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Today, I’ll discuss how to break even on your property in 1.8 years. Many people are moving in with their family, trying to save money, or renting a property.
If you’re in this situation, consider this: in our current market, it only takes 1.8 years to break even on a property. A recent study based on our current market average values, interest rates, and rental prices showed that if you plan on renting a property for more than 1.8 years, you are actually better off just purchasing a home.
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Rental rates continue to rise, but low interest rates make buying a home extremely affordable. Renting a home is expensive, and when it comes time to move, you have nothing to show for all of those monthly rental payments.
Buying a home is less expensive than renting.
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If you are in that state of flux (living with your parents, trying to save for a rental) make a game-changing decision today. Start putting a little money away each month. Take steps to improve your credit score. If you’re not sure how long you will be in the house, make sure you purchase a bulletproof property. That way, if you do have to move, you can turn it into a rental property and make some money.
Take advantage of these low interest rates. If you have any questions, just give me a call or send me an email. I would be happy to help you!
