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As everyone knows the housing market has been at one of its all-time lows over the past few years causing the economy to suffer some of the hardest hits in American history. During this time in Real Estate we Realtors have noticed a significant increase in qualified buyers choosing to rent rather than take a risk on purchasing in today’s uneasy housing market. A major factor that leads to this is the fear of foreclosure if in the future a buyer needed to sell for any reason and were unable do so.
At my brokerage, Freedom Realtors of Middle GA, and most other real estate companies in the nation a stringent process is taken to approve a renter. This process includes a credit check and an income verification assessment. The credit check is to ensure that the person desiring to rent has had a good history with paying their prior debts and an income verification assessment is to make sure the applicant can indeed afford the rental amount required by the home owner. Keep in mind both of these steps are also required to purchase a home with any mortgage lender. With so many rental applicants being approved around the nation, a real estate professional can only assume that most of the applicants if so desired would be approved to purchase a home since they have been approved to rent a home. I often make the statement to buyers and sellers that “if we could sell homes as fast as we can rent homes the economy of American would turn around over night.” Hence the statement “Renters, the economy is in your Hands.”
I would like to point out a few of the pros to buying instead of renting if you are indeed qualified to do so:
1. Buying a home means paying your mortgage rather than someone else’s mortgage.
2. Buying a home means investing in your personal wealth rather than the wealth of someone else.
3. With interest rates on mortgages at all-time low and rental rates on a constant incline due to supply and demand, you are likely to save hundreds to thousands of dollars annually on a mortgage.
4. You will be able to claim special home owner deductions on your taxes annually just for being a home-owner.
5. You are able to make the property “your own” with special touches such as paint colors, adding square footage, landscape, etc.
Renters, in taking some of these facts into consideration I hope you will take a second look at your home buying options. Contact a Realtor to see if you may benefit yourself and the American economy by becoming a home owner today! Together we can all make a difference!
Amie Bozeman, Atlanta Real Estate Pro