Go from Renting to Owning with just a few simple steps !

So many people I come across can spend thousands on rent but never seem to be in a position to purchase ? I always sit and wonder what could it be that they are not doing right, or were never shown the importance of buying vs. owning.

So first I want to cover a few advantages of being an owner of your own roof.

1-It’s yours and the only person who can take it away is ultimately you! If you have a mortgage YOU need to pay it monthly when YOU do not then YOU enter default.

2-There are still many tax advantages to owning Real Estate, deductions that exist only when your own and none that exist when you rent.

3-Equity for those that are unaware of what EQUITY means – as defined by Websters,the value of a piece of property (such as a house) after any debts that remain to be paid for it. To put it simply, a property generally INCREASES the EQUITY as the DEBT is paid DOWN. (assuming there is a mortgage). So this EQUITY becomes value.

4-YOU can always move and rent it to someone else while you travel the globe, so not only is your HOME a place for you to live, it becomes quite a smart investment when it earns for you. (co-ops not included).

5-YOU can always SELL IT.

RENTING:

Here are the advantages to renting.

1-It is NEVER yours.

2-YOU don’t have to worry about the roof.

3-YOU never have to shovel snow.

4-YOU never have to repair anything like leaky pipes.

5-When you are sick of living there you can pack up and go.

Most renters dedicate a large percentage of their income to their rental especially in NYC, Most renters have the income and credit  needed to apply for financing. The majority of folks just do not know HOW to get across the bridge from RENTING to BUYING.

Step 1- Break out all your debt, income and lifetstyle needs on a sheet of paper.

Step 2-Calculate the amount of money you spend on Rent in any given year and multiply by the number of years you have been renting.

Step 3- For those that have a savings account – earning 0.0025% in a bank, consider earning an average of 4% yearly in Real Estate market flow.

Step 4-Speak to a mortgage specialist. For the most part your monthly nut is a fixed nut, your income increases yearly so it is WISE to buy.

Step 5-Consider 3 neighborhoods that you would want to live in.

Step 6- Realize that owning has greater returns and NO ONE CAN THROW YOU OUT.

Step 7-Align yourself with a Broker that understands you, your needs and your finances so that the agent, like myself can walk with you through the process. Explaining it in detail.

Step 8-ABANDON FEAR.

Step 9-Release limiting beliefs like … OMG buying has so many responsibilities…

Step 10-PUT a plan in action. Stick to it.

Circling right back to number 7, WE here at my office will walk with you, will explain it all and we are the best buyers brokers out there. Find us on the web at http://www.tylervincentre.com. Seminars coming in 2018. Go from Renting to Owning your home. First time buyers and 2nd home purchasers welcome. Registration will be required.