Lexington Real Estate Q&A

Call or e-mail me and I will show you the various reasons why owning a home is LESS expensive than renting!!!

Whether you admit it or not, this is a Buyer’s Market. Do you really want to wait until it’s a Seller’s Market, again, before you buy? Now is the time to find the great deals! And you certainly don’t have to look for foreclosures to find great buys in Lexington’s Real Estate market. It is my personal belief that if you don't buy now, you will regret your decision two years from now. After all, the most successful investors (including Warren Buffett) buy when everyone is selling and sell when everyone is buying.

Think that being a home seller puts you at a disadvantage? Think again! Unless you’re planning to go back to renting, you only stand to gain from today’s market conditions. In general, everyone is seeing similar reduction in prices in terms of percentages. So, if you lose $10,000 on that $150,000 house you’re trying to sell don't worry! It only means you’re likely to save $20,000 or more on that bigger home you’re looking to buy once your current home sells.

The only situation I would advise someone NOT to buy a home is if they are already in financial trouble or they feel their job is in jeopardy. Otherwise, there is no reason one should rent vs. buy and here are five reasons why:

1. Homeownership is the quickest & easiest way to build wealth!
   The average homeowner’s net worth is 46 times higher than the average renter’s
2. Best return on your investment
   With as little as a 3.5% down payment you can still earn 33% to 100% return on your investment each year!
3. Keep more of your paycheck
   Homeownership fuels the US economy and Uncle Sam know it. That's why homeowners get additional tax deductions, such as mortgage interest and property taxes. You can then turn around and use that refund any way you please (i.e. to reduce your mortgage thus building quicker equity, buy furniture, go on vacation, etc.). You don't have to wait until April to get the benefits! As soon as you close on your new home you can adjust your payroll deductions to have a higher "take home".
4. Freedom to personalize your home
   Paint your walls any color you choose. Let's face it, your apartment will never truly be "your own space".
5. Ability to entertain your friends & family
   Have a large crowd over for a BBQ without worrying about the landlord or other tenants complaining.

And remember...

"Even if you're on the right track, you'll still get run over if you just sit there" -  Will Rogers

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