The Biggest Disadvantage To Renting

Dated: 09/09/2019

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The biggest disadvantage to renting
If you're a Millennial—or have a son or daughter who is a Millennial—you've probably had a discussion about renting or buying a home. It can be a hard question to answer, especially with the steadily-rising prices of houses. 
However, there are clear disadvantages to renting: 
  • Someone else controls all the rules, not you (such as whether you can have a pet).

  • You'll see a steady increase in rent over time.

  • Zero tax advantages. 

  • You have no say if your landlord wants to move into your place or sell to someone else.

The biggest disadvantage: You give away your money. Renting means you never will have the chance to build equity in a home. Instead, you give that opportunity to your landlord. 
O
How you can help your kids buy a home
Have you ever wondered if there's a straightforward way to help your kids buy a home? Well, there is, and it's one of the oldest programs available: An FHA loan.
Your best bet is to work with a local mortgage lender to walk you through the specifics, but here's how it generally works: 
A parent and child can be co-borrowers on a FHA loan, even though the parent won't live in the home. Normally, FHA would require a 25% down payment for what is called a "non-occupying co-borrower" loan. Together, co-borrowers who are related by blood, law, or marriage are eligible for 100% of the maximum FHA loan they qualify for with the low-down payment features of the FHA loan. 
Original post by Colleen Hord of Real Living Home Realty Group on Aug. 12, 2019.
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Mary Phillips

I was born and raised in Missouri. Raised 4 wonderful children along with about 50 other kids in the show me state. My passion has always been to serve others and have fun doing it. Which is why....

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