By Thomas C. Schultheis
2019 President
Santa Barbara Association of REALTORS®
This week I wanted to give my readers who are renters a simple reminder about all the reasons why homeownership is a good idea.
1. Paying off a mortgage over time: I think that all renters can agree that it really hurts knowing that you pay a large amount on money in rent every month and that you will never see that money again. Conversely, with most mortgages, a portion of your monthly payment is applied to reducing the principal balance itself and the other portion is an interest payment. Personally, I love watching my mortgage balance go down every month, knowing that it will eventually be fully paid off and that my living expenses will go way down at that time because I will no longer have a mortgage.