The Benefits of Buying Over Renting

If you are currently renting a home, then you are going to want to pay attention to what I’m about to say.

I recently had a client buy a condo that was identical to the one he was renting for $334 less per month. The place that he purchased was even in the same neighborhood.

How was he able to do this? He was able to qualify for a loan and borrow from his retirement account to get the 3.5% that he needed for a down payment. By doing this, he is saving $334 per month, which he can use to pay back the $3,300 he borrowed from his account and now he has his first home.

I have owned this company for just under 20 years and have been in the industry for 30 years, and I promise you that this will not be his only home. It will be his first home, and he will call me in a few years looking to move up. The best part is that this home, when he gets ready to depart it and move up, is his investment property. He is building his own wealth.

If you are renting a home, you can start investing in your future by buying your first home.

When people call me to purchase an investment property, I have them put down 20% to 25% depending on the program. However, if you are renting a home, you can start investing in your future by buying your first home. Get in there now, get the savings through the ownership and then when you go to your move up home, you have a great rental that is in place that will give you a positive cash flow. And, when you do it this way, you can use your equity to purchase your next home.

The message is that if you are renting, even if you have a little bumpy credit, nine times out of 10 your mortgage payment will be less than your rent. This is because there is a lack of rental inventory available, which artificially drives up the value of rentals.

If this is something you may be interested in, please feel free to contact us the top Mortgage broker in Annapolis. I would love to help you transition from renting to buying.