First Time Home Buyer’s Guide

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First Time Home Buyer's Guide

First Time Home Buyer's Guide

Are you renting a home or apartment right now? Maybe you even think you got a good deal from your landlord. Let me assure you that odds are you didn’t get a good deal no matter how “cheap” your rent is. When you pay rent you acquire no equity (Equity is simply the amount of ownership value a homeowner has in the property.) When you own a home and have a mortgage, each month a portion of your payment goes towards paying off your interest while the rest begins to build equity in your home. This built-up equity is what allows homeowner’s to “move up” in the market and purchase a more expensive home than the one they just sold. I have put together a chart that will show you just how much money you will spend over 1, 5, 10, and 20 years of paying rent while acquiring no equity. Over the 20 years of paying rent you could easily have paid off and owned your own home by then. So next time you write that check to the landlord think about how much rent you are REALLY paying.

If the monthly Rent is…… 1 year 5 years 10 years 20 years
$350.00 $4,2000 $21,000 $42,000 $84,000
$400.00 $4,800 $24,000 $48,000 $96,000
$450.00 $5,400 $27,000 $54,000 $108,000
$500.00 $6,000 $30,000 $60,000 $120,000
$550.00 $6,600 $33,000 $66,000 $132,000
$600.00 $7,200 $36,000 $72,000 $144,000
$650.00 $7,800 $39,000 $78,000 $156,000
$700.00 $8,400 $42,000 $84,000 $168,000
$750.00 $9,000 $45,000 $90,000 $180,000
$800.00 $9,600 $48,000 $96,000 $192,000
$850.00 $10,200 $51,000 $102,000 $204,000
$900.00 $10,800 $54,000 $108,000 $216,000
$1000.00 $12,000 $60,000 $120,000 $240,000
$1100.00 $13,200 $66,000 $132,000 $264,000
$1200.00 $14,400 $72,000 $144,000 $288,000
$1300.00 $15,600 $78,000 $156,000 $312,000
$1400.00 $16,800 $84,000 $168,000 $336,000
$1500.00 $18,000 $90,000 $180,000 $360,000
$1600.00 $19,200 $96,000 $192,000 $384,000
$1700.00 $20,400 $102,000 $204,000 $408,000
$1800.00 $21,600 $108,000 $216,000 $432,000
$1900.00 $22,800 $114,000 $228,000 $456,000
$2000.00 $24,000 $120,000 $240,000 $480,000

If you would like to speak to a REALTOR please visit our ASK A REALTOR page.

You can also contact a REALTOR directly by calling Hunter Webb at (469)-951-2299 or at HunterWebb@verizon.net

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About hunterwebb

I am a 26 year old real estate agent in The Dallas Fort Worth Metroplex. In my downtime I enjoy watching sports, reading a goodbook, and grilling up a good meal.

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