Buying A Home Is Still Cheaper Than Renting
Many California families and individuals continue to rent, despite the many great financial benefits to owning a home.
Home Ownership continues to be part of the American Dream. Realtor.com recently reported: “Buying remains the more attractive option in the long term – that remains the American dream and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.”
Here’s some facts that owning is financially better than renting:
- Homeownership is a form of forced savings.
- It provides tax savings.
- It allows you to lock in your monthly house cost.
- No other investment lets you live inside of it.
- Studies show a homeowner’s net worth is 44x greater than a renter’s.
- Home owners can build their own wealth and equity, instead of paying Landlord’s mortgages & increasing their equity.
Some argue how renting eliminates costs of home repairs and taxes. However, every potential renter needs to realize that their Landlord includes these expected expenses – along with a profit margin – into the rent payment they’ve set!
So, moral of the story is: Since owning a home is logically the better financial standpoint, connect up to your local, licensed Lender and find out what you need to qualify to become a home owner!
And if you want to make a better home purchase offer, get a fast home loan or are self employed with difficult to prove income – thus having difficulty qualifying for a conventional home loan – then we at Sun Pacific Mortgage & Real Estate are more than willing to help with our Private Money home loans.
Call us at 707-523-2099.
Reference: Keeping Current Matters blog: NOT Owning Your Home Can Cost You A Lot Of Money! https://www.keepingcurrentmatters.com/2018/04/02/not-owning-your-home-can-cost-you-a-lot-of-money/