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A Story about Renting a Home
You have rented for how many years?
Wow! The money that is spent every month on rent could be going into owning your new home. Do you have any idea how much you have spent? Let’s break it down.
A modest monthly rent of $500 after 5 years has cost you $30,000. Let’s climb the ladder from here with more figures that will startle you. $700 in rent after 5 yrs is $42,000. How about this figure to get you motivated to buy a home? $900 in rent after 5 yrs is $54,000. If you know someone who is paying $1100 per month in rent, that person has paid $66,000 over the last 5 yrs.
The upside to renting
Everyone has to start somewhere. Rental history and longevity of residence will be considered when you go to buy your new home. It is very important during the years that you spend renting to pay all rent on time and in full to your landlord each and every month.
Here is a story about a young couple. Kim and Jay had been married for four and a half years and during the entire time they rented a modest house in a small town with their young children. They finally decided it was time to stop making their landlord rich and start making payments on a home they could call their own.
Jay would stop each week at the local store and pick up magazines and new papers full of potential homes to be. They would make a game out of reading the descriptions to each other and guessing how much the house was worth. In looking at various mortgage calculators they had decided what they thought they could afford.
Finally, one day they found this quaint little fixer upper on the edge of town with 5 acres. It looked like it would be a great starter home for them. They called a local real estate agent to come and show the home.
The next day they were early to meet him full of anticipation. As they arrived to the house pulling up in the driveway it was a beautiful site. The ground that it sat on was plush and green this time of year with trees full of leaves in the back acres of the home. The previous owner had planted flowers that were blooming in the front. It was so inviting.
Inside was another less inviting story. In further inspection of the home there were a few major issues and a lot of minor ones that were going to need to be figured in on the purchase price of this new home. Knowing where they could save on the costs of fixing it up helped them in their decision. They were up for the challenge and after talking about it for a few days decided to revisit their real estate agent and place a bid on the home.
Their bid was slightly higher than another party that also bade on the home, but Kim and Jay didn't get accepted. They hadn’t pre-qualified so when they put in a second bid it was too late. Someone else had already been accepted for the home.
The third party bidders were pre-qualified, therefore, they carried more weight and the owners of the home went with the more sure thing.
At this point they wanted to do things right and sat down to discuss with their real estate agent what it was they were looking for in a home. With their real estate agents advice and the help of a qualified mortgage lender they were pre-qualified for a home loan which gave them the confidence in knowing what they could afford.
Shortly after this pre-qualifying process was completed they got a call. Their trusted real estate agent who now knew exactly what they were looking for and how much they could finance, found them the home that they had wanted. It was a beautiful ranch style home set in a country setting on 10 gorgeous rolling acres. They were so very happy!
If you are renting your home now take the time to call your local real estate agency and let them put their knowledge and resources to work for you. They can help you get pre-qualified for financing for a home loan. Get out of the habit of paying money every month to someone else and start putting that money towards a new home that you can call your very own.
Call us, 509.438.9344, Email us, or fill out the contact form below.
We respond right away! -Colleen Lane, Realtor®
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