How much evidence is needed to make a decision to get out of the rent race and become a homeowner?
Compare your rent with a mortgage payment on a similar size property. If you want a larger home than your current one, use the rent that property would require instead of what you’re currently paying. If it’s considerably cheaper, you may not need any further encouragement.
By the time you consider the principal reduction, appreciation and tax savings, your monthly cost of housing could be much less than the rent you’re paying.
The principal reduction included in each payment is like a forced savings account that increases as your mortgage balance decreases. Your equity in the property will also grow due to appreciation. The equity is part of your net worth and an investment in your family’s future.
The income tax savings can be an additional financial consideration if the combined interest and property taxes exceed the allowable standard deduction.
Trends are showing that both tenants and homeowners are staying in their homes longer. It’s been said that whether you rent or own, you’re paying for the home. Do you really want to buy the home for your landlord? Consider this, if you buy today your payment is locked in for 30 years. If you rent, your payment may double, triple in 30 years. Why are you renting? Call WC Real Estate today, you really need to go look at some of our homes for sale. (402) 426-2600 agent on duty 7 days a week!