The Renter's Incentive as a First Time Home Buyer
Most renters become complacent with renting from a landlord, because sometimes it is just easier and there is no home ownership responsibility attached to renting. However, here are some benefits of home ownership vs. renting that might motivate you to work towards home ownership:
- Home ownership allows for tax deductable interest on home loans. Â Renting does not.
- Home ownership increase your net worth. Â Renting does nothing at all to increase your net worth.
- Home ownership builds wealth through equity and appreciation. Renting does nothing to build your wealth.
- Home ownership could lock in a monthly payment on a fix rate mortgage. As a renter, your monthly rent can increase on average 2 to 3% per year depending on where you live an your citie's rent control laws.
- Home ownership provides the opportunity to resell your house and profit from it due to the home's appreciation. Â As a renter you have nothing to resell and therefore no potential to make profit from the building you live in.
- Home ownership allows you autonomy in the decisisons you make about your home i.e. decor, remodels, etc. Â As renters, you are restricted to what is acceptable to the landlord and/or property owner.
If you are aÂ first time home buyerÂ and wondering if this is the right time toÂ buy your first home, the answers is a resounding " YES." Â Especially in the area of Silver lake, Echo Park, Los Feliz and Hollywood - all neighborhoods in Los Angeles, CA. Â It is currently a buyer's market, and with low home prices and home loan programs with low interest rates such asÂ FHAÂ financing, buying a home now would be a wise decision. Â Savvy home buyer's know that with a fix rate mortgage they will save thousands of dollars over the term of their loan if they buy now as oppose to waiting. Â Interests rates are again rising ever so slightly, but they ARE beginning to rise andhome pricesÂ have already begun to rise as well. Â Now you just need to ask yourself. Â What is stopping you from buying into the dream of owning your own home.
Not a Citizen of the US, but you want to buy a house?
This topic comes up every once in a great while. Â I thought I'd provide some information to anyone who might be interested.
If you or someone you know are permament residents and have a social security card, you have the same rights as a citizen to purchase a home. If you are a non-citizen and non-resident the following article should help to answer some question you may have. I got it from the Immigration and Naturalization Service website. Most realtors know very little about this process, because most home buyers are citizens or permanent residents with green card.
The article is titled â€œIllegal Immigrants Buy Real Estate and Get Mortgages with ITINâ€ and can be found using the this URL:Â http://www.usimmigrationsupport.org/immigrants-realestate-itâ€¦
FYI â€“ ITIN is abbreviation for Individual Taxpayer Identification Number
To learn how you can obtain an ITIN, use this URL:Â https://www.usimmigrationsupport.org/itin.html
If you are a non-citizen/resident looking to buy a home, good luck! Â If you need additional help contactÂ Keller WilliamsÂ Realty Los Feliz.
This Saturday September 25, 2010 from 10 AM - 12 PM, there will be a first time home buyer's workshop held at Keller Williams Realty in Los Feliz - 1660 Hillhurst Avenue, Los Angeles, CA 90027. Donuts and coffee served. If you answered yes to the questions above, this workshop is for you!! Please RSVP through my profile.
First Time Home Buyers
Profiling the first time home buyer. Â Statistics and trends.Â
For more information, contact me today.