Hi Everyone, Toshiko again!
Here is a thing good to know related to real estate.
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When you buying a home first time, one of your most concern is monthly payment and tend to feel worry about much higher payment compare to the rent you are paying.
Important things here is to understand what is the real estate is.
At first please watch this PowerPoint Presentation by hitting enter key to proceed.
At first please watch this PowerPoint Presentation by hitting enter key to proceed.
If you cannot open the PowerPoint, please click link here to go to Microsoft PowerPoint Viewer Download Site for free download.
After all even if the rent seems significantly lower than my home payment, there is not much savings.
If you look at long term, there is no meaning of comparing rent and my home payment.
If you look at long term, there is no meaning of comparing rent and my home payment.
Plus,my home payment will not raise as rent does.
Above PowerPoint presentation is not showing how much is the rent after 10 years.
But it should be increased around 50% to $2500 while home owner make same payment of $2400.
If 30 years later, renter would be paying around $5625 and has no asset to show for.
Home owner now need to pay only property tax and insurance since mortgage has been paid off. Of course home owner has value of the home as asset.
Above PowerPoint presentation is not showing how much is the rent after 10 years.
But it should be increased around 50% to $2500 while home owner make same payment of $2400.
If 30 years later, renter would be paying around $5625 and has no asset to show for.
Home owner now need to pay only property tax and insurance since mortgage has been paid off. Of course home owner has value of the home as asset.
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