Claudia S. Nelson Realtor with Keller Williams Realty, Woodbridge VA
Are you currently Renting?
If so you should pay close attention.
The other day I spoke with an investor who informed me that they are considering selling one of their properties. Their tenant moved out after living in the home for 15 years. The investor told me they rented the home for 15 years to the same tenant and now the tenant has decided to move, but while the tenant was living there he paid OFF the home for the landlord. The landlord owns the home free and clear thanks to the rental payments the tenant made!
Don't get me wrong there are definitely instances where renting is the way to go, but don't waste your money and make your landlord rich. If you are planing on staying somewhere for more then one or two years you should consider buying. There are so many advantages of being your own landlord.
When I first came to the US I rented a one bedroom condo in Washington DC. Yes I loved living in the City and yes I had a great time in my one bedroom rental, but it wasn't mine. I paid rent and made my landlord rich. Granted I really liked my landlord, she was great, but that's not the point.
If you own your home you are investing in your future, you are accumulating wealth versus making your landlord rich. Also there are tax benefits of owning your own home. If you have pets it is so much easier. I just got back from playing with my friends dog. He is the biggest love bug, but also a bit rough around the edges and wild and she is now investing in a carpet cleaner. She owns her house, so she doesn't have to worry about it but if she was renting that would be a completely different story, many landlords have issues with pets.
Yes if you own your home you are responsible for the upkeep and if something breaks you can't just call the landlord to fixing it. But there are ways to protect yourself, first and for most make sure you always have your home covered with a Home Warranty. The home warranty covers appliances,AC, Furnace and so forth for a service fee. A home warranty is a must investment!
In my book the benefits of home ownership definitely outweighs the negative, but most important in many cases it is cheaper to make a mortgage payment then to pay rent for the same home! Speak to a local Real Estate Agent to get the details and also speak with a lender to learn about what loan programs are available for you. There are many great loan programs that you can use to purchase your first home.
Stop renting. Stop making your Landlord rich. Invest in your future and start building wealth by becoming your own landlord.
For more information join my Home Buyers Challenge
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