February 7, 2020
There could be a number of reasons why you continue to hold off on taking the plunge. Maybe you’ve never bought a house and the idea of doing so is intimidating, perhaps you’ve had a change in marital status, or maybe you’ve not yet recovered emotionally from the Great Recession, where you watched your communities erode under the national weight of bad loans. I get it! But there comes a time when paying rent becomes more painful than taking the plunge and purchasing a place you can call “home.” Here are the 5 reasons you might want to start thinking differently:
1. You may be paying more in rent right now than it would cost you to own. The higher than average rents in Marin County, where I live and practice real estate, have continued to skyrocket. Maybe you’ve been in your rental for a few years and are afraid to look at mortgages since mere rentals are so high – so are your neighbors. That is why I say it is the perfect time to poke your head out of your shell! If you shop wisely, it is the perfect time to consider owning your future. Why not check with me to see what that difference really would be?
2. Marin County home values are on the rise! Though you may be scared now, in the long run, this decision can ultimately help you get ahead. For example, the median home value in Marin County is $1,148,491. Marin County home values have declined -1.4% over the past year – especially at the end of 2019. However, they are once again on the rise and Zillow predicts they will rise 2.8% within the next year. Jump in now! https://www.zillow.com/marin-county-ca/home-values/
3. You’re likely paying MORE than your landlord’s mortgage. One thing that helped me decide to stop renting was to consider my rent and how much of that money went to cover my landlord’s mortgage for the home I rented. It was a sobering experiment! Of course, I don’t know the details of his transaction, but looking at the public tax records gave me a good indication of the disparity. Turns out, I was paying over 1.8 times his mortgage. And at the end of the day, he still owned, while I was only visiting.
4. You are living under someone else’s rules. As a renter, you must get permission to own a new pet or add a co-tenant. What’s more, you can’t make improvements to your ‘home’ without the landlord’s consent. That doesn’t feel good. Worse still, if you pay for those improvements, those improvements stay with the home and allow your landlord either to raise the rent for the new tenant, or add it to the value of the home for sale.
5. Programs are available to help you afford a home. In the current economy, hardly anyone pays a 20% down payment anymore, and there are many options that most people don’t know about. Let’s discuss! I will work with you to find a lender to make the process as easy as possible. I’d be glad to help you on your home buying journey.
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