Written by Guest Blogger
Wendy Lee
of Exit Reality
Owning YOUR OWN increases YOUR NET WORTH BY 49%!!
How does owning your own home increase net worth? Here's how, when you are paying rent, which is actually your landlord's mortgage, plus any extra money he/she may earn as additional income (let's get real, investors are in the business to TO MAKE MONEY on their investments), so you can help them pay off their mortgage, so with that mindset, why not pay your own mortgage, you are basically pulling money out of one bank account, your ATM, and putting into another of YOUR bank account because you are paying off YOUR OWN MORTGAGE NOW!! Now that is putting money back in your own pocket!!
As a independent contractor, self employed, home based business, running your own business out of your own home gives you financial benefits (ie tax write-off, deductions). For example, a client of mine prior to owning a home, paid Uncle Sam $1500 one year, then the next year, with the tax write offs, the same client got back from Uncle Sam $5000 the next year, what changed, he bought a home!!
Other benefits of HOMEOWNERSHIP!! To be able to enjoy the comfort, security, and financial rewards for as long as YOU CHOOSE to stay in the property! You move when you are ready to move!!
OK!! I AM INTERESTED IN BUYING MY OWN HOME, WHAT IS THE NEXT STEP?
Now is the time to buy real estate. Real estate is on the up and up in value now. Donald Trump, and investors all started somewhere with just one property. In the end, stop wishing for it, and make it happen with your 1st home purchase.
With historically low interest rates, great home prices, multitude of home buyer programs available, the key to your home in your hands.
Whether it be you can only pay $1000 or $10000/month in your mortgage payment, there is a home somewhere out there for you.
The 3 rules of real estate is location, location, and location.
But if it is budget, budget, budget that is more important to you, then expand your search parameters to account for your budget considerations.
Few key thoughts to keep in mind.....some of the DO's and DON'Ts
Buy a home that you can afford. Don't try to be like the Jones.
Choose a loan that fits your specific needs, not all loans are one size fits all.
Don't spend on your home's equity, your home is not an ATM. Taking equity out doesn't build wealth....
Don't fall behind on your property taxes.
Always maintain your home. Choose to do a small project or projects every year so that when it is time to sell the home, you are not spending a lot of money to make sure the house shows well. Besides don't you want to enjoy some of those new home updates when you are in the house too...(smile)
And always ask for help at the 1st SIGN of financial trouble.
The key to make your dreams come true is to be COMMITTED TO YOUR GOAL.
Once committed, your goals are more attainable. Create a vision board, prepare a budget, and savings plan, and work them all into an action plan.
Make sure you find a committed licensed real estate broker to assist you with your search, so get ready, set, sacrifice, save, and savor in the quest to become a HOMEOWNER!!
Stop paying your landlord's mortgage, and start paying on YOUR OWN mortgage!
For more tips and tools on building your wealth, follow me on Facebook, Twitter, Instagram, and You tube.
Bringing you HAPPY AND HEALTHY HOME
No comments:
Post a Comment