Why Own Your Home?

There really is no good reason why you should not own your own home. The most obvious reason is that your monthly payments should be less than renting (click here for some examples). Here are some reasons you may not have considered:

You build equity in your home. When you rent, your money goes to the landlord. When you move, you have nothing. When you own your home, your money goes towards paying off your home, not in the landlords pocket. If you ever decide to move, you sell your home. Whatever you sell your home for, the amount you get for it that is over the amount you owe on your mortgage is yours. This is your equity in your home.
Unlike renting, your mortgage payment is the same from year to year. If there are any increases it would be due to insurance or tax increases, not due to your landlord wanting to make more money.
There is usually an income tax savings! Unlike renting, the interest on your mortgage is usually tax deductable. You save even more money each year!
Equity can be borrowed against! Should you need money in the future, banks can use the equity you have accumulated in your home as collateral for a loan. This gives you buying power and options you could never have when you rent without ownership. Equity loans can also give you the ability to ride out a major financial emergency. If you rent and have no equity, there is nothing to borrow against in an emergency.
Homes can increase in value. Although there is no guarantee, a home may increase or decrease in value over the years. You are not only paying off your home, but investing in your future with each monthly payment. If your home is also increasing in value, this increase will give you even more equity in your home!
It's a great feeling to own your home! Not only is it your home, but you own it! There is nothing like this feeling. You are not restricted by your landlords taste in decor. It is your home, you can decorate it the way you like. Security in knowing that there will not be a major increase in your monthly payment next year. Piece of mind that the landlord can not decide not to renew your lease. The feeling of being the owner, there is nothing like it.

You be the judge ... What is best for you?
To put it a way that is crystal clear, lets take an example. Lets say in the beginning of the year 2000 you rented an apartment for $700.00 per month. To be conservative, we are even going to say that the landlord has never raised your rent in the last 5 years. This would mean by the end of the year 2004 you have paid 5 years of $700.00 monthly rent payments to your landlord. That is $42,000.00, and you own nothing, you have equity in nothing. You get your security deposit back.

Now lets say that instead of renting, in the beginning of the year 2000 you purchased a 1 bedroom Onan Condo on Monroe St in Waukegan for a price of $41,990.00. You put $1000.00 down and received a first time buyers loan with $5000.00 in assistance, and an 8% Interest rate. Your monthly payments over the last 5 years have been $405.00!!! Not only has this purchase been saving you $295.00 per month over renting and decreased your income taxes, but your home has increased in value!!! Today these condos are selling for as much as $62,000.00. In this example you been building equity with each monthly payment, but your equity has also increased by over $20,000.00 more because the home is worth over $20,000.00 more than you paid for it!

You be the judge. Does the renting option make any sense whatsoever?? Decide which of the above situations you would rather to be in, and then call us to get you into a new home. If you call now, we can discuss your options, but don't hesitate, act now. There is currently a $5000.00 special offer that will be gone soon, and the building may be completely sold soon. There may be no better time to buy and every month you rent, you are throwing money away. Call us at 847/872-777 now!