In Blog Eric Frazier

Are you tired of renting and feeling like you’re getting nowhere? Or maybe you’re dreaming of a place where your friends and family can spend the holidays. Your place could be the one where everyone gathers around the table for dinner. Perhaps you need more space and want a backyard so your kids can play outside. You work hard for every dollar you earn, so consider yourself a worthwhile investment and be a first-time home-buyer with real estate in Rialto.

Owning real estate in Rialto is one of the best investments you could ever make and making the transition is easier than you think. Do you know that often with today’s low interest rates, that your current rent payment is probably higher than a mortgage? With the average rent payment of $1,500 per month for a 3-bedroom apartment, in one year you would have paid over $18,000 in rent towards real estate in Rialto that you will never own. In fact, you are paying the landlord’s mortgage! You could use the same money you paid in rent as a nice down-payment towards home ownership of real estate in Rialto.

At today’s interest rates, and with the average home price of $225,000, your mortgage payment for this real estate would be approximately $1,000 per month. That’s a $500 per month savings! What could you do with an extra $500 per month? Keep in mind; these payments are towards property ownership. Home prices may seem high. However, if you made the same $1,500 per month rent payment for an apartment, after ten years, you would have paid $180,000. Will you be close to having a paid off home ten years from now?

Plus, here’s the bonus. Homes appreciated nearly 25% in Rialto last year. When home values rise, so does the equity in your home. This increased property value can put money in your pocket should you decide to sell. Or when life happens, and expenses arise, you may need to borrow against your new home’s value. By owning a home, you have an asset of value. As a renter, when you decide to move out of your apartment, you’re not going to make any money. In fact, it is going to cost you, and you’ll probably hope that the landlord decides to give you the full amount of your deposit back.

The facts are clear, you just cannot afford to remain a renter and not invest in real estate in Rialto.

 

 

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