08/07/2023
This is a very common and realistic scenario that anyone who is currently or has previously experienced renting would be familiar with— truly ridiculous rental rates with so many additional pricey fees piled on top, some of which are actually *required* so it’s a mystery why they don’t just account for some of those fees in the initial rental rate instead of adding several additional fees that you can’t even opt out of if you want to? And then there’s the requirement that you have to be able to prove that you earn at least 3.5xs the rental amount monthly! While this policy is intended to protect a renter from committing to a rate they can’t necessarily comfortably afford, even if you can prove that you make at least 3.5xs the rent, who can afford to spend over $2,000 every month for a 800-1000 sq ft space they can’t even decorate or paint the way they want to in order to make it feel like “home?” It’s a ridiculous “norm” that not one of us average humans would agree is fair or reasonable these days— especially when all most people really want/need is a place to enjoy some peace and quiet with their kids/partners/pets and rest in-between working long hours in order to afford somewhere safe to simply live in the first place.
Apologies for the lengthy incoming tidbit! However, since I became a Realtor and saw the inner workings of this industry first-hand while helping all kinds of different people with different situations seek out their next happy place, I can confidently say that buyers are far closer to home-ownership than they actually realize most of the time!
If you have some savings tucked away (doesn't need to be anywhere near 20% for a down payment anymore) and your credit is at least 580 or higher, *please* message me to discuss your goals! There are multiple viable options available to help you purchase a home instead of being stuck in the cycle of paying rent-- which would allow you 1) a lower mortgage payment than the average monthly rent (frequently this is true even if the house is actually bigger than the apartment and has a yard!), 2) freedom to decorate/paint/make the home yours in any way you see fit, 3) guaranteed parking available without a fee (fees for parking are genuinely ridiculous anyway— how can they actually expect you to live in their unit if you can't even park your car?!), 4) build equity in your own home with every single payment that you make over time (instead of paying the landlord's mortgage). This equity can also be accessed and used later if you needed to— or you could roll your existing equity into another house in the future in the event that you need to upsize/downsize and maintain the equity you’ve already built up by just moving it over to your next home, 5) take advantage of the tax benefits that come with owning a home, 6) avoid sudden and dramatic rent hikes annually when it’s time to renew your lease (or even more often depending on your lease term). All of this and there are still plenty of other unmentioned benefits that accompany owning a home instead of renting one from someone else… for instance: not sharing walls/ceilings/floors with your neighbors or dealing with property management companies that micromanage everything you do just because they can.
Another very important thing to mention to those who may not already know it: There are several different loan types available to buyers to consider! Some of which may even include options to purchase for a 3.5% down payment (FHA), or even as low as a 0% down payment (USDA), so you can actually get into a home without having to spend all the money you have saved up to do so. A 20% minimum down payment is a thing of the past because it’s simply unrealistic these days! One final benefit of home-ownership that I’ll share for now is that most of the time, buyer’s aren’t the ones who pay the commission to the buyer’s agent that helps them through the process! The sellers of a property are the ones who offer a certain commission rate as an incentive to buyer's agents to bring their clients to see their home! There are exceptions occasionally (as with everything), but even in those instances, the seller still offers a majority portion of the commission owed to the agent and the buyer is only responsible for paying any difference between the seller’s contribution and the agent’s commission rate. In these cases, a buyer would typically only need to pay around .5%-1% to the agent that they’re working with (sellers may offer 2%, 2.5%, or even the full 3%) instead of being on the hook to pay the full standard commission while they’re already paying so much out of pocket to buy a house in the first place! Frequently, a buyer can have the benefit of an educated, knowledgeable, and experienced agent walk them step-by-step through the daunting process of buying a home without having to personally pay their agent anything at all for their dedicated services!
If you or someone you know ever wants to take a look at all the available options out there, please connect with me and/or refer your friends and family to me! I know that it can be intimidating and overwhelming to start this process initially… however, my buyer and seller clients can always trust and rely on me to handle all the complicated and complex steps along the way, expertly guide you through the process with consistent and clear communication, and do everything within my power to remove the barriers and obstacles that may be holding you back so that you can get into the right home, at the right price, on your timeline, and with the least amount of stress about the process as possible. 🙂
I'm here to help you or anyone you know that may be considering looking into your options! Message, call, text, or email me and let's make a plan! Even if you're not ready to move immediately, it's truly never too soon to utilize me a reliable source of information and set up a game-plan tailored specifically to you and your personal situation and goals so that you can take the necessary steps toward home ownership or home sale whenever you're ready. 🏡🤗
