5 Reasons Why Homeownership Is a Good Financial Investment

Is your lease coming up for renewal soon?  Before you sign that extension or renewal consider this report on the benefits of home ownership.  In southwest Florida the rent rates have increased so dramatically over the last couple of years, it only makes sense to find out whether you qualify for a mortgage and can buy a home of your own.  Is your credit score over 620?  Then you should be able to qualify for a mortgage with a low downpayment.  Before you sign, give me a call so we can find out if you qualify to pay your own mortgage instead of your landlords!

Courtesy of Keeping Current Matters December 2016

 5 Reasons Why Homeownership Is a Good Financial Investment | MyKCM

According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 37.7%.” That may have some thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?

In the report, Ralph McLaughlin, Trulia’s Chief Economist explains:

“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”

paying a mortgageThe report listed five reasons why owning a home makes financial sense:

  1. Mortgage payments can be fixed while rents go up.
  2. Equity in your home can be a financial resource later.
  3. You can build wealth without paying capital gains.
  4. A mortgage can act as a forced savings account.
  5. Overall, homeowners can enjoy greater wealth growth than renters.

Bottom Line

Before you sign another lease, let’s get together and discuss all your options.

Remember it is always toasty in Naples and you deserve a home of your own and to be paying your own mortgage!

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