A couple years ago I had a conversation with my mother about stairs. I knew it was leading to moving her out of this wonderful town home she had been renting. The place was in a safe neighborhood, had great neighbors and was really private. She had taken such care in the yard and interior decor just like it was her own. Wait a minute. We had just said the 2 magic words.HER OWN.
It was not her own home. She was paying someone else to live in something that she was taking care of! What was wrong with us? Why was I letting her do this? Where we thinking she was unable to take care of her own place? Are you thinking you can't do it?
In July of 2010 a leading Real Estate company did a survey in which they found that over 70% of renters (thousands in the survey) said yes to wanting their own place. Of that 70% there was nearly 75% stating they had saved money, had a good job and liked the city they lived in.
SO WHY ARE YOU RENTING? Interest rates are at record lows. Home prices are great. It is possible for 1st time buyers to get into incredible loans through credit unions and large banks like Key Bank with little down. Too often I hear "I AM SCARED - I CAN'T AFFORD IT - I DON'T KNOW WHAT TO DO".
You need to start with discussing your situation with a Real Estate Professional. You may be overpaying every month just to live in someone else's property. Isn't it YOUR MONEY? Don't you think it should be YOUR PLACE? Remember, it is an investment in YOUR FUTURE! Aside from the financial reward the simple fact is that IT IS YOURS!
Recently, I sold an end unit that is saving the buyer nearly $200 per month. He will also get the tax benefit in the coming years let alone the average rent in the area is higher than his mortgage payment. Why did I mention this? He now owns his 1st rental property too. You build wealth through this Strategy and not paying rent! His next purchase will be launched with the success of his 1st.
By the way, the home of Mother Nurture is now the center of play time for a lot of the neighborhood kids. The big tree in the summer and the nice old lady with pop is just what the neighborhood wanted. The right neighborhood is waiting for you too!
