Get Out of that Rental!
Updated: Jun 30, 2022
Yes, Tenants Can Buy a Home – Trust Us to Get You Out of That Rental!
Renting a house or apartment is a good first step for many people. But, as the years go on, buying a house becomes more and more appealing. Instead of “throwing away” money on rent, buying a home lets you build up equity, and is a much better long-term investment.
Not sure if you can buy a home as a tenant? You can – and here are three major reasons why.
More People Are Renting Than Ever Before
According to Pew Research, more people rent todaythan they ever have before – about 36.6% of heads of household rent homes. That means that, while the rental market in many areas is oversaturated and expensive, homes are actually more affordable.
In most areas with a low-to-medium cost of living,a mortgage can actually be much cheaper than rent. You’ll save money each month when compared to renting, and you can use this money to save for home repairs and future upgrades to your property.
Buying a Home Is the Best Way to Build Wealth
What’s another great reason to stop renting? Simple – buying a home is the best way, long-term, for most people to build wealth. Over time, homes tend to appreciate and become more valuable, especially in areas with a high cost of living. If you buy a home, chances are that, by the time you move or pay it off, it will be worth more than you paid for it.
You Can Get a Home Even Without a 20% Down Payment
You don’t need to pay 20% of a home’s value as a down payment to purchase it. Mortgage lenders now have a multitude of low (or no) money down options for buyers. You’ll have to pay for PMI (Private Mortgage Insurance) in most cases, but if you have good credit, you may still qualify for a mortgage even with no money down.
Start Looking for a Home Today!
Ready to stop renting – and own your home? Contact us at Skylight Realty Group now, and we will help you get started with step 1 all the way through until you get the key to your home!