As 2018 begins, so does another year of resolutions. One of the most popular promises we make — and traditionally break — is to build a better financial future.
For some people, that may mean eating at home instead of going out or sticking to their set budget even when that new pair of shoes is calling their name from the store window.
However, what many people neglect to take into account when considering their financial future, is the toll being a renter is taking on it.
Self-made millionaire David Bach explained to CNBC that the average homeowner is “38 times wealthier than a renter.”
“Why?” You ask. Well, let’s break it down in terms of real-life numbers. A person who pays $1,700 a month in rent will spend $20,400 a year.
Over 30 years — assuming your rent doesn’t increase, which it would have — that’s a whopping $612,000 that you have paid to live in someone else’s home.
While your landlord rakes in the benefits of you, a renter, paying his mortgage, when you decide to move, you’re leaving over half a million dollars behind.
This isn’t taking into account the other financial incentives being a homeowner brings.
Did you know you can write off your mortgage on your taxes? Plus, over time, homes tend to increase with value, which means you can walk away with a profit if you decide to move.
Take a minute and think about all of the things you’ve purchased in the last year. Have you sold any of those items and walked away with money in your pocket? As President Franklin D. Roosevelt once said, real estate “is about the safest investment in the world.”
At The Whittaker you can purchase a BRAND NEW 2 bedroom, 1bathroom condominium penthouse for ONLY $1,010/month.**
So, your landlord can either make over $500,000 off your rent for 30 years or as an owner, if you were to sell your home after 30 years for the same price you bought it for, you’d get $119,990.*
Even if you sold after 15 years of enjoying your home, you’d still wind up with a “savings account” at closing of $49,796.*
Our prices give you the potential to SAVE over $200,000 just because you purchased a home.
In addition to our great prices, all of our homes are Energy Star certified, which yield lower monthly utility bills for the lifetime of your home.
So, make this the year you keep your New Year’s Resolution to become financially independent by becoming a homeowner.
Then, when you’re about to ring in 2019, you can do it surrounded by friends and family in a home that is yours – not your landlord’s.
*less any costs of sale. Savings will vary based on mortgage amount; larger mortgage = more savings; lower mortgage = less savings.
**based on current interest rates, estimated taxes and homeowner’s insurance, Condo fee for qualified buyers.