In today’s market; with historic low interest rates, it is actually cheaper to own real estate than paying rent.
Take a $150,000 home, 3 bedroom, 2 bath, 1,200 SF. As a first time buyer-FHA financing, your down payment would only be $5,250. Your monthly mortgage payment would be around $928.65. According to Mtl Realestate, the estimated rent for a 3 bedroom, 2 bath, 1,200 SF home is around $1,200.
Owning real estate gains equity. Renting gains nothing. If you had purchased this 3 bedroom home in January 2013 for $150,000 ($5,250 down payment), your home today would be worth about $195,000. That’s a $45,000 increase. That means your down payment increased by $39,750. Where else can your money grow like this.
Owing is wiser. Call us today to learn how you can own vs rent. Start saving for your down payment. Don’t wait too long because prices are increasing fast. Call us today for your free consultation.