But if you are tired of renting now is the time think about a purchase! Beware of Lease Purchase Options as most require a substantial non refundable down payment and if you do not close on the property within the specified time period ( usually 1 year) then you risk losing your money. You are required to put up a typically non refundable deposit on the lease purchase, I have seen on average $5,000 to $10,000 depending upon the home. If you do not meet the terms of the original contract you sign then you will absolutely lose the money that you have given to secure the contract.
Many things can and usually happen that prevent the transaction from closing. 99% of the time they never get worked out. You do not earn any equity , have basically made rent payments and will loose what could have been a down payment for another home.
There are so many benefits to home ownership
Stability
Greater Privacy
Homes typically increase in values - while rental payments increase with no equity
Your costs are predictable and more stable than renting if you have a fixed rate mortgage.
The interest and property tax portion of your payment is tax deductible
Pride in Ownership
I find that it is best to speak with a Realtor, get pre qualified by a reputable lender to discuss your options and timeline to purchase. You will also be made aware of any credit challenges and understand what the down payment and monthly payment will be on the home price range you desire. I have been a Realtor for a long time and have helped many families obtain home ownership and I am happy to help you to! www.latikaarchuleta.com 770-231-2253
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