What do you get? – Renting vs. Buying
If you have been renting for some time and are now considering buying a home, you need to know the differences this will bring to your life. Renting is good in its own ways as is buying. Knowing what you can get is important. So continue reading and find out what you can get.
You might be looking at the differences of renting versus buying a home. What can you get?
Sure you can have a cheap rental payment if you just rent an apartment. Let’s say the 1000 square foot 2 bedroom apartment is $700 a month. Now let’s say you pay $125,000 for a 3 bedroom, 1000 square foot Livonia home. The monthly cost is approximately $562 plus $300 for taxes and insurance which comes to a total of $862. So in essence you are paying $162 extra a month for buying a home.
When you buy a home the difference for the $162 a month are:
1.) It is your home. Your rules, not the landlords.
2.) You get a basement.
3.) You get your own yard.
4.) You get a garage.
5.) You get a tax deduction of writing off the interest you pay and the taxes you pay.
6.) You never have to carry groceries from the street in the rain. You’ll never have to scrape snow off your car if you park in the garage.
7.) You will never have the equity in your apartment.
After 10 years in the house you will only owe $98,061. that is $27,939 in equity in the house. After 20 years you will owe $57,157, which is then $67,873 in equity. Will a landlord send you a $67,873 check at the end of the 20 years? I don’t think so. He is laughing all the way to the bank when you rent long term from him. So paying the extra $162 a month, is it worth it? I think so! Make a plan to get your own home.
If you are considering buying a home call me and let me help you find what your looking for.
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