As a new home builder, we want to ensure your home buying and selling decisions are informed. I have been hearing from homeowners that are considering selling their home and going back to renting. Besides losing all of the equity you’ve spent years to build, at some point if you decide to purchase a home again, costs will be higher and it will be more difficult to become a homeowner again.
We have created an infographic to demonstrate the financial ramifications of selling your home and becoming a tenant versus retaining your current home and continuing to build equity as a homeowner. Please keep in mind some assumptions had to be made such as a modest assumed value gain rate, and we have used current mortgage lending rates to calculate monthly payments.
Pay particular attention to the amount of money you’ll have paid to a landlord in this time frame; money you will never see again. If cost of living is your concern, alternative solutions such as a basement income suite or purchasing a small home are far more beneficial to your overal financial stability.
Any of our qualified Area Managers will be eager to answer questions you may have. Give us a call today to see how we can assist you.