RENT VERSUS OWN - 5 FACTS THAT WILL MAKE You need to BUY NOW
Rent within the Denver market the last year or two has absolutely skyrocketed. Visit a listing to have an apartment on Craigslist, and be ready to appear with a see if you plan on securing an apartment to lease. A couple bedroom apartment in Capital Hill is running about $1200 monthly, up year over year the last Five years. But exactly what are you truly getting your money can buy when you rent? What are the benefits? The belows 5 facts will definitely be an eye opener for you, as you decide more closely, if you want to RENT or OWN.
Colorado Mortgage Broker First Time Home Buyer
1. Your RENT is not tax deductible, which suggests if you pay $1500 per month in rent, you thru away $18,000 per year, and $90,000 over Five years. That is dumb. Plain and simple. It's not securing your future, providing you with an asset, or helping your legacy with the family.
2. You cannot RENT out your place on Airbnb, when you wish traveling abroad, making money when you travel. As an example, if you rented out your condo for $90 a night for 25 nights from 30, that could be $1800 in gross rental income. Say your condo costs about $1200 a month to own with HOA. You just got your mortgage paid, plus made $600 in the process for travelling for any month. Colorado Mortgage Broker First Time Home Buyer
3. The money you purchase fixing up your place, painting, adding lighting, finishing touches, etc, is of no help to you, because you are leaving this for your landlord when you leave, or worse, they will cause you to put everything to the actual way it was before you leave.
4. You might be playing nothing - A memory. No investment, no asset. Absolutely nothing to add to your legacy. The cash you spent on all those years is merely wasted, trashed the window. A ten year reputation renting a $1500 condo costs $180,000, and help pay down the landlord�s mortgage. Why could you want to do that.
5. It really is more expensive to book then OWN. Take a $300,000 house in Highlands Ranch, CO, the industry suburb in south Denver. The rent is $1900 monthly. If you bough that same home with 5% down, no mortgage insurance the credit could be $285,000. At 4.5% for a 30 year mortgage, your Principal and Interest payment is $1444.05. Add another $300 for taxes and insurance, as well as your full payment is $1744.05; Less your rent payment.
All you could would want is $15,000 down, and 2% of the could be a gift from your member of the family. As long as your credit rating can be a 680 or maybe more, this loan is accessible to suit your needs today in Colorado.