If you are a renter, you may not realize that there are programs available to help you become a home-owner. As a renter, you are continually putting money into a living space that gives nothing back to you.
In fact, here are 5 REASONS TO BE A HOME OWNER:
As you pay your monthly bill, and as the market changes, your home becomes an asset. If you ever fell on hard times, that money could be available to you to avoid financial disasters. And as values go up, selling your home can mean money in your pocket to purchase a different home or use as you desire.
- PREDICTABLE COSTS
Your bills are based on a fixed rate mortgage, which means less fluctuation and more control on your part for what each years expenses will be.
- TAX DEDUCTIONS
Property taxes and interest from your mortgage payments are tax deductible, leaving you with less owed and possibly money back when you file your taxes.
- PRIDE IN COMMUNITY
You have the ability to make decisions about your property and your new home. You have a say in your community and can develop your new space to your taste.
In a home, you have exterior space. Your walls are your walls, and you and those that may live with you have the joys of having a space all your own.
Not only is owning a home beneficial, but there are also Down Payment Assistance Programs available that will help you with your down payment and closing costs. If you qualify, you can receive up to $7500 or $0 down to purchase your new home. Below are 2 of the basic requirements to qualify:
- HOUSEHOLD INCOME
Your household income typically needs to be below $80,000 per year
- CREDIT SCORE
Your credit score typically needs to be above 600. However, even in this case often the JC Realty Team can work with you toward credit repair to help you qualify
If you are a renter, don't be fooled and keep flushing your hard earned money down the drain. Contact us today to help you get into your dream home.