Landlord Squeezing You For Yet Another Rent Increase Its Time To Buy A Starter Home

Dated: 12/27/2017

Views: 13

Landlord Squeezing You for yet Another Rent Increase? It’s Time to Buy a Starter Home

Landlord Squeezing You for yet Another Rent Increase? It's Time to Buy a Starter HomeDid you recently receive your annual notice that the rent is going up? If so, you’re not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you’re feeling the pinch of higher rents, it might be time to buy your first starter home.

Comparing Rent With A Mortgage

Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here’s a quick and easy exercise. Multiply your monthly rent by twelve, and then multiply that number by 25. For example, if your rent is $1000 per month, that is $12,000 per year and $300,000 over 25 years. So if nothing changed from today, you could afford a $300,000 mortgage.

Homes Are More Affordable Than You Think

Many first-time home buyers are convinced that they can’t afford to enter the market, but that is not the case. There are homes available that fit almost every budget or price range. In fact, it is less important to worry about the total cost and more important to worry about location, size and local amenities like schools and parks.

Remember, when you buy a house you aren’t just locking yourself into a rental contract. You are investing in a home and property have the potential to gain in value over time.

A Few Other Considerations

Of course, there are some considerations that you will need to make as you start down the path to homeownership. The first is that your mortgage is unlikely to be your only monthly expense. You will also encounter property and other taxes, utility fees and if you buy a condominium or apartment, homeowners’ association fees. You will also be responsible for maintenance and upkeep since you own the home. But that also means that you are free to customize and renovate as you see fit.

Keep in mind that it is never too late to escape the rental trap. When you’re ready to start building your future by investing in your first home, contact us. Our experienced mortgage team is happy to share financing options that will suit your budget.

For More Info Visit: http://www.bondstreetmortgage.com

Blog author image

Shawn Chaconas

Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in ....

Want to Advertise on this Site?

Latest Blog Posts

CaseShiller Home Price Growth Ticks Upward In November Reading

Case-Shiller Home Price Growth Ticks Upward in November Reading Home prices increased in November, with national home prices up 0.70 percent month-to-month and 6.20 percent higher year-over year.

Read More

The 4Step Financial Checkup To Get Ready For A Mortgage In 2018

The 4-Step Financial Checkup to Get Ready for a Mortgage in 2018 Are you ready to join the ranks of homeowners in our local community? Congratulations – homeownership is a big step towards

Read More

Whats Ahead For Mortgage Rates This Week February 5th 2018

What’s Ahead For Mortgage Rates This Week – February 5th, 2018 Last week’s economic releases included readings on pending home sales, Case-Shiller Home Price Indices and construction.

Read More

What Is Mortgage Insurance And How Does It Benefit Me Lets Take A Look

What Is Mortgage Insurance and How Does It Benefit Me? Let’s Take a Look Are you in the market for a new home? If you are considering a mortgage, you may be curious about mortgage insurance,

Read More