Why rent when you can own? According to ‘My Apartment Map’ the average rent for a three bedroom across the United States is $1,466. Rent is increasing every year. Many landlords will increase the rent when they renew your tenancy agreement. In reality, you do not have any power to stop them from doing this.
Tenants can be evicted without a legal reason. Your landlord may decide to find a new tenant if you do not agree to pay the rent. If you want to stay in your home, you may have little choice but to accept the increase with the new fixed-term if your landlord is not prepared to negotiate. It is time to get rid of your landlord and build a wealth estate. Owning a home can increase your wealth by providing you with financial security with a fixed-term mortgage that will be the same for 15 to 30 years.
The benefits for home buyers are substantial. Homeowners build equity in their home as if it were a savings account. Prices of homes continue to rise due to inflation, leaving the homeowner with the ability to sell for a higher price.
With the new first time home buyer guidelines, American Dream Down payment Assistance Initiative (ADDI), the Federal Housing Authority (FHA) and the Veteran’s Administration (VA) families can purchase homes providing them with assets for close to the same amount they are paying in rent. Potential new buyers, will have to research for all the programs that are in place especially those created by the government with incentives to spur home ownership. Furthermore, it is important to work with trusted practitioners who provide expertise and prudent service.
