What’s The True Cost Of Waiting To Buy A Home? You Might Be Surprised!

Courtesy of Keeping Current Matters

We, at KCM, have often broken down the opportunity that exists now for Millennials who are willing and able to purchase a home NOW… Here are a couple other ways to look at the cost of waiting.

mortgageratesLet’s say you’re 30 and your dream house costs $250,000 today, at 4.41% your monthly Mortgage Payment with Interest would be $1,253.38.

But you’re busy, you like your apartment, moving is such a hassle…You decide to wait till the end of next year to buy and all of a sudden, you’re 31, that same house is $270,000, at 5.7%. Your new payment per month is $1,567.08.

The difference in payment is $313.70 PER MONTH!

That’s like taking a $10 bill and tossing it out the window EVERY DAY!

 

Or you could look at it this way:

  • That’s your morning coffee everyday on the way to work (Average $2) with $12 left for lunch!
  • There goes Friday Sushi Night! ($80 x 4)
  • Stressed Out? How about 3 deep tissue massages with tip!
  • Need a new car? You could get a brand new $22,000 car for $313.00 per month.

Let’s look at that number annually! Over the course of your new mortgage at 5.7%, your annual additional cost would be $3,764.40!

Had your eye on a vacation in the Caribbean? How about a 2-week trip through Europe? Or maybe your new house could really use a deck for entertaining.  We could come up with 100’s of ways to spend $3,764, and we’re sure you could too!

moneyhouseOver the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $112,932, all because when you were 30 you thought moving in 2014 was such a hassle or loved your apartment too much to leave yet.

Or maybe there wasn’t an agent out there who educated you on the true cost of waiting a year. Maybe they thought you wouldn’t be ready, but if they showed you that you could save $112,932, you’d at least listen to what they had to say.

 

They say hindsight is 20/20…we’d like to think that 30 years from now when you are 60, looking back, you would say to buy now.

Thanks to Keeping Current Matters and their insightful breakdown of the costs in waiting to buy a new home.  I love working with first time buyers who are anxious to move into the homeowner market but nervous about the process.  I can explain the whole process to you and help you along the way.  I don’t forget you after the sale either!  If you need help at any time with issues, new projects around the house or repairs, call me I will know someone who can help you.  Let’s get started on that first home for you, call me today at 239-601-3174.

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine and a new home.  Don’t look back when you are 60 with regret!

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