Have you been renting a home for several years, but have often considered buying a home of your own? Let me break the numbers down for you to show how renting is a foolish plan for building wealth!
Check out the chart above and tell me how renting is a good plan! You might as well light your money on fire, because when you pay rent you’ll never see a return on that money! It’s time to fire your land lord and hire a real estate agent to help you find a home to start building equity on your investment!
When you buy a home with a mortgage you are investing in that property. Every payment you make on that home mortgage is paying down a portion of the mortgage principle. This means in simple terms you are building equity in the property. Some day down the road when you sell that property you will get that equity back out of the property and into your pocket! This will help you build wealth. A rent payment helps your landlord pay down the principle on the house you are living in and helping to pay the mortgage on. When your landlord decides to sell the property, he or she gets to pocket the equity that you help build with your rent payments!
So…If you are a renter and your Credit score is near 615 contact me HERE and we can talk about how to fire your land lord and make you an investor in your new home!