This weekend many people will be out looking for a new home to rent. Many people are also a bit bothered at the prices of rent! And you should be bothered, it really is, in my opinion, out of control what the average apartment, townhouse, or home costs to rent here in Coral Springs, and in Broward County in general! There is a solution to this problem, and that is OWNING your own home. Just the the thought of that can seem very overwhelming to some. But let me assure you, buying a home is going to in the end do so much more for you than renting every could. Let me share with you my wife's story of going from renter to home owner and how she saved herself $750 a month!
My wifes Grandfather was a realtor, an amazing one from what I have heard. And he made really great investments, so it may just be in my wives blood to have a natural eye for a gem of a property. Right after graduating from the University of Florida she got a job with the Broward Sheriff's Office and was in a position to have to live on her own. She started looking around and calling around, just like many of you, and determined that the average rent in her choice cities for a 1 bedroom was $1000 a month. This was 15 years ago or so and that seemed even then, to be outrageous to she and her family. And so her Mom said, "you could buy something for a lot cheaper!" Her first thought of becoming a homeowner was born. It truly was a life changing moment! After looking and looking she found a gorgeous little condo with wood floors, bright light and bright yellow walls, and even a fenced in little yard (you know how rare that is in Broward!) and she had to have it. It was priced at about $60,000. Back then it was on the high end believe it or not, but she LOVED it. That's the key there, loved it, not even thinking of it's investment potential. Second, her mortgage would be half what this place would rent for. She qualified for a special first time home buyer program with a great rate and very low money down! She closed on the property, bought a sweet puppy, worked, traveled, fell in love (lucky me) and all the while that property was growing into a pretty amazing investment. After we were married, which was a few years after she purchased the condo, our first baby, was on his way and we needed something a little bigger. We ended up selling that 1/1 condo for a respectable $135,000! No struggle to pay rent each month, a sense of security in knowing that every payment was helping her, and then a $75,000 dollar gain! That allowed us to buy a bigger home, and eventually turned into corporate rental income.
Yes, the market is a different place today, but gems in real estate still exist! Working with a realtor that can help you spot them, someone who knows the area, has the experience personally and professionally and has you best interest at heart is very important to finding them. Before you sign your next rental contract, give me a call. Let's see what's out there, see if there is something you love that just may save you big each month and grow into something big down the road!
If you are worried your credit is not where it needs to be to own, no worries! But think, if you got approved to rent, you may qualify to own! I can't promise you, you will get approved, but I can promise you I have great mortgage professionals I work with that will help direct you in the right direction into how you can get yourself where you need to be with your credit and income. Knowledge is power! Then you will know exactly what you need to do to get there. You may just be a lot closer than you think, and you may already be qualified and not even know it.
Bottom line, owning is a LOT cheaper than renting, (yes, repairs may need to be done here and there (this is where a great home inspector comes in to detect any future problems) but your stress will be so much less being able to actually afford your monthly housing payment! Owning gives you a sense of pride, you can make your home uniquely yours, and down the road may lead to a nice profit for you while you are busy just enjoying your life, IF you buy something you love, that is priced right. Owning real estate allows you make money as you sleep they say, and it's true!
Buy Direct Real Estate