Why Rent If I Can Buy?

 



When I meet potential buyers who have been renting for quite a while but fully qualified for a loan; I feel bad for the lost years they have been paying the mortgage for the landlords and earning equity for them. The irony of it is there are lots of people trying hard to buy a home but due to previous unfortunate situations cannot get approved for a loan. They have to wait years to maintain good credit scores again before it happen.
I have to admit it’s not a smooth ride from getting loan pre qualifications to approvals; searching online and drive around on weekends; meeting with your real estate agent to look for potential homes. The stress and excitement of submitting an offer until either accepted or denied. The start of inspections, appraisals, more negotiations along the way until the nerve wracking final approval from the loan. The walk through moment, transferring utilities, changing address and the whole process of moving in. Then you ask yourself, is this really happening? I now own a home and it is mine!! Finally, my life is now with directions. That sense of pride. Well, those are some of the emotional aspects and I always see my clients in tears as soon as we got the key at settlement table. Yes, you can say the reward is at the end but it is really just the beginning. I have to walk them through each and every step of the way. That is my job and I love my job!
Here is the true, tried and tested list of 12 reasons why you should own a home. Egypt Sherod, a famous realtor and TV Personality summarized it all and she perfectly has it on point:
Wealth building: Real estate remains a vital asset in building a foundation of wealth for your clients and their family.
Better management: Homeowners are in absolute control of the upkeep of their own house and not dependent upon a stingy landowner or indifferent apartment complex maintenance staff.
Credit score: A mortgage kept in good standing will improve your client’s credit score.
Tax breaks: Your clients can deduct the interest paid on a mortgage loan and the property taxes, not to mention the closing costs in the year the home is purchased.
Appreciation: Real estate has long-term growth potential that can not only increase your client’s wealth (on paper) but also lead to a profitable sale at some future date.
Stability: A house offers a truly stable place to raise a family.
Equity: Mortgage payments let your clients build up the home equity, which can allow them to pull out additional cash in the future in case they want to modernize a kitchen or build out a roomier master bath.
Predictability: Tell your clients that rents can go up, but fixed-mortgage payments will not increase, except for property taxes associated with rising home valuations.
Pride: A big reason why first-time clients make the jump is to become a proud owner of their own little piece of the earth.
Community: Homeownership is also a wonderful opportunity to be part of, and help contribute to, a community.
Pets: A big one for many young property virgins, home ownership leads to greater freedom for pets, including having a yard and neighborhood for them to discover.
Freedom: Your client never has to worry about the consequences of painting a room or putting pictures on the walls!
Not to mention the joy it brings you and your family. I understand that some people do not want any commitment; but you are still paying the monthly rent and sometimes your monthly rent can be the same or just a little bit lower than paying a mortgage on your own home. If you can do it based on your credit worthiness and pay check, buying a home is your most important and wisest decision in your life.
Note: Jocelyn Porteria is a Realtor® licensed in VA. Top Producer of Fairfax Realty and earning Five-Star Reviews from her clients. She is a Certified Expert Negotiator and also earned a designation as an Accredited Staging Professional; ABR, Accredited Buyer’s Specialist; CDPE Certified Distressed Property and Short Sale Expert, For more info, visit her website at www.jprealdeal.com and on Facebook https://www.facebook.com/realdealconsulting. Call her at 571-432-8335 or email at realdealconsulting@yahoo.com for free confidential consultations.

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