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I find myself pondering renting and owning quite often. I find the dire need for rentals in Wenatchee to be absolutely astounding. Most rental rates are actually more than mortgage payments. One day, I was sifting through Craigslist posts- don’t get me wrong, owning a rental is definitely an ideal scenario as there will always be a need for rentals; however, what if you were a first time home buyer feeding into the rental market? Your rental payment is actually paying someone else’ mortgage- why not pay your own? What if you could actually own a home for less than a mortgage payment and put the equivalent towards the home you were purchasing as opposed to a rental deposit? Could you imagine OWNING a home, for less than what you currently pay in rent? What if I told you there were new construction options out there that could allow you to OWN a home for less than rent? You could have a dog! Paint the walls and hang your decorations on the walls without fear of losing your deposit.
Don’t get me wrong, I know and understand that there are true benefits of renting- isn’t it great you don’t have to do anything to maintain the home you’re currently living in? Well let’s look at the other side, consider the work that you could be putting into your home- did you know that there are actually tax benefits for being a homeowner? Given that we are in a hot market right now- you would more than likely have equity in your home and have ability to make money off of your asset instead of racking up equity for your landlord- let’s do yourself a favor and build equity in your own investment.
As you probably know and understand there are many changes within rental rates- by the end of your lease term, you could be subject to a rental spike due to high demand of rentals in your area. When you have your own mortgage- your payment will remain stable given you are locked into a fixed loans (keep in mind as taxes and insurance rates change, slight changes may effect your mortgage payment).
Knowing the advantages and being educated on rental rates, home loan rates, and available financing is the absolute key to success in deciding whether home ownership or renting is meant for you. Let’s sit down together and make the choice between renting and purchasing to see which direction ideal for you! Give me a call for a FREE buyer’s consultation to discuss your options.
Until next time, have a great week!
Cheers,
Kele Osborn
Windermere/ NCW
509.630.9696 — kele@windermere.com
*Licensed in the state of Washington under Windermere Real Estate/ NCW*
