Owning one’s home has been a major part of the “American Dream.” But that’s changing.
Many millennials face a tough housing question: “Do I rent or do I buy?”
The current housing market is making the decision easier.
Renting may seem like you’re “just throwing your money away,” but prospective homebuyers need to know about all the costs of buying and maintaining a property.
First off, never buy a home if you plan to stay in it for fewer than 5 years. In some metro areas like Seattle and San Francisco, renting can be cheaper than buying, assuming you put down 10% and stay in the home for five years.
And then there’s the cost of property taxes and upkeep. Eric Simonson, a certified financial planner in Minneapolis, advises clients to plan on spending 1% of the home’s value each year for maintenance and upkeep. If your home is valued at $500,000, that comes out to $5,000 a year!
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.