Buying vs. Renting - Why Not You?
One of the best financial decisions that I ever made was purchasing a property as a young 23 year old.
While almost all of my peers were still renting and not even thinking about buying, I knew that if I could purchase a property it would make a big difference.
Little did I know that it would be a MAJOR game changer for me financially.
I met with a realtor friend who guided me through the process and helped me purchase a condo in Wheat Ridge, Colorado for $87,000.
I qualified for an FHA loan and I put 3.5% down (a little over $3,000).
I lived in this condo for three years. It was the first home that my wife and I had after we were first married and it was the first home of our two oldest kids.
When we eventually outgrew the condo, we sold it for $134,000 and were able to put a large downpayment on a single-family home.
This second home was purchased for $280,000 and after three years living there we were able to sell it for $420,000.
I share all of this to point out the fact that our ability to move up in house and to be healthy financially all started from that decision at 23 to purchase a property.
I tell young adults all the time that one of wisest things they can do is to purchase a property rather than rent. Believe it or not, most of the time a young adult will pay less on a house payment than they will for they rent.
I would much rather have a young 20-year-old paying on something that they will own one day than paying a landlord every month and never see a return on their investment.
If you are in your young twenties, working, and currently renting I would strongly encourage you to consider what it would look like to purchase!
I really believe it could be a huge game-changer for your financial future.
To learn more, visit my website www.ZachMalito.com or give me a call at 623-296-6262. It is my goal to help you win in your Real Estate goals.
I have the privilege of working with a team of professionals who feel the same way. At The Monaghan Group, our desire is to help you win in all of your Real Estate needs. Check out our team page at www.TheMonaghanGroup.com