Why Should Millennials Own a Home?
By Jeff Cook | March 22nd, 2017
When young adults think about spreading their wings and leaving the nest, their vision is to find a cheap studio apartment or split rent on a bigger space with a few friends. Not many millennials consider buying a home. Why is that? Apartments tend to be easier and a quicker process to acquire. If situations change, it’s usually affordable to break your lease or you can wait till it runs out to make your next apartment move. Or maybe you just don’t dream of settling down into a permanent place. But what if you do?
We can all agree that apartment living has got to be annoying at times. You share walls with your neighbors who may not be the quietest of people. You do not have your own yard and are often scrambling to find parking. There are strict pet restrictions. More importantly you are throwing away money each month that you will never get back. While rent gets you by from month to month, a mortgage helps you invest in your financial future. And you may be surprised to discover that a mortgage is often less expensive than renting an apartment.
You’re going to be paying for housing whether you own or rent, so why not stretch that dollar a little more with an investment. Unlike most purchases, houses appreciate in value, therefore you have a type of “savings account” in what’s known as equity. For example, if you buy a home for $150,000 and pay it down to $100,000 but it’s worth $200,000 when you go to sell, if you receive full asking price from a buyer, you’ll be pocketing around $75,000 after closing costs. That’s a huge chunk of cash for a down payment on another house.
Stop paying your landlord’s mortgage payment. Let yourself get the tax deduction from the interest paid on your mortgage payment. Call us today at (843) 501-0506.
Interested in your home value? Visit: www.843value.com
Interested in buying a home? Visit: www.JeffCookRealEstate.com
Interested in renting a home? Visit: www.RentHolyCity.com
Interested in selling for quick cash? Visit: www.TitanHomeBuyers.com
Jeff Cook Real Estate