Attention renters! Buying a home can be scary and intimidating, I know how you feel. But listen in for a few minutes and I’ll show you how owning a home can improve your net worth and start building your wealth. Especially if you plan on being in the same area for a while.
Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station, here to tell you if you want to increase your financial security…… Now might be a good time to invest in home ownership.
You work hard for your money and feel like you’ll never get ahead. When you pay rent, you build someone else’s wealth. Plain and simple. You will find that rent equals Mortgage Payment Plus a Profit Margin Plus some extra to maintain the house. Buying a home is a big achievement and a major financial milestone for you.
A recent report from the National Association of Realtors talks about the net worth of a homeowner compared to that of a renter. It explains that the average homeowner’s net worth is roughly 40 times that of a renter.
This is because as a homeowner, your equity grows as your home appreciates in value and you continue to make monthly mortgage payments to your loan. If you are a renter, you don’t have this opportunity.
A recent article from CNET says “Homeownership is still considered one of the most reliable ways to build wealth. When you rent, you are not investing in your financial future the same way you are when you are paying off a mortgage.”
In most markets, home equity will continue to build wealth over time and your home will become an asset that has the potential to appreciate (or go up) in value as you continue to pay down the balance of your mortgage.
If you are looking to finally stop renting and purchase, please reach out to my team and I, so we can help you strategize the best way possible to achieve your dream and help build your financial net worth along with it.
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
