Is homeownership the greatest way to secure your financial future? Find out in today’s message.
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There’s a lot to think about when you’re buying a home for the first time. For many first-time buyers, price and their monthly payment rank highest on the list. Because of this, it’s easy to forget the long-term.
Aside from price and your monthly payment, the first thing to think about is appreciation. Especially in San Francisco, home values increase exponentially over time. I’ve met my fair share of homeowners who tell me their property was worth $200,000 or $300,000 at the time they purchased it, but is now worth over $1 million today.
As long as you’re renting, you’re putting money into your landlord’s piggy bank.
Another forgotten incentive to homeownership is proving financial security. As we grow older, one of our largest expenses can be housing.
Say you’ve spent over 30 years in a home and you’ve since paid off the mortgage, though. In that case, as long as you’re renting, you’re putting money into your landlord’s piggy bank, which leads me to another key advantage that homeownership brings about: forced savings. Once you own a home, money that would otherwise go to supporting your landlord’s future is now being invested into your own.
If you have any questions or there’s a specific topic you’d like to hear me cover, please reach out to me. I’d be happy to hear your suggestions, and I’ll talk to you soon!