Gain Financial Independence From Your Landlord!

Dated: July 14 2021

Views: 172

Are you paying your landlord’s mortgage each month or investing in your own financial freedom?

Buying a home can be an exciting and financially rewarding event. Instead of paying their landlord’s mortgage each month, homeowners are building their own path to wealth. Is home ownership right for you right now? Here are some things to think about when considering whether you are ready to claim financial independence from your landlord.

What does your financial life look like? Do you have an emergency savings cushion? Most experts recommend 3 – 6 months of living expenses for your safety net. And have you saved for a down payment? (You may not need as much down as you think – talk to a mortgage lender to learn about down payment assistance programs!) 

Owning a home comes with responsibilities such as fixing things when they break (or paying someone else to fix them for you). But it also comes with big financial benefits such as being a long-term savings account (you build equity each month as you pay your mortgage) and the mortgage interest you pay may be a tax write off!

Do you want the freedom to change the space into exactly what suits you? If you’re renting, chances are that your landlord will only allow you to make minimal changes to the space (if any at all). And even if they will allow you to make all the changes you want, do you really want to spend all your money fixing up something that someone else owns? When you own, your space can become exactly what you want it to be. And the changes you make can increase the home’s value, putting more money into your virtual savings account.

Do you want the security of knowing you don’t have to move (unless/until YOU want to)? When you rent, your landlord can decide that they don’t want to renew your lease and you’ll have to move. That includes searching for another place to rent and then paying moving expenses. And that could happen over and over and over again… and could end up costing you a lot of money over time! When you own, you have the security of knowing that you can leave (or stay) according to your own time table.

If you’ve never owned a home, you may qualify for even more benefits and incentives to make the move to homeowner. First-time homebuyers can get help from state programs, tax breaks and federally backed loans. Investopedia.com’s First-Time Homebuyer's Guide  describes many of the programs you may qualify for as a first-time buyer.

Owning a home brings financial benefits pretty quickly; and eventually, your mortgage will be paid off. If you rent, you’ll never stop having to pay a monthly fee for a place to live. Your landlord will continue to benefit from your monthly investment -- instead of you. 

Nerdwallet.com has a great calculator to help you determine whether buying makes financial sense for you right now. Fresh Look Real Estate’s #1 goal is to make the process as simple and streamlined as possible. Contact us so we can get to know you and your needs and provide individualized service to help you reach your goals. We will review the steps in the home buying process with you, from pre-approval to closing. And we’ll be right by your side at every step. 

Whether you are a first-time homebuyer or a seasoned real estate investor, we are eager to help, and we have the resources and expertise you need. And we have offices in Bellevue, Federal Way and Tacoma ready to serve you. Take the first step in the journey to financial independence and give us a call today!

info@freshlookre.com

206.672.4799

freshlookre.com 

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Amy Villalba

Amy Villalba manages Fresh Looks public relations, advertising and brand marketing. Her 20-year background in financial services marketing has made her an expert at branding, communication, product de....

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