Are you looking for a place to live, or are you looking for a HOME?
Rent payments add up and rental restrictions are numerous. The money you spend on rent payments each year is money you could be investing in the home of your dreams. There are also some other not-so-obvious benefits as well. Let’s take a look at how leaving your rental lease behind and stepping into your new home can benefit you:
The Downsides of Renting
· The rent payment may increase over time
· You have no equity – your money disappears forever
· You need to get landlord approval for any changes you’d like to make or pets you’d like to add
· Rent payments are not tax-deductible
· Your living situation is temporary and can change at any time
The Benefits of Owning a Home
· Your mortgage payments can be fixed
· You can take advantage of the equity in your home if the property value increases (the potential equity may be accessed through refinancing or selling)
· Decorate, make any changes or bring a new pet into your home without landlord approval
· The mortgage interest you pay may be tax-deductible (discuss with your tax professional)
· Your monthly payments benefit you and not your landlord
· Your house will become your home!
If you’re coming up on your lease expiration date, now is the time to start looking for your next place. The cost of renting has shot up in recent years, with no signs of slowing down. You may be surprised at how much you can save each month by owning instead of renting.
Here are the steps to start your journey:
· Get prequalified to know your buying power
· Meet with a licensed Real Estate Agent
· Find the home of your dreams!
Are you ready to make your move? At Peoples Mortgage, we are committed to being a mortgage resource for you. We have several programs available to help make your dreams of homeownership a reality. We understand the stress that comes with making the decision to purchase a home for the first time, and we know the ins and outs of the market and can provide peace of mind for you throughout the entire process.
Now is a great time to explore your homebuying power and start building your own wealth through homeownership. Before you sign or renew your next lease, meet with one of our Loan Officers who can help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
We are passionate about making homeownership dreams come true!