To rent or buy real estate? That is the question...

Feb
16

Ever wonder why buying a house seems to be the grown up thing to do these days? It’s true. The average age in the US for a first-time home buyer is the mid 30’s. Europe and Great Britain are the same. The average age of a first-time home buyer in the UK is again the mid 30’s. So what does this have to do with the price of beans in China? Let me tell you.

Ever wonder how old you will be when you can retire? Thinking about the long term effects of a mortgage? Well, you better start. The average mortgage has a term of 30 years. That puts you at 60 if you live in the first home you buy and never move. Who does that? Not me.

So why rent for a long time and then decide later in life that you want to build up some equity? Make the smart choice and buy now. Homes appreciate in value at an approximated rate of 4-6% per year. That means that for every $10,000 in equity you have in a property, you make $400-$600 per year. Most people put 15-20% down on a home and that makes quite the little savings in your pocket book each year as your home will only make you money each year as long as you take care of it.

So my question to you, the smart 20-something is simple. Why are you wasting the hard earned money you work so hard for? You have to pay either rent or a mortgage payment every month. Ever wonder where your money goes each month? If you rent, it goes to your landlord’s pocket. Here are some excuses I hear about renting.

I don’t have the responsibility for upkeep on any maintenance issues.
I don’t have a yard to mow.
I can move whenever I like.
I don’t know the area yet.

Here are my answers to your objections to buying versus renting.

You also don’t have the advantage of changing anything about your residence. Wouldn’t you love to change that countertop or add a nicer bathroom tub and shower to that old bathroom?
Let the Adler team get you into a luxury condo and there will still be no yard to mow.
You still have to give a 30 day notice in writing and I can probably sell your home faster than that if you need to move again.
How long have you been using that excuse? I can help you find the perfect neighborhood and school district if needed.

It’s time to grow up and make some money with your living domicile instead of throwing your hard earned money down the drain. Purchase a home in Broward County and Fort Lauderdale and let me show you a whole new way to save money for your future.