02/27/2023
Did you know that renting is like paying 100% interest?
I have spoken with many renters recently and there is a common theme that keeps coming up when talking about purchasing a home. Current high interest rates on mortgages.
Even though prices have stabilized (actually fallen in some areas), and sellers are giving incentives to buyers purchasing their home, renters are patiently waiting to buy a home in hopes interest rates go back down.
But, did you know that renting is like paying 100% interest to a landlord/property manager? If you are renting, 100% of your payments go to the landlord each month, then at the end of the lease you just hand the keys back. Often they also charge you a cleaning fee, or other fees so they can fix the place up and rent it out again.
If you own a home, part of your monthly mortgage payment goes to interest and the rest goes to principle. The longer you own your home, less goes to interest and more to principal. Each time you pay principle you are building your investment, your asset. And if you take good care of your home, it can even increase in value.
Buying a home and getting out of the cycle of renting isn’t as scary or difficult as you think. I can guide you through the process of buying a home, available resources, and downpayment assistance programs.
My consults are 100% free. Please call, text, or email me if you’d like to set up an appointment to go over options, or if you’d like to tour homes for sale.
Brad Martin
928.899.0459
[email protected]