You read the title correctly, if you are a renter, you still make a mortgage payment. Of course, you don't make your own payment, because you don't have a mortgage. You make your landlord's payment, and they certainly appreciate it. Because, while you're making their mortgage payment, they don't have to. They are either generating a monthly profit off of your payment, or they are basically receiving a "free" house at your expense.
Not to say the the property owner doesn't incur some expenses. That's the reason for the quotation marks around the word free. But, I can assure you that you are helping them tremendously and if they're intelligent investors, as most are, then they are getting the better end of the deal and reaping the rewards of their decision to invest in real estate.
By no means am I saying that there isn't a time and place to rent, but eventually, you need to get off the fence and start making an investment in your own future rather than someone Else's.In many places, Columbia, SC included, you can actually own a home for less than you currently pay in rent. There are factors that go into this, such as down payment, property taxes, and insurance. However, if you think that owing a home is a huge risk, consider this. Buying a home or investing in real estate does have it's risks, but you must think of the rewards. It's an opportunity to start paying yourself for a change rather than paying someone else. And, you take a huge risk everyday that you get in your car and go for a drive. There's a huge risk that you could be involved in an accident, but does that stop you from driving?
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JL Boney, III - Columbia, SC Realtor - Coldwell Banker Residential Real Estate
I specialize in Columbia, SC real estate and the surrounding areas, including Blythewood, SC, Kershaw County, Fairfield County, and Lexington, SC. If you are in the market to buy or sell a home in Columbia, SC or any of the surrounding areas, I would love the opportunity to speak with to see how I can help. Thanks for reading and feel free to contact me if I can be of service to you.
Office- 803-788-1450 Cell- 803-730-9601 Email- James_Boney@Yahoo.com