Renting vs Buying

Renting vs Buying

March 26, 2020 1 By Luis Garrison


Hi I’m Annette Kershner, I’m Annette
Maldonado and I’m Samantha Lerma and we’re Northern AZ Team and HomeSmart
Professionals here in the heart of downtown Flagstaff, Arizona. In this
week’s video we’re going to talk about Renting vs Buying! If you’re new here
please subscribe and ring the bell! We really appreciate your comments. Have you been contemplating renting vs buying? In today’s weekly video we’re
going to discuss the benefits of buying versus renting! Have you ever thought
about how much money you’re throwing away by paying your landlords mortgage payment? For example, if your rent is $1,800 per month you have wasted $21,600 per year and in 5 years, you have wasted a total of $108,000. Here’s an even scarier number, if you rent for 10 years, you have wasted a
total of $216,000! All of that money helped your landlord pay his mortgage! Think about it, you can
purchase your own property by applying your money to a mortgage and build your
own equity! If you purchased a home you will build equity in YOUR own property as values and home prices rise and in most cases, you will substantially reduce
your federal and state taxes. If the value of your home stays the same or
increases, you will be building equity with each mortgage payment. Based on a yearly lease, your rent can increase annually with whatever your
landlord decides. If you purchase a home your monthly mortgage will stay the same.
So what happens when you pay rent? It’s gone, unless you’re a business owner
working from your house, you cannot write-off rent, you actually have no
equity, you, in fact, are building your landlords wealth. Why not build your own
wealth? There are also other great advantages to homeownership, like the
freedom to customize your home. As to a rental, you are limited and may need
approval from your landlord to make any changes. Your house actually becomes a
home because you know it’s not temporary. Pride of home ownership brings a whole
new perspective and you start to love where you live because it is yours
and all the freedom that comes with it no more landlord approval needed. You can paint and design your home as you like without asking permission and really let
your pride of ownership shine! Are you thinking of buying a home but you are
nervous that you’re gonna be told no or that the whole home buying process is
really complicated, well we’re here to help you every step of the way! We work
with some awesome local lenders who really understand the Flagstaff and
northern Arizona market and they really make the financial
process smooth. They take the time to explain the best loan options that will
fit your needs and there are over 100+ loan options and there are great
first-time homebuyer programs! So, either way, if you are renting and
think you can’t afford a home well, think again! Because buying a home cost
significantly less than renting and either way, you’re paying a mortgage so,
why not have it be your own? If you liked this video, I think you’d
like our other video called, The Cost of Living in Flagstaff.
This video be sure to give it a thumbs up and leave a comment below, don’t
forget to subscribe and ring the bell. We post new videos every Thursday all about
Flagstaff! See you next week.