Is homeownership the greatest way to secure your financial future? Today I’ll discuss my thoughts about this question.
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First-time homebuyers often focus on two things: the price of a home, and the monthly payment they’ll be bound to after purchasing it. This is quite understandable. However, there’s one more thing you need to consider when buying a house: the future value of the property.
In a nutshell, appreciation, or the increase in prices over time, is how a majority of wealth is built in real estate. That’s why homeownership is a great, stable, long-term investment.
Homeownership also creates the opportunity to secure your financial future later. By paying off a mortgage during your working years, you eliminate a big expense from your plate during your retirement years.
In a nutshell, appreciation, or the increase in prices over time, is how a majority of wealth is built in real estate.
What’s more is that if you’re not great about having a savings plan, owning a home is a great opportunity to create a financial cushion that renting can’t. If you start when you’re young, it gives you a longer opportunity to create wealth.
Now, owning a home doesn’t necessarily guarantee that you can have a greater net worth, but it does give you an opportunity (and a structure) to build wealth.
For further tips about buying or selling a home, visit my website at www.ShannonR.com, or feel free to give me a call. I’d love to help.