While you’re fussing over your bills, did you realize you’re making your landlord rich? Rentals are the most lucrative business to get into. It turns ordinary people into millionaires. The next time you’re afraid of committing to a mortgage, keep in mind that you’ve already committed to paying off the mortgage of someone else – every single month you rent. Not only that, but your landlord is paying off they’re mortgage and walking away with additional income on top of that. The only time home buying doesn’t make sense is if you’re still living with your parents rent-free. Or, you prefer to live out of an R.V. or tent. But if you prefer to live in a home or a condo, it always makes the most sense to buy.
Rent in Fort Collins is still on the rise and even rents in Loveland, Windsor and Greeley are more expensive than they used to be. When you’re looking at the financials, there’s a good chance that you’ll spend less month to month on your mortgage than on your rent.
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 a lucrative side business 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?