Home ownership rates are the lowest they have been in the last 50 years. Yet a large portion of Americans are still renting properties, instead of enjoying a home of their own. Consumer reports believe this is an issue because of a buyer's lack of trust in their ability to purchase. It is still a long standing notion that a buyer needs 20% towards the cost of the home in order to move forward, but this isn't true. With countless down payment assistant programs, and closing cost roll-ins, a home owner could move in with as little as a few hundred to a couple thousand dollars. Which is a huge difference in the time it takes to save up to make the move.
With interest rates at an all time low, home ownership in today's market is a great investment. The money saved over a mortgage's lifespan can result in tens of thousands of dollars, if not hundreds. That's more money in your pocket today. Don't wait to buy when interest rates soar again. With low interest rates, that means your monthly mortgage payments are at a significantly lower cost, as well. With such a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment, if you can move into a home a pay a monthly rate that is the same, and get a 3 bedroom house with a great backyard?
There is also a fear that a home can keep you "stuck" or "rooted" to one place, without an easy transition out if you decide to move. Although the future of the housing market isn't easily predictable from location to location, you can always discuss with your agent about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to selling is going to be far more beneficial, than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place.
Now imagine if you were renting a home for $2000/month. If your landlord is renting to make a profit, think how much less you'd be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn't be paying a landlord to profit off of you, you'd be paying a reasonable rate, and get to call the property your own. Discuss with your agent and lender the steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into. Click>>>Hereto start browsing all available homes for sale!
Please contact me today and take the first step to becoming a homeowner! I will guide you through every step of the purchase to make it a smooth and enjoyable home buying experience for you :-)
Jill Tebeau, Realtor
Author:Jill Tebeau Phone: 407-301-5845 Dated: June 9th 2017 Views: 337 About Jill: Jill has been helping buyers and sellers achieve their Real Estate goals in the Disney area for year...
View our latest blog posts in your RSS reader. Click here to access.
Born in Plymouth, England in 1978, Anthony moved to Florida in 2004. Growing up as the son of a builder, Anthony lived and breathed real estate. To further his interest and to become more involved in Real Estate Anthony gained his Real Estate Sales License, deciding to make the change from 4 years as a high school mathematics teacher.
From a young age Anthony has had a desire to help people and is now helping people make the most important decision they are likely to ever make. Being a 'non-native' of Florida Anthony has experienced first hand the processes and intricacies of buying Real Estate in a foreign country and this experience has assisted him when working with clients from various countries. Anthony has clients in the UK, Dubai, Australia and Canada. Having clients from different cultures and various time zones has not been a problem for Anthony, who is very adept with new technology and communication methods. His primary strength is building relationships with clients - a skill Anthony says he developed through his time as a Teacher, working with various students and establishing effective communication with their parents.
Anthony's other interests include Motorsport, Golf and Travelling. Anthony lives in Davenport, Florida with his wife and four children.