Did you know that in the Boise Idaho area that most renters could buy the home they are renting for less of a monthly payment than their rent? Investors are buying homes and are getting the benefit of positive cash flow, tax deductions, and appreciation all at the same time. In the meantime, the tenants continue to be frustrated that they can't have a pet, their rent might be going up in January and once again they won't be able to collect the benefits of home ownership on their 2014 tax returns.
If you know someone that is still renting a home, do them a favor and ask them which demographic do they want to be part of:
- Renters with an average household net worth of $5,500
- Homeowner with an average net worth of $195,000
I am currently doing two tenant conversions where the tenant is in the process of buying the home they have been renting. I have another client that has been receiving public assistance and are now in a position to buy their own home. There are also lots of studies showing the non-financial benefits of homeownership including social benefits as outlined here: http://www.realtor.org/field-guides/field-guide-to-social-benefits-of-home-ownership
I know homeownership isn't for everyone, but if you plan on living in the same area for more than 5 years you should seriously consider paying off your own house, not your landlords! (unless I am your landlord of course).
If you are looking to buy or sell a home in the Boise Idaho area, or just want to set a game plan in action to buy a home, lets sit down together and establish a strategy. My company, Progressive Realty Corporation is an A+ acreditted business with the Better Business Bureau and I have nearly 25 years of licensed real estate experience here in Idaho to help you out! You can reach me via email @ GoOwnIt@gmail.com or via my cell phone at 208-573-0471.
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