From Renting To Owning

Dated: 03/01/2018

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Renting a property may seem like an "easy" or "quick" solution to meet your housing need requirement, but this approach may end up costing you more than you had ever expected. Most rental rates are higher than general mortgage payments for similar properties in the same area. How come? Well, any landlord can tell you that his/her goal is to make a profit off of your monthly rental payments. Landlords typically charge higher rent amounts to be able to payoff their monthly mortgage amount and still have money free and clear for themselves. So, in essence, you are paying off your landlords mortgage, while he/she is building equity and you're not. 

For most people, the money they need to purchase a home simply isn't there (down payment, closing costs, other expenses, etc.). This is understandable, but instead of resorting to renting a lovely home, a smarter approach would be to lease a home that does not cost you as much but is still nice and habitable. During this time, with the extra money you'll save, you will be able to save a good amount of money to be able to move out quicker and move into a house that you can truly call your home.

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