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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.

Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.

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Wed, 19 Sep 2018 03:55:00 +0100
North Korea dictator Kim Jong Un has vowed to permanently dismantle a missile test site and a launch pad after talks with South Korea.

Merkel removes spy chief to quell racism row
Tue, 18 Sep 2018 21:16:00 +0100
Germany's leader Angela Merkel has removed her spy chief to end a row over immigration which threatened to destroy her fragile coalition.

Brett Kavanaugh accuser 'faces death threats'
Mon, 17 Sep 2018 18:04:00 +0100
A woman who accused US Supreme Court nominee Brett Kavanaugh of sexual assault says she has faced death threats and has called on the FBI to investigate her allegations.

Russia blames Israel after Syria shoots down plane
Tue, 18 Sep 2018 06:27:00 +0100
Russia has blamed Israel and threatened retaliation after one of its military planes was shot down by Syrian missiles in a "friendly-fire" incident.

China retaliates in Trump trade war escalation
Mon, 17 Sep 2018 23:41:00 +0100
China has announced a series of retaliatory tariffs on $60bn (£45.6bn) of US imports after Donald Trump raised the stakes in his trade war with Beijing.



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