A very logical question most people ask themselves, do I keep renting or do I buy? The thought of buying a home can be scary, trust me, we know! But what if we told you how much money you're LOSING when you rent? Sure, in the short term renting seems like a great idea; Calling upon someone else to fix your household problems, moving whenever you want, cheaper monthly payments (if you're lucky). What if we told you, over 10 years you were losing over $200,000? That is A LOT of money to lose to "not have to deal" with buying a house! Oh, you're a numbers person? See below.
That is almost $300,000. Your new monthly payment for your MORTGAGE would be about $2,800 per month. Not only are you investing in yourself when you purchase, but you also get a nice tax write off for owning a home. What would happen if your landlord raised rent 5% next year? There is no rent control in Orange County. Would you still be able to afford to live there? Because last year on average in California, rents increased 4.9%. How much do you think they will go up this year with inventory being so low & millennials being so accustomed to "luxury living"? The beauty of owning your own home is you create a fixed payment overtime against inflation for yourself! There are just so many benefits & possibilities when it comes to homeownership we just want to lay it all out there. As a millennial, I personally know a ton of people who don't think they'll ever have the ability to buy, or think they need to move to Nebraska to be able to afford, & I can't tell you how wrong a lot of them are! Talk to a professional, get educated, & INVEST IN YOURSELF.
-Megan Gullotta, Realtor
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