Why Rent When You Can Own a Home in Wisconsin?
Milwaukee, WI - Most renters don't realize how much not owning a home is costing them each year. Many renters in Wisconsin could and should take the leap to become a first time home buyer. They usually have things that are holding them back such as they think they can't afford it, won't qualify, or will need a huge down payment. In many cases they are waiting for the right time or simply don't understand the benefits of homeownership and need to buy a home.
First, let me tell you that most renters could actually be paying less for a mortgage than they are currently paying for rent. Second, there are still loan programs that allow for low down payment and for people that have had past credit issues. Third, with real estate, historically the longer you wait the more you pay since homes go up in value each year.
You can now see that these are simply not good reasons to wait. This leaves us with the benefits of homeownership. Do you understand them and how much homeownership could mean to your life? Why should you buy a home? There are at least 6 substantial financial benefits to owning a home among the many other benefits such as security, comfort, privacy, and peace of mind. I'm going to just touch on two of the financial benefits here so you understand the cost of not owning a home vs renting. The first is appreciation. Homes historically go up in value over time while your mortgage balance goes down. If your rent is $1,000 per month, in 5 years you will have thrown away $60,000. You could have put this same money towards a home that would be worth significantly more in 5 years with a balance that is substantially less. Did you know you can easily increase your financial net worth by $50,000 in 5 short years because of this?
Another financial benefit to owning a home is huge tax savings. Did you know Uncle Sam will help you make your mortgage payments? Many first time home buyers don't realize that they could possibly get an additional $3,000 - $4,000 or more (depending on loan size) on their tax return just for owning a home. Essentially the government will help you make your mortgage payments. Imagine getting back a large portion of your income taxes each and every year.
There are many other substantial benefits that I won't get into right now, but I hope this gives you an idea of how much renting is actually costing you. I encourage you to stop renting and own your own home. This can make a huge difference in your security, happiness, finances, and life!
First, let me tell you that most renters could actually be paying less for a mortgage than they are currently paying for rent. Second, there are still loan programs that allow for low down payment and for people that have had past credit issues. Third, with real estate, historically the longer you wait the more you pay since homes go up in value each year.
You can now see that these are simply not good reasons to wait. This leaves us with the benefits of homeownership. Do you understand them and how much homeownership could mean to your life? Why should you buy a home? There are at least 6 substantial financial benefits to owning a home among the many other benefits such as security, comfort, privacy, and peace of mind. I'm going to just touch on two of the financial benefits here so you understand the cost of not owning a home vs renting. The first is appreciation. Homes historically go up in value over time while your mortgage balance goes down. If your rent is $1,000 per month, in 5 years you will have thrown away $60,000. You could have put this same money towards a home that would be worth significantly more in 5 years with a balance that is substantially less. Did you know you can easily increase your financial net worth by $50,000 in 5 short years because of this?
Another financial benefit to owning a home is huge tax savings. Did you know Uncle Sam will help you make your mortgage payments? Many first time home buyers don't realize that they could possibly get an additional $3,000 - $4,000 or more (depending on loan size) on their tax return just for owning a home. Essentially the government will help you make your mortgage payments. Imagine getting back a large portion of your income taxes each and every year.
There are many other substantial benefits that I won't get into right now, but I hope this gives you an idea of how much renting is actually costing you. I encourage you to stop renting and own your own home. This can make a huge difference in your security, happiness, finances, and life!
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