Real estate prices continue to be on the rise with the low inventory of homes available. As prices continue to rise your ownership costs (over 30 years), also continues to rise. BUT here is the best news. You can save $52,851 on your mortgage payments when you buy today with the low interest rates at 3.95%. Just 1% increase for interest rates means $52,851 more interest paid over 360 payments assuming $250,000 mortgage amount. If someone said I will give you $52,851 in 30 years down the road if you buy today, wouldn’t you say YES, sign me up.
That is what I am telling you to do. If you haven’t started shopping for a home in the Greenville, Simpsonville, Fountain Inn area, then get off that couch and lets start shopping!
Consider this, if you are paying $1200 in rent that is $14,400 that you are spending each year instead of building equity into your home. $14,400 a year, times 30 years…$432,000 of Equity in your property, if it was the same value today as in 30 years from today. As you know that is not the case, things appreciate where it costs more money to buy the same thing. So your nest egg could be over 1 Million Dollars down the road when you consider the time value of money.
Folks, are you starting to get my point? Buying a house is one of the best investments a person can make. It is an investment unlike any other, in that it serves two purposes. One builds wealth of the term of ownership, and it keeps you safe at night, it allows you to sleep in on Saturday. You can watch the football game with friends and family gathered in your house. It is an investment you get to benefit from on a daily basis with the use of it. Can you sleep at night under your Stock Market holdings?
Go buy your next home and let us know about it on Facebook .