Sunday 20 March 2011

First Home Purchase

Renting or owning? A home is an investment that can appreciate over time. I often encourage couples or individuals who are renting and established in their careers to explore the concept of purchasing their first home. It can be an overwhelming task but with the right Real Estate Sales Representative and Mortgage Specialist easing the transition into home ownership it's well worth it.
Let's explore the numbers based on a $1,200 monthly rental payment and 3% annual rental increase. After five years you will have paid your landlord $76,452 and have no equity. If you were to purchase a $ 200,000 home with a 5% interest rate, after five years you will have accumulated $70,409 in mortgage payments but you will have $54,591 in cumulative equity. Meaning if you were to sell your house you could be potentially walking away with $ 54,591 minus any realtor, lawyer and other selling related costs.
For more information sign up for my newsletter www.sudburyfinehomes.com or e-mail me directly nathan@sudburyfinehomes.com

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home