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You are here: Home / Blog / Buying Your Home / Why You Should Stop Renting & Buy Today!

Why You Should Stop Renting & Buy Today!

October 15, 2015 John Kynor Leave a Comment

By the KCM Blog and Commentary by Val King, Senior Consultant, Q Realty, Inc.

Why You Should Stop Renting & Buy Today! | Keeping Current Matters

There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home.

Housing Cost & Net Worth

Whether you rent or buy, you have a monthly housing cost.

As a buyer, you are paying YOUR mortgage.

Every mortgage payment is a form of what Harvard University’s Joint Center for Housing Studies calls “forced savings.”

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

The principal portion of your mortgage payment helps build your net worth through building the equity you have in your home.

As a renter, you are paying YOUR LANDLORD’Smortgage.

Below is an example of the home equity that would be accrued over the course of the next four years if you were to buy a home by the end of this year; based on the resultsof the Home Price Expectation Survey.

Home Equity Over The Next 4 Years | Keeping Current Matters

In this example, simply by paying your mortgage, you have just increased your net worth by over $34,000!

Bottom Line

Use your monthly housing cost to your advantage! Meet with a local real estate professional who can explain the opportunities available in your market.

Val King says:  Owning a home is the best way to increase your net worth, however educating first time homebuyers is the challenge! By the time buyers consider buying their first home, they have many times bought cars and other expensive items that have raised their debt ratio to a point where they cannot qualify… Many times, potential buyers have eliminated the possibility for many years to come until they can correct their debt to income ratio… As realtors and/or lenders, the challenge is to educate potential buyers as early as possible… Too bad they don’t offer something like this as early as high school.

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Filed Under: Buying Your Home, Featured Blog Posts Tagged With: albuquerque real estate, first time home buyers, q realty, val king

About John Kynor

John Kynor is the Founder, CEO & Qualifying Broker of Q Realty®. John has enjoyed over 15 years in Albuquerque real estate and is a multi-million dollar producer. He founded Q Realty® in 2012, which quickly became one of the top real estate companies in Albuquerque ("The Q"). Contact John at John@Qrealty.com with any questions.

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