If you are renting to live today, we hope that you will give us a call!
One of the biggest misunderstandings that renters seem to have, is the amount of down payment that is needed in today’s world to purchase a home or property. Only 11% of those who are renting today, realize that a home can be purchased with only five percent, three and a half percent, three percent, or in some cases zero percent down payment with many mortgage options being available. Approximately 45% of renters believe that a down payment amount in the 20% range is needed, and this is no longer the case for many. The figures come from a recent survey from the National Association of Realtors. And from the folks at Apartment List, about two thirds of Millennials who are renting, seem to believe that they do not have enough money saved for a down payment, as many feel that they have to have at least 20% of the total purchase price saved in advance. And again, this is no longer true.
If you are renting, and if you may not need to be renting, you are not doing yourself any fiscal favors. The average homeowners have a net worth of 40 times higher than that of the average renters. Many are starting to hear this message, especially Millennials, who for the first time ever, close to 50% of Millennials are now homeowners. Also believe that the cost of renting is not likely to decrease, and it is likely to continue to increase. We work with many partners who can help you to clearly understand what you can do, what you can afford, to put you onto the road of building wealth and security through home ownership. Give us a call today and let’s discuss all of your possibilities!