If you are considering making your first home purchase, congratulations! This is a time that can be very exciting as well as stressful. Rest assured, I will walk you through every step of the process and educate you along the way.
Do ask question and let me know your thoughts throughout the process. All of your questions and concerns are important, and I will make sure you have the information you need to make an informed decision.
First-time home buyers have a few additional things to consider:
If You Rent:
|Monthly Rent*||Yearly Rent Paid||Equity|
* Increases 5% per year
If You Own:
After five years, you may realize $30,263 in equity if you purchase (plus received possible tax benefits), but when you rent, you will have poured $125,988 into your landlord’s pocket!
* Includes Principle and Interest only on a 4.00% mortgage with 20% down with a purchase price of $300,000
** Appreciation rate estimated at 5% annually on a $300,000 home
*** Based on the declining principal balance
**** Difference between what you owe and the possible market value of the example home based on 5% annual appreciation.