Struggling with the question, "Should I renew my lease or buy a home?".  Let's look at one very important fact... The average net worth of a homeowner is almost $200,000 while the average net worth of a renting household is just over $5,000. Yikes!

But why? Isn't it more expensive to own a home rather than rent? Perhaps but when you pay your mortgage it is a guaranteed savings plan without having to make the decision to save. A fixed-rate mortgage maintains the same payment for the life of the loan (usually 30 years), your landlord will not be that generous. Additionally, a portion of your monthly payment is automatically applied to the principal loan amount.

A 30-year amortized, fixed-rate mortgage is an affordable means to buy a home at today’s value for life of the loan (usually 30 years).

Each year, less of the mortgage payments go toward interest and more go toward equity, the longer you're in your home the faster your equity builds. (Equity is the difference between what you owe on your home and the current value of your home.) Remember, home prices/values are steadily increasing so the equity is expanding due to the growth in your home value.

Imagine in 2017 your current payment is $999. per month for principal and interest, fast forward 30-years, your payment in 2047 is still $999. per month for principal and interest! As your income increases and circumstances change, your mortgage principal and interest will stay the same.

What if you don't want to live in the same house for 30 years? Good news, you can sell that home at any time and retrieve your equity (savings). You can take all or some of the equity you've earned to purchase your next home. 

What if you don't have 20% to put down? FHA offers loans with as little as 3.5% down. Think that's a stretch to save? There are currently 240 down payment assistance programs available in Florida alone but every state offers down payment assistance.

Click link for a list of programs in your area: 

Are you still not convinced that owning a home is right for you?

MCC is a mortgage tax credit that allows a tax exemption up to $2,000. per year every year you own your home.

Click link below for more details about the MCC tax credit: 


If that's not enough, you will also enjoy the benefit of writing off your mortgage interest on your taxes, every year!

For more information on buying or selling a home, Call Laurie (561)756-1370

Laurie Ruehlman, Realtor

Realty Associates Florida Properties