- When you own, you get more bang for your buck
Firstly, here is something most people aren’t aware of. You really can be a ton more space when you buy versus when you rent.
What happens when you’re renting, investors who own that property are looking to make money. So they bought it at it’s purchase price and they’ve added on a comfortable margin for them so that they can make money off of your money. You usually just don’t get as much, and most people are surprised by that principle. If you’ve never gone out and looked for a home, you might not be aware of that. So that’s one of the first things that I’d say to you is that you will get much more for your money.
- More control over your destiny.
Secondly, it allows you to have more control over your destiny. I have a customer who is a single woman who is having a hard time to jump from being a renter to owner. Part of the skepticism is just parting with that cash. But traditionally real estate has been a really amazing place to put that investment of money. What happens is if you write out a check every month, instead of it going to someone else, a portion of it is going down on your principal so that you don’t owe as much on it.
Now an argument may be, “Well someday if I own it, I will have to pay property taxes on it.” Yes, but that is a fraction of what you’re going to have to pay in comparison to whatever rent is going to be 20, 30, 40 years from now. Not only that, and this is very applicable if you have a senior in your life, in Douglas County they sometimes waive property taxes for people in severe need like senior citizens. So you may end up, like my grandma did, at the end of her life, not having to make a payment every month other than insurance. It really does provide so much more financial security in owning versus renting.
- Freedom to make changes!
And last, but not least is the freedom that you have to make changes! When you are a renter, often times you’ll have to ask permission for simple things like painting or landscaping or certainly changing out appliances. All of those things will be on your dime and not something you’ll ever be able to recoup your funds from. Whereas when you make improvements on your home it may appreciate the financial therefore building up more equity, more financial stability. And you love the place that you live.
So if you’re still a renter and you have 3.5% down, you need to consider parting with that money! It will create a brighter future.
Check out the video here: https://youtu.be/6OAEPAyTmyg