Overland Park Home Buyers

Still Renting? You are Paying a Mortgage!

Whether you like it or not, if you are a renter you are paying a mortgage, it’s just not your own. Yesterday I met with a couple moving here from North Carolina. They are in their 40’s and have never owned a home. When I asked why they wanted to buy a home, she said, “It’s time.” In North Carolina the flood insurance premiums were so high they couldn’t afford the insurance and the mortgage.

They are moving here for her job. But with the move, they get the opportunity to become homeowners for the first time. Owning a home is always less expensive than renting. We are on a mission this week to find the perfect home that they can call their own. When they think about how much rent they’ve been paying over the last 20 years, it’s frightening. On an average of $1,000 a month, they’ve paid about $12,000 a year. They’ve wasted close to a quarter of a million dollars on rent over their lifetime as renters.

When they arrived in Kansas City yesterday, Darcie called me to tell me they were looking for a new place to stay that didn’t have a crime scene investigation in process. I asked where they were and I suggested they come to Overland Park. It just goes to show you don’t always know where you are in a strange city.

After they got settled, we met at my office for about one hour for our buyer consultation. We completed our paperwork, they were preapproved for their loan and we chose the houses they want to see. One stop shopping at its finest to make the process easy and convenient for them.

Sometimes there is a reason not to be a homeowner. But the reasons to be a homeowner far outweigh the reasons not to be a homeowner. Doesn’t it make better sense to pay your own mortgage versus your landlord’s?

If you are still renting and have an extra hour in your schedule, you can get all of your questions answered and get pre-approved for your loan. Sign up for our next First Time Home Buyer Workshop here, or give me a call at (913) 515-3250 for a private one hour consultation.

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