soaring, a mortgage may prove to be a better financial decision on a monthly basis and a tax savings basis.  

 

Let’s use an example scenario: say someone is paying $1800 each month in rent. A 3.5% down payment toward a $275,000 home plus cash to close can be under $3,000. After five years, that person would have saved $8,000, not to mention the added benefits of owning their own place, versus renting with no chance for a return on investment.

 

This is just one example of the financial benefit of homeownership, each situation is, of course, unique but is always worth reviewing. We have helped so many people achieve their homeownership dreams that initially thought it was just that - a dream.


If you’re ready to start investing in your ideal home, contact me to get started.

 

Thanks to Erin Griffin at Parkside Lending for partnering with me  and putting this content together. 

 

 

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