If you're renting because you don't want a mortgage, I have bad news for you. You're already paying a mortgage. It's just the landlord's mortgage. I was reviewing a few rental applications over the past few weeks and I noticed a pattern. A lot of tenant candidates don't want to buy because they don't want the burden of a mortgage.
Again, if you are paying rent, you are paying a mortgage. You are paying the landlord's mortgage, but you're not getting the benefit of equity build-up and a increase in your net worth, tax deductions on real estate taxes, insurance and interest. Plus, you have limited use of the property. It is the home you're allowed to live in, but you likely can't paint, landscape, build on, upgrade, change light fixtures and appliances or have a dog or cat.
Most of the applicants didn't want to add the mortgage debt because they have student loans, car payments, and credit card debt. Ironically, in this area, the rent on most properties is equal to a reasonable mortgage payment. So, if you can pay rent and still maintain a quality lifestyle with the other debts in tow, why give your money to a stranger? Why not pay your mortgage and build your own financial future through home-ownership?
When you're ready to make that choice, give your Cornerstone Business Group, Inc., real estate pro a call. We are your local real estate sales pros.
If you're renting because you don't want a mortgage, I have bad news for you.