Home prices have been increasing over the years, especially in cities where you live. Many want to quit renting, get a mortgage, and buy a home. But the job is in the city, and the home is outside the city, probably two to three hours of commute time one way. It is a challenging catch 22 situation to move to lesser priced areas to buy a home, while keeping your job in the city.
Suggestions:
- Quit your job in the city, buy the home outside the city, and get a different job or work from home. (This is trending up)
- Keep your job in the city, and keep renting, but be a (perhaps absentee) landlord. Ask your Realtor to help you buy a home outside the city as a non-owner occupied investment/ rental property. Use all (or part of the rental income) to pay the mortgage of this rental property. If you believe that property prices are increasing (it has in the past, although no one can guarantee any future appreciation), and that renters are expected to help pay down the landlord’s mortgage (recall that you are a renter helping your landlord paydown their mortgage, and give them tax advantage also); then this proposition could be something that you might want to seriously consider.
WiseChoice Financial (as a Mortgage Loan Originator) can provide free phone assessment and even take your application online if you desire to explore any of the suggested suggestions in the articles. All personal information is confidential.
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