Renting costs continue to get higher. In Ventura county rents increased by 2.9 percent from 2108 to 2019. That’s twice the national average and 2020 could even be higher. If your current rent is around $1700.00 per month at that rate of increase it could add up to a 29 percent increase over 10 years or approximately $2300.00 per month. The sad reality is that none of that money was used to build equity in a home. When you purchase a home (depending on the type of loan) your monthly payment usually stays pretty much the same except for any tax or insurance changes. Over 10 years that could add up to quite a sum. The good news is the interest and the tax portion could also be deductible. Add these factors together and the difference in monthly payment may not be that great. The good news is all this while your home is increasing in value. Give me a call at 805-285-6177 and I’ll put you in touch with our lender. Rates are historically low. They will guide you through the qualifying process. Start building your home equity now!
Why would you rent when you can build your equity by buying a home?
Posted on December 4, 2020 at 3:27 am Bruce Williamson