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Margo Borkin

Persistent Perserverance, Consistent Results

248-419-3160
Cell: 248-318-4776
Fax: 248-419-0930
margo@movewithmargo.com
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5 Reasons Homeownership Makes ‘Cents’

5 Reasons Homeownership Makes ‘Cents’ | Simplifying The Market

The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.

Today we want to talk about the top 5 financial reasons you should own your own home.

  1. Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit card debt, or even send a child to college. As a renter, you guarantee that your landlord is the person with that equity.
  2. Homeownership provides tax savings – One way to save on taxes is to own your own home. You may be able to deduct your mortgage interest, property taxes, and profits from selling your home, but make sure to always check with your accountant first to find out which tax advantages apply to you in your area.
  3. Homeownership allows you to lock in your monthly housing cost – When you purchase your home with a fixed-rate mortgage, you lock in your monthly housing cost for the next 5, 15, or 30 years. Interest rates have remained around 4% all year, marking some of the lowest rates in history. The value of your home will continue to rise with inflation, but your monthly costs will not.
  4. Buying a home is cheaper than renting – According to the latest report from Trulia, it is now 37.4% less expensive to buy a home of your own than to rent in the US. That number varies throughout the country but ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
  5. No other investment lets you live inside of it – You can choose to invest your money in gold or the stock market, but you will still need somewhere to live. In a home that you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live.

Bottom Line

Before you sign another lease, let’s get together to help you better understand all your options.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy Tagged: Real Estate

Renting or Buying…Either Way, You’re Paying Someone’s Mortgage

Renting or Buying…Either Way, You're Paying Someone's Mortgage | Simplifying The Market

There are some people who have not purchased homes yet because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich,”

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 3.94% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Rent vs. Buy Tagged: Real Estate

How to Save on a Mortgage Payment Whether Buying or Selling

How to Save on a Mortgage Payment Whether Buying or Selling | Simplifying The Market

In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains:

“Since we started keeping track in 2012, it’s been a better deal to buy than rent in America’s largest housing markets – and for much of that time it hasn’t been close.”

It then goes on to ask the question:

“But does the equation change for renters who share their rent with a roommate?”

The report reveals:

“While the standard rent vs. buy analysis reveals buying is cheaper than renting in all of the nation’s 100 largest metros, this doesn’t hold true for those choosing between renting with a roommate and buying a starter home.”

It seems obvious that sharing the cost of renting your living space by taking in a roommate dramatically decreases your housing expense (which is exactly what the report concluded), but it got us thinking.

What if you purchased a home and took in that same roommate?

The savings you would gain by adding a roommate would also occur if you purchased a home. This presents an opportunity for a list of possible purchasers. Here are two examples:

  1. The first-time buyer: As the report explains, many young adults already live with a roommate. If they purchased a new home, perhaps that roommate (or someone else) would be willing to rent a room in their new house. The rent could help offset the mortgage payment.
  2. The empty-nester seller looking to move: Their home may no longer fit their current lifestyle. They may now be looking for something a little smaller with all the bedrooms on the ground level. These families may be able to open a bedroom to an older family member (parents, aunts & uncles, etc.). This would kill two birds with one stone.

A smaller, move-down home is almost impossible to find in the current housing market. If the seller-turned-buyer takes on a tenant, they could buy a more expensive home knowing that the additional monies needed to pay the mortgage would be offset with the additional monies they receive in rent. Secondly, the older couple (ex. parents) could get a housing option that probably far surpasses anything else available to them in the current market.

Bottom Line

Considering the concept of renting a portion of your house to be able to purchase the perfect home may make sense to many families. You will need to decide if it is right for you.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy Tagged: Real Estate

The Cost of Renting vs. Buying a Home [INFOGRAPHIC]

The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market

The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Historically, the choice between renting or buying a home has been a tough decision.
  • Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!


Source: KMC

Posted in: Buying Myths, For Buyers, Infographics, Rent vs. Buy Tagged: Real Estate

Buying Remains Cheaper Than Renting in 39 States!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).

Buying Remains Cheaper Than Renting in 39 States! | Simplifying The Market

One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.

Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together and find you your dream home.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Rent vs. Buy Tagged: Real Estate

Net Worth of Homeowners 44X Greater than Renters

Net Worth of Homeowners 44X Greater than Renters | Simplifying The Market

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.

The study revealed that the 2016 median net worth of homeowners was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why, for the fourth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.

Greater equity in your home gives you options

If you want to find out how you can use the increased equity in your home to move to a home that better fits your current lifestyle, let’s get together to discuss the process.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy Tagged: Real Estate

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Margo Borkin Real Estate
3 weeks ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
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8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
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Margo Borkin Real Estate
1 month ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

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Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
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Margo Borkin Real Estate
2 months ago
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Margo Borkin Real Estate
3 months ago
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Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
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  • Comments: 0

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