RISK OF MORTGAGE VS OWNING A HOME

For the first time home buyer, buying a home, can be a bit daunting. It can also be very exciting. New ideas, changes and the opportunity to plant roots for you and your children. As a buyer, you must keep in mind that the advantages of homeownership overshadow the risks of having a mortgage

There are many advantages in owning a home. Although there may be some obstacles to get there, taking it one step at a time will ensure you have a clear focused path. .

One of the obstacles  is people don’t want to invest all of their money into a house thus they’d rather just rent for rest of their lives. And I agree.  You don’t need to put all of your money into a house and you dont want to. No one wants to be living just to make their monthly house payment.  

You can avoid being in this situation by purchasing a home you can afford vs maxing out the limit a mortgage lender tells you, you qualify for.

Another factor is that people who choose renting  over buying a home dont want to go through the lengthy process of buying or  searching for the right home

You do want to make sure the home you are buying is going to be the best fit, right now, for you and your family.  However, you dont need to go into analysis paralysis.

When you experience the feeling of hope, stability and if you do the work you can have the home as your own, you make the decision to move forward.

The simple fact is that there are so many major advantages to owning a home that going through these steps end up being well worth it.

The most noteworthy benefit to owning a home is equity. Equity is the value of the house.  The initial equity is the down payment you made on the house.

It is also important to note that equity also rises when the value of the home rises.

We had a potential tenant buyer share they wanted to fence in the backyard so their dog could run around safely.  We explained, when you are renting a home through Home Buyers Inventory with the option to purchase the home, and you make improvements, the improvements increase the equity in the home and that equity becomes yours.

Once you exercise your option to purchase, this equity can be used for valuable things such as home equity loans and home equity lines of credit. These are low interest loans with the home used as collateral.

Equity opens up many valuable new doors and is just one reason why owning a home is one of the best things you can ever do.

In addition, when you exercise your option to purchase another advantage to take note is the tax savings.  Interest paid in the mortgage payments can be used as a tax write-off. This can be a very considerable amount, especially early on in the loan when the interest is front-loaded, and it can save you a lot of money in taxes.

Lastly, it really comes down to the simple fact that you own a home. Owning a home comes with a pride, a safe place to plant roots for you, your family and children and can be the most important thing that you have.Good news is that here in Home Buyers Inventory, we offer a Rent To Own Program where we help you to get into one of our homes, the  home you’ve been yearning for.

We make sure that you have an exclusive right to purchase this home so it will be yours in the future. We help you build your credit score so you will be in good shape when you go to the mortgage lender.