If you have been in Tahoe any length of time you know that it is tough to find a decent place to rent for a fair price. Not only is there few to choose from, they are often asking a huge chunk of change for the monthly rent. The average person looking to rent a home in Tahoe usually is bringing in less than the median income…thus creating a huge strain on our working class just to have a place to live.
When thinking about whether or not purchasing a home is something one can afford there are factors to consider that have nothing to do with the obvious mortgage, utilities, etc. What about the dynamic tax savings of mortgage interest and property tax? There are also many home improvements that could be considered deductible. If you factor the savings back into your monthly gross income you may find that you are doing much better than you were when you were throwing your money away paying rent. Your landlord is enjoying these tax deductions while you faithfully write your rent check every month. Bottom line is you are already paying a mortgage…wouldn’t you rather it be your own? Below is a rent calculator link…see where you fall in!
There are so many lending options designed for the first time home buyer to give them an extra hand. Conditions are ripe for renters to jump into home ownership with low interest rates and homes that are reasonably priced. There are even local and lending programs that offer a silent second to help with down payments to those who qualify. Ask friends, family or your real estate agent for a referral to a good lender who is able to work with first time home buyers. Your agent should be good at explaining the process and keeping you in the know. Now is the perfect time to make the switch and start paying your own mortgage!
Whether you are ready or not, I would love to hear from you!