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One of the most fearful days of the year every person who rents or leases their home or apartment is the day your landlord decides it is time to raise the rent.
If you're on a month-to-month this can happen with as little as 30 days notice; with a lease, at the end of your lease term. In most places in California they can raise it as much as they want.
Few people I've run across enjoy the possibility of having their budget thrown in turmoil or needing to find a new place to live on short notice. Many times, especially during a climbing real estate market, you might not find a place at your current rent.
One of the ways to solve this uncertainty is to buy a home or condominium. With standard 30 or 15 year fixed interest, fully amortized loans your payment stays the same for the term of the loan. The best benefit is after the term of your loan is complete you have no payments.
There are loan programs available with no down payment requirement depending on your location. That is “no” as in zero, nada, zilch!
Yes, there are closing and other costs, but they can be under 1% of your purchase price or even covered by the seller. There are also some recurring costs that may go up over time as well, such as insurance, maintenance, and taxes.
But there can be additional benefits as well. Home loan interest paid in most cases is tax deductible, as is property tax. With each payment on your loan your loan balance decreases, giving you long term equity in your home.
Don't forget the intangible benefits as well. As a home owner you have more control. You can change the color of your house, upgrade the kitchen, paint the rooms, get new carpet. All with the possibility of increasing your home's value and your equity.
So, stop your fear of home uncertainty. Let's see if, instead, you can make your home the welcoming and stable place is should be.
Contact me or your local real estate agent to help your dream become reality.