If rising rental costs are wreaking havoc with your wallet, we have the perfect solution for you.
It seems nobody can escape rising rent costs. In fact, the Joint Center for Housing Studies found that about one in four renters spends more than half of their income on rent, leaving little for all their other bills, let alone fun.
If the cost of rent is keeping you from living your best life, we have a solution for you: Own.
Becoming a homeowner not only lets you escape the rising rent trap, but it starts you on the path to building wealth and leaving your own financial legacy. Here’s how becoming a homeowner can help you get ahead:
You increase your savings whenever you pay your mortgage. Sure, owning a home requires you to make a monthly housing payment just like you do as a renter. However, part of the money you pay out each month pays down the mortgage loan balance and gives you more equity in your house. Equity is a form of savings so as you pay your mortgage, you increase your wealth.
Rising rents become a thing of the past. With a fixed-rate mortgage, your mortgage payment stays the same while your rent would likely rise year after year. Also, depending on the housing market you’re in your mortgage may end up costing you less than rent or very close to it.
You gain tax advantages. Who doesn’t want to save money on taxes? The Internal Revenue Service lets homeowners deduct what they spend in mortgage interest and on property taxes each year when they file their tax returns. Think about what you could do with that higher tax refund!
You can paint your walls purple. Landlords often have plenty of restrictions. For example you might not be able to have the Labrador Retriever you want or you might be restricted from painting your rooms certain colors. But when you’re a homeowner you have complete control over your home and what you do with it.
Homeownership can open up a world of opportunity to which renting can’t compare. Call HomeFree-USA to take your first steps to homeownership now.