If you are renting, you are making one person rich, your landlord.

Despite the troubles in the housing market, owning a home is one of the best investments you can make.

There are so many financial benefits to owning instead of renting.

• Your mortgage is fixed. No more rent increases
• Your mortgage pays down the loan. It is like a savings account each month.
• You can reduce the amount you pay in tax with write offs
• Your house value will increase over time which increases your net worth
• Your mortgage will probably be lower than your rent in today’s hot rental market
• Interest rates today are at historically low rates. You can lock in these rates for length of your mortgage
• House prices are down approx 25% from the peak in Charleston

One of the big myths of becoming a homeowner is that you need a lot of money to buy a house.

This is not always the case.

• Are you or were you in the military, if so, you could be eligible for a 0% down, VA loan
• Some builders offer 100% financing
• FHA loans are available with only 3.5% downpayment
• To reduce the amount you need even further, you can ask for the seller to pay closing costs.

We had a case recently where the buyer got a 100% loan and actually got money back at closing. His monthly mortgage on the brand new construction he bought was lower than the rent he had been paying on his run down rental.

To find out more about securing your financial future (instead of your landlord’s), contact us at   darragh@mycharlestonagent.com or 843 452 2325