Why Rent? | When you can own Montana Real Estate

Did you know home ownership rates are the lowest they have been in the last 50 years? Yet a large portion of Americans are still renting, instead of thriving in a home of their own. Consumer reports believe this is an issue due to a buyer’s lack of trust in their ability to purchase a home. It is still a long standing notion that a buyer needs 20% towards the cost of the home in order to move forward, but this isn’t true. With countless down payment assistant programs, and closing cost roll-ins, a home owner could move in with as little as a couple thousand dollars. Which is a huge difference in the time it takes to save up to make the move. To rent a place in Bozeman, Montana and the surrounding area, a renter generally puts up first and last months rent plus a deposit. This can bring the total move in costs to over $3,000 for a typical 2 bedroom apartment. When you close on your new home, your first payment is typically 30-45 days after closing with no deposit.

With interest rates at an all time low, home ownership in today’s market is the safest long term investment. The money saved over a mortgage’s lifespan can result in tens of thousands of dollars, if not hundreds. That’s more money in your pocket today and everyday moving forward. Don’t wait to buy when interest rates soar again, there once was a time not too long ago where interest rates were around 15-18%. Check out current mortgage interest rates, here. With low interest rates hovering around 4%, that means your monthly mortgage payments are at a significantly lower cost, as well. With such a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment, if you can move into a home a pay a monthly rate that is the same, and get a 3 bedroom house with a great backyard?

There is also a fear that a home can keep you “stuck” or “rooted” to one place, without an easy transition out if you decide to move. Although the future of the housing market isn’t easily predictable from location to location, you can always discuss with your REALTOR®  about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to selling is going to be far more beneficial, than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place.

Now imagine if you were renting a home for $2000/month. If your landlord is renting to make a profit, think how much less you’d be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn’t be paying a landlord to profit off of you, you’d be paying a reasonable rate, and get to call the property your own. Discuss with your REALTOR® and lender the steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into.

Are you ready to make home ownership a reality for you? Contact Everdawn Charles today!

What first time home buyers have to say when working with Everdawn Charles as their REALTOR®…..

“Everdawn has been the best real estate agent I could have hoped for while purchasing my first home.  She was always making sure I felt comfortable and that I understood all the real estate language, as it can be very overwhelming.  I will definitely be recommending her to everyone I know looking to buy or sell their home!” Amy Leister

“Everdawn is a great Realtor, she is patient and extremely helpful. She consistently went the extra mile and thoroughly put these first time home buyers minds at ease.” Raine & Kelly Terrill

Everdawn did a great job helping my wife and I buy our first home. She was very patient and always let us know if a new listing fit our needs. When she found the listing of the house we purchased she got us in before anyone else so we could put in the first offer. I couldn’t have been happier with  her.” T. Zaichkin