11/08/2024
If you are renting, this is why you want to work towards homeownership. Owning a home is the best way to build wealth for yourself and your family. Here is an exercise to help you understand why home ownership builds wealth. -Imagine how much money you make in a year. Keep that number in your mind. Next, imagine that you bought a home last year that increased in value by $25,000 this year. Now add that $25,000 to how much money you made this year. It is like making an extra $25,000 income! Now, that extra $25,000 of equity in your home doesn’t go directly into your bank account this year. But the asset you bought (your home) increases in value like this, year-over-year, so, when you go to sell your home in the future, you will generally walk away with LOTS of extra cash in your pocket (considering that you have maintained the home and kept it up over the years) or you can use the earned equity in your home as a large down payment on your next, larger home. Oppositely, if continue to rent forever, sadly, every time it comes time to move, there isn’t tons of extra money at your disposal from living at that residence. Does that makes sense? You paid rent each month and helped your landlord become wealthy, and you may find that it is in fact difficult to come up with the first and last months rent for the new location. Don’t let this analysis scare you. Let it INSPIRE YOU!! 💖🏡🔑
If you or someone you know is stuck in this rent trap, and want to start considering taking the road towards home ownership. I invite you to reach out to me. Give me a call/text/email, whatever is most comfortable with you. I would be so happy to show you the step-by-step process to helping you become a homeowner and start building wealth in your very near future! 🎈 🏡
You can do this!
Bre Larson -Edina Realty
612.400.5925