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All Real Estate Agents Are Not Created Equal
**Important things to look for in a Real Estate Agent**
When selling your home, one of the most important services your real estate agent can perform is helping you set the listing price. Most people approach a sale thinking they have a pretty...
How To Make $100,000 And How To Lose A $50,000 From The Same Property
At our new web site, www.GetPreconstructionDeals.com, I always get one specific question sent in after we announce a new preconstruction project: “So Chris, is this preconstruction project a good deal?” . The answer that is expected back by the...
Real Estate Investing: Beware Of "Subject To" Promises
Another real estate writer's mini course, full of promises and fluff, ended with a "lesson" on why you need to buy his book so you can finance multiple properties "subject to." The reason, he said, "because banks won't let you finance more than ten...
Rent Control Rehab for the Well-Heeled
For those who don't need it, rent control can become an addiction, resulting from too many years of a sweet deal. It can leave the real estate muscles paralyzed and the investment portfolio sick. "Penny wise" might have a "pound foolish" problem....
The Best Time to Inspect
Home inspections conducted prior to a home being placed on the market is one of the wisest moves a seller can make. The initial response from sellers when approached with the idea of an inspection done as the home is about to be put up for sale...
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Wealth Building – An Advantage Of Home Ownership
As you grow older, the issue of wealth building comes front and center. Wealth building simply refers to increasing the net value of your total assets. Wealth building over time is one of the advantages of home ownership.
Building Equity
Owning a home can help you build wealth in two ways. First, you build equity by paying down your mortgage. A certain percentage of each mortgage payment goes towards a reduction in the total amount owed. Typically, payments in the first few years of the mortgage are primarily applied to interest on the loans. As time passes, however, more and more of each payment is applied to the outstanding loan amount. Before you know it, the $300,000 loan is down to $50,000 and you’ve gained $250,000 in wealth.
Appreciation is the second wealth building advantage to home ownership. Each year, the value of your home will increase or decrease slightly based on market prices. Over time, real estate has always appreciated in value. In the current market, homes in some parts of the country are appreciating at rates as high as fifteen to twenty percent! Appreciation is a very popular subject with homeowners.
Wealth Building Example
Let’s look at a simple demonstration of how advantageous home ownership can be. Assume you buy a home in 2005 for $400,000 and, for the purpose of simply
mathematics, pay no down. Over the next 10 years, your mortgage payments reduce the outstanding mortgage by $100,000 and the home increases in value to $600,000. The value of your home as a net asset has grown to $300,000 [$600,000 minus $300,000]! If you had rented during this period, you would have missed out on $300,000 in wealth. This simple example should show you the advantage of home ownership.
Historically, home ownership is one the best ways for families to build wealth. If you don’t currently own a home, you should start looking for one.
About the Author: Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
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