In the first part of the blog, we discussed how a client of mine was sharing how they believed they were wasting money on rent while they are paying someone else's mortgage, all those payments and nothing to show for it - so they wanted to own a home of their own so they would be paying themselves and reap benefits on their own.
Part 2 as a result of many of your comments is about how you can reduce your taxes and how to increase your equity and net worth through home ownership.
When you own a home - your property taxes, your loan interest, and points are tax deductible.
When you own a home, your payments are divided between the mortgage loan interest, capital, insurance and taxes. Therefore for each payment, a portion goes towards capital, thus you build your own equity in an asset, thus increasing your net worth - with each payment. When you sell your home, the balance between the sale price and your mortgage balance is your equity.
For more information and tips on how to get a down payment to purchase a home, ask for my Free Consumer Report called “4 Quick Ways To Buy A Home With Little Down.”
Best of of all is to call me so we may discuss your particular situation confidentially.
Richard Bazinet - Realty ONE Group - Phoenix Scottsdale Real Estate
#Help! I'm Wasting Money On Rent! Part 2