Finance > Insurance > Home Insurance3 Ways Renters Lose Money Posted by nick_niesen in Finance on November 8th Dexter Fowler Jersey , 2010
Are you still renting a home or apartment for yourself or your family?
If so, you're losing money. Think about these three ways you lose money by renting:
1. You're paying for someone else's mortgage payment. You're missing out on the appreciation that the property gives to the landlord. Appreciation is a term used in accounting relating to the increase in value of an asset, which means in real estate terms, added value to the property. Over the past five years, houses appreciated significantly, making many new real estate investor multimillionaires.
2. Renters don't get to freeze their monthly housing expenses like home buyers can. Of course Matt Carpenter Jersey , many home buyers get mortgage payments with adjustable interest rates and their payments go up over time. However, these payments will not go up over the long term like rising rents. Just think about how much an apartment costs today compared to ten years ago. A two bedroom apartment in Lake Elsinore, California leases for $1,000 today. The exact same apartment rented for $325 in 1996, when it was brand new. Home buyers who had low monthly payments in 1996, who did not refinance their mortgage Yadier Molina Jersey , enjoy low payments and don't have to worry about rising rents.
3. Renters don't benefit from tax advantages. Home owners get income tax deductions. Tax deductions for interest costs, for instance, save tax payers thousands of dollars.
Emotional Satisfaction of Home Ownership
Besides losing out on making money with real estate, renters don't get the same satisfaction of home enjoyment that benefits home buyers. Many landlords won't allow you to paint your walls in colors that you desire. Also, you won't feel like fixing up the property with custom window coverings and you get little say in flooring materials. Because you can't make your personal statement, you won't feel like you're HOME as much as home owners who feel emotionally connected to their property.
How to Buy Your First Home
The biggest barrier to home ownership is often accumulating funds for a down payment. People think they have to have thousands of dollars for a down payment. However Willie McGee Jersey , if you have good credit and a decent job, you can get a mortgage for a home with zero down. And you can finance some of your closing costs as well as ask the seller to help you pay a good portion of your purchase costs. With today's mortgage finance plans, you may be surprised to find out how much of a home you can afford with payments similar to what you currently pay in rent.
You may have to go out of the major metropolitan areas to buy a home. That's why so many people commute in Southern California. Affordable housing costs much less in outlying areas. But so do the rents. If you're renting an apartment for $2,300 in Los Angeles, you could buy a $500,000 home in Wildomar. Our daughter just purchased a home in December 2005 and her mortgage payment Bob Gibson Jersey , for a 3,000 square foot new home, costs less than $2,300. With her tax savings, she will pay even less than renting a small apartment closer to downtown L A.
If these amounts sound high to you, check your local area. Perhaps your monthly rent is only $1 Stan Musial Jersey ,000 and houses cost less than $200,000. Talk to a mortgage loan officer and see how much of a home you can afford.
If you're renting, make one of your priorities to buy your own home.
The bond between a sister and brother is very special which cannot be described in words. Brothers are those who annoy or irritate you the most but they are also the ones who will be by your side when you are feeling a little under the weather. Thus, if your brother's birthday is just around the corner, it is high time that you begin your search for a perfect gift. You will find several items which will make wonderful presents for brother. If you want to really gift him something special, here are some ideas to get you on the roll.
Among the various presents for brother Ozzie Smith Jersey , gifting him stuffs related to technology will be perfect for him. You can give him iPod, an MP3 player, etc if he loves listening to music or you can gift him a laptop. You can also gift him a play station if he is into such games. This gift will thrill him beyond anything. If you are searching presents for brother who is older then you, gifting his a designer watch, clothes, accessories will be perfect. Also St. Louis Cardinals Jersey , if your brother is a working professional, you can gift him formal clothes which will be very useful for him.
Presents for brother who is a working professional also include gifting him a pair of cuff-links. When choosing these items, remember to choose the one which is neutral in color so that it can match with each of his formal attire. If you are planning to give him something useful then these items will be perfect for him.
But, when choosing presents for brother , remember to select the one based on his preference and taste if you want your gift to be cherished. Also, if you do not have sufficient budget to purchase expensive items Ichiro Suzuki Jersey , you can gift him simple items as well. Whatever gift you give him, he will appreciate it because you have given it with all your love. This also holds true if when you are searching presents for friends. Friends are those with whom you share everything happening in your life. They are the ones who will listen to all your problems and offer you advise on issues with which you are confused.
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