Are you still renting a home or apartment for yourself or your family?
If so, you’re losing money. Think about these three ways you lose money by renting:
Emotional Satisfaction of Home Ownership
Besides losing out on making money with real estate, renters don’t get the same satisfaction of home enjoyment that benefits home buyers. Many landlords won’t allow you to paint your walls in colors that you desire. Also, you won’t feel like fixing up the property with custom window coverings and you get little say in flooring materials. Because you can’t make your personal statement, you won’t feel like you’re HOME as much as home owners who feel emotionally connected to their property.
How to Buy Your First Home
The biggest barrier to home ownership is often accumulating funds for a down payment. People think they have to have thousands of dollars for a down payment. However, if you have good credit and a decent job, you can get a mortgage for a home with zero down. And you can finance some of your closing costs as well as ask the seller to help you pay a good portion of your purchase costs. With today’s mortgage finance plans, you may be surprised to find out how much of a home you can afford with payments similar to what you currently pay in rent.
You may have to go out of the major metropolitan areas to buy a home. That’s why so many people commute in Southern Shore as Brossard or surrounding . Affordable housing costs much less in outlying areas. But so do the rents. If you’re renting an apartment for $1,800 in Montreal, you could buy a $420,000 home in Brossard. Our daughter just purchased a home in December 2017 and her mortgage payment, for a 3,000 square foot new home, costs less than $1800. With her tax savings, she will pay even less than renting a small apartment closer to downtown Montreal.
If these amounts sound high to you, check your local area. Perhaps your monthly rent is only $1,000 and houses cost less than $200,000. Talk to a mortgage loan agent and see how much of a home you can afford.
If you’re renting, make one of your priorities to buy your own home.