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How you could gain $39,000 vs. spending $120,000 in the next 5 years!
You have heard it all - now is the time to buy, rates are low, the cost of waiting, etc. The biggest reason I agree with buying now versus later is simply because you are ready to buy a home!
Over the next five years a renter paying $2,000 per month will have paid $120,000 towards housing assuming the landlord DOES NOT raise the rent. That same $2,000 if used to pay a mortgage of $300,000 can gain or save you $39,509 even with the cost of maintenance, taxes, and cost to sell. The numbers assume a modest 2% appreciation rate over five years and does not take include your tax savings, which is an added bonus of owning the home you live in.
Yeah, but Markita what if the home does not appreciate? This could happen but since you will be paying down the mortgage every month, even a break even scenario where you are able to save on your biggest cost in America-TAXES- is still a huge WIN versus renting.
Seven years ago we went through the worst housing collapse in history, but those who were not afraid to buy a home during and shortly after this time have benefited tremendously, with double digit equity appreciation.
Yeah but, ... more
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