The Rent vs. Homeownership Myth
KNOW THE FACTS ON BUYING VS. RENTING!
Ever heard someone who is renting mention one of the following “facts” about purchasing a home? It seems like I have heard them all.
MYTH 1: MORTGAGE PAYMENTS ARE JUST TOO EXPENSIVE.
In many cases, mortgage payments can be the same or less than equivalent rental properties monthly rates. On top of that, your payments are now building equity for you. When you rent you pay for the sole purpose of living in that home – and that is ok. But when you own your home, your payments build into your net worth as you own more and more of your home. It stays your money! Finally, the tax savings from your mortgage interest only makes it even more affordable.
MYTH 2: BUYING A HOME IS REALLY COMPLEX.
Buying a home can be complex, but that’s why the Geenen Group is here to help. We expertly guide our buyers through the entire process and make sure you get the best home at the best price. You want a strong buyer’s agent in your corner to be your advocate and work for your interests. At the Geenen Group, we have an extensive network that we use to show our clients the best listings before they are off the market and even have access to listings before they come to market.
MYTH 3: YOU NEED A HUGE DOWN PAYMENT TO BUY A HOME.
There are many financing options available to make the down payment required for you to buy your first home very manageable. By working with a Holland real estate professional, we can help you find the best financing for your exact needs.
For example, there are options with an FHA loan with down payments as low at 3.5%, and there are programs for conventional loans with down payments as low as 5%.
Do you know someone still stuck in the rental trap? Would you share this post them? The Geenen Group would love to show them the full benefits of homeownership and how they can realize their dream home.