While you’re attempting to balance your budget, did you realize you’re making your landlord rich? Rentals are the most lucrative business to get into. It turns ordinary people into multi-millionaires.
According to a July 2018 report from the U.S. Department of Housing and Urban Development (HUD), just in Central Ohio rents are increasing on average about 4 per cent each year. RentJungle.com reports that as of November 2018 the average rent in Columbus is $1075. In many areas of Columbus, these buildings are already paid off so the landlord is only paying for property taxes and maintenance. That leaves them with a nice tidy profit when they receive that check from you every month.
The next time you’re afraid of committing to a mortgage, taxes and upkeep, keep in mind that you’ve already committed to doing that very same thing for a property that someone else owns and benefits from financially – every single month you rent. The only time home buying doesn’t make sense is if you’re still living with your parents rent-free or if you prefer to live out of an R.V. or tent. However, if you want to live in a home or condo, it most of the time it makes more sense to own it yourself than to rent it from someone else.
Stop making your landlord rich and start building your own net worth. You can still enjoy owning a home, even if you don’t intend to stay in an area for long. You can always resell your home, most often for more money than you put in, or turn it into consistent residual income by hiring a property management company to rent it out on your behalf. Whatever you decide, don’t be afraid of a mortgage commitment – you’re paying one regardless. Now ask yourself, do you want to make yourself money or make your landlord money?
If you believe you’re ready to stop lining your landlord’s pockets, feel free to contact me and together we can come up with a game plan to get you into your very own home. Just send an email to Rachel@RachelKayla.com and we’ll talk.