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Bad First Impressions Will Turn Home Buyers Away
First impressions are very important when you are selling your home. In fact, making a good first impression can make all the difference. So be sure to present your home in its best light right from that very first time your prospective buyers set...
Five Tips For The First Time Buyer
1. Determine your specific needs as a first-time buyer. How much room do you need? Are you concerned about schools? Commuting time? Proximity to family and friends? Is this a starter home, or are you likely to be here in five or ten years? Are you...
Modular Homes - Affordable Housing
With soaring real estate prices, many Americans are looking to alternative home options. Modular homes are one of the popular affordable housing options.
Modular Homes
Modular homes represent almost 8% of all new U.S. home sales, with nearly...
Wealthy Americans Confident Real Estate Boom Will Last
Linknet Real Estate News Digest - December 22, 2005 - In spite of worrying signs that the real estate market is slowing down, a survey of wealthy Americans indicates most remain confident property values will continue to appreciate.
In a survey...
What are Murphy Beds?
In a time of expensive real estate, smaller homes built on smaller lots are becoming the norm, even in the suburbs. In the city, space is at an even greater premium, as more and more people work or live in existing buildings. Any idea that makes the...
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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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