Oct. 1, 2018
As our housing market begins a major shift, renters and first time home buyers have an opportunity of a lifetime!
The renting market is becoming more expensive by the day. Not only are rentals less available on the market, but in some cases, the amount that renters are paying for their living space is now higher than the cost of owning their own home. So, why would you rent and how can you buy?
Whether you are a renter or a first-time homeowner (not having owned a home in the last 3 years) there are similar details that you need to consider:
RENT PAYMENT vs. MORTGAGE INVESTMENT
When you are renting, your money has only one purpose - to pay someone else. However, when you become a home owner, your money has other functions - like building equity for you. Don't be fooled by rent prices that seem lower initially but can increase over time and leave you with nothing in return. Equity in a home can provide you with buying power and funds in the future should you need it.
LANDLORD vs. OWNER
In a rental situation, you will always have a landlord and a rental agreement that stipulates your freedoms in regards to your residence. While some landlords are easy to appease, many renters have had much difficulty with landlord rules or the landlord holding up their end of an agreement for providing good maintenance and dwelling conditions. As a home owner, you are in charge of your space and the timeliness of changes. You can decorate at will and put your own personal touch on the space that you call "HOME".
SECURITY DEPOSIT vs. DOWN PAYMENT & CLOSING FEES
Don't let the terms 'Down Payment' and 'Closing Costs' scare you as a first time homebuyer. In fact, in many rental situations, you could see Security Deposits that increase to extreme heights because the landlord includes first months rent, last months rent, cleaning fees, application fees and more. However, in many situations for First Time Homebuyers, there are DOWN PAYMENT ASSISTANCE PROGRAMS that you can qualify for that will cover these costs for you. In some scenarios you may qualify for $0 down and/or the seller can cover your costs.
Isn't it time that you consider all of your BUYING OPTIONS? NOW is the Time To Buy!
Contact the agents of the JC Realty Team of Novi today.
For Down Payment Assistance information: http://www.micitysearch.com/dpaprograms/
The JC Realty Team: 248.692.4755