Rent vs. Own

By
Real Estate Agent with Century 21 Elite Performance

When you rent a place to live, you can almost certainly expect your rent to increase each year - or even more often. If you get a fixed rate mortgage when you buy a home, you have the same monthly payment amount for thirty years. Even if you get an adjustable rate mortgage, your payment will stay within a certain range for the entire life of the mortgage - and interest rates aren't as volatile now as they were in the late seventies and early eighties. Imagine how much rent might be ten, fifteen, or even thirty years from now? Which makes more sense? Not only that but many people are lousy at saving money.  Owning a home is a great forced savings plan!  Think about it - it's like paying your rent and at the end of your 30 year lease you own the place you're "renting" and you have $145,000.00 as a reward for living there!  Goofy analogy but hey - it works! 

Bottom line is don't forget to visit my website for more information on buying a home.

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Tags:
rent
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mortgage
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fixed rate mortgage
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Jon Higgins

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