Sometimes people have many mental barriers to renting versus buying. Some people are nervous, because they feel like they can’t qualify, even if they never tried. Some people say they’re going to wait until the market changes, but the reality is that you can’t predict the market. However, one thing is for sure: If you do not purchase, you are building someone else’s wealth. And when it’s time to leave, no matter how many years you rented, you live, with nothing in terms of an asset. Oftentimes these landlords will do their best to keep your security deposit by inflating repair costs. With our lease option programs, your security deposit goes towards your down payment to purchase your home, making it easier for you to convert to ownership.
Here are some pros and cons of renting and buying.
✔ Limited responsibility.
✔ Flexibility to move or to break a lease for a fee.
✔ No property tax bills.
✔ No major home renovation expenses.
✘ 0 ownership, 0% equity. Your payments are building someone else’s wealth.
✘ Vacancies a hard to find in desirable areas - and when they come available, they are at premium prices.
✘ Landlord controls what you can and do to your place (because they own it), and that does not include HOA rules or apartment complex rules.
✘ Landlord can sell the property, and force you to move on short notice.
✘ Rent increases are just about guaranteed every year.
✘ In today’s market, qualification can be more difficult than for a mortgage.
✘ Any upgrades you do to your home belong to your landlord.
✘ Every dollar of rent goes into your landlord's pocket, no wealth is being built for you.
✘ No tax benefits to renters.
✔ Wealth building: every dollar you put into your mortgage will go towards ownership.
✔ Equity position: as you pay your mortgage, you can take your equity position and use it to buy investment properties, to create passive income.
✔ It is easier to qualify for other assets when you are a homeowner.
✔ You have the freedom to customize your home however you want (subject to HOA limitations of course if you live in one).
✔ Most of the time, it is easier to qualify for a mortgage in this market, than a rental.
✔ You can do what you want in your home, or to your home, especially if you don’t live in the HOA.
✔ Stability: you don’t have to worry about losing your home due to it being sold from under you by a landlord because you will be the owner.
✔ Generally, you will potentially pay the same or less for a mortgage than you would for renting the same property.
✔ The caliber of home that you want will be available to buy, but it may not be available for rent.
✔ Tax benefits.
✔ Your home will likely appreciate in value every year depending on the market you live in, which means your investment could potentially double or triple over several years.
✘ The process takes a little longer than finding a rental.
✘ A major con used to be the amount of money needed, but in today’s market there are many homeownership and grant programs that can aid in down payment assistance.
✘ If you own it, it is yours to fix. Fortunately, there are home warranties that can take care of repairs.
✘ Your home could potentially lose value in a declining market, which is why it’s important not to overpay for a home. There is no way for buyers and sellers to control the increase or decrease in interest rates or property values.
Currently, we work with investors that offer the opportunity for homeownership through a "right to purchase agreement" where they will purchase the home on your behalf, and you, the future homeowner, would lease the property for a certain period while you are working on getting ready to purchase. No surprises!
Tired of renting but still not quite ready to buy? We have lease option programs that allow you to access homes currently on the market that are not available to rent. Our investors will purchase the home on your behalf and lease it to you, with no obligation to purchase. At any time during your lease you can execute your right to purchase at a predetermined price. Easy to qualify!
Move into your home in as little as 21 days*!
Tired of renting but still not quite ready to buy? We have lease option programs that allow you to access homes currently on the market that are not available to rent. Our investors will purchase the home on your behalf and lease it to you, with no obligation to purchase. At any time during your lease you can execute your right to purchase at a predetermined price. Easy to qualify!
Move into your home in as little as 45 days*!
When you are buying or selling, Yahweh assists you in the rapid sale or needs of your home and utilize the latest technology and strategies to include marketing and presentation.
