Are you even renting an apartment or home for your own or your family?
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Are you still renting a home or apartment for your own or your family? If so, you're probably losing money. You can think about these three ways you lose money by renting:
1. You're yielding a profit for someone else's mortgage payment. You're passing up a great opportunity for the appreciation that the property gives to the landlord. Appreciation is a word used as a part of accounting concerning to the growth in value of an asset, which implies in real estate terms, increased value to the property. Over the last 5 years, houses acknowledged essentially, making many newly real estate investor multi-millionaires.
2. Renters don't get to freeze their month to month lodging expenses like home buyers can. Of course, many home buyers get mortgage fee with adjustable investment rates and their fee go up over time. Yet, these payments will not increased over the long term like rising rents. Just think about how much an apartment costs today contrasted with 10 years ago. A 2 bedroom apartment in Lake Elsinore, California leases for $1,000 nowadays. The exact same apartment rented for $325 in 1996, when it was new. Home buyers who did not refinance their mortgage, who had low monthly payments in 1996, enjoy low payments and don't need to worry regarding rising rents.
3. Renters don't benefit from tax advantages. Home holders have income tax deductions. Tax deductions for interest value, for example, save tax payers thousands of dollars.
Emotional Gratification of Home Ownership
Aside from failing on having money with real estate, renters don't get the same satisfaction of home enjoyment that benefits home buyers. Many landlords won't let you to paint your surrounds in colors that you desire. Also, you won't feel like setting up the place with custom window curtain and you get little say in flooring materials. Now that you can't have your personal statement, you won't feel like you're HOME as good as home owners who experience warmly related to their property.
How to Buy Your Best Home
The biggest barrier to home ownership is usually accumulating money for a deposit. Individuals think they need to get thousands of dollars for a down payment. Yet, if you have well credit and a decent job, you can have a mortgage for a house with zero down. And you can funds some of your closing costs plus ask the agent to assist you pay a good portion of your purchase costs. With today's mortgage finance plans, you may be surprised to see how much of a property you can give with payments like to what you presently yield in rent.
You may have to go out of the major urban district to buy a house. That's why too many people travel in Southern California. Inexpensive housing payment much less in rural areas. But so do the leases. If you're leasing a flat for $2,300 in Los Angeles, you could buy a $500,000 house in Wildomar. My daughter just bought a home in December 2005 and her mortgage payment, for a 3,000 square foot brand-new home, costs less than $2,300. With her tax savings, she will pay close less than renting a small apartment closer to business district L A.
If these amounts sound much to you, compare your local area. Perhaps your monthly rent is only $1,000 and houses cost less than $200,000. Talk to a mortgage loan officer and check how much of a house you can bring.
If you're renting, make one of your priorities to purchase your very own home.
Company: Developer Sales
Address: 11 Wilkie Terrace
Tel: 6100 9989
Contact Person: Steven Tay