One thing that a lot of people struggle with is deciding whether or not it makes sense to buy a property or just continue to lease.
Prices have gone up considerably on a lot of properties. One thing to note, and there have been studies done on this, is the decision to become a home owner versus people that continue to lease properties and just stay as a renter.
If you think about it what would be the difference between a home ownership in their actual net worth versus a person that is just a renter for life. Is it 2 times the difference in net worth, is it ten times? It’s actually 44 times.
The person that owns a home has 44 times the net worth that your typical renter does.
I’ll give you an example, we bought a property 3 and a half years ago, $287,000, we put 20% down. Just in that time the property has gone up by over $62K in value. If I look at it from a standpoint of that 20% that I put down and how much more I’ve increased my net worth, it’s 108% return on that money in 3.5 years. Go to a stock broker and get that kind of return - good luck. I’m not going to say that every time that you buy a home you’re going to get that kind of appreciation, but it does happen and it does happen more often than not.
It’s something that you can take advantage of even in a better situation with a duplex, triplex or fourplex. You can owner occupy one side and keep your cost extremely low. Rather than paying $1,200-1,500 for rent, you’re looking at paying say $500 instead, which makes a huge difference on your financial situation.
Feel free to reach out to us, we’d be glad to help you find your first property or your next one. My number is
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