Everyone is paying someone’s mortgage, but whose do you want to pay, yours or your landlords?
How much are you paying annually for rent? How much money went out the window in the last 5 years … I bet that’s an eye opener!
For example, If you purchased a property 5 years ago, your mortgage amount would have decreased while your property value increased, this is how you build equity.
In your own home, that same square footage you were renting, can become much more useable and organized because you can customize it, because you OWN it, you have the freedom to change your environment, you have the control.
If you are putting off buying a new property until you save a larger down payment, please keep in mind that property prices usually increase each year, this means each year, your down payment has to grow just to buy the same property, is this a wise move?
With today’s low interest rates, it makes sense to get into the market sooner than later. If you buy a home today and sell it five years from now, for the “exact” same price you bought it for, you would have paid down your mortgage and lived rent free for those five years.
People are waiting on the sidelines anticipating a drop in prices, however we haven’t seen much evidence of that happening. The question to ask yourself is, are you comfortable waiting until everyone else is ready to buy, or would you prefer buying when there is less competition?
Now is the time to be prepared to buy. Contact your mortgage broker or bank and get pre-qualified, and remember, I’m always available to answer your questions.