Top 10 Signs That It's Time To Own Your Own Home
10. You're ready to stop paying your landlord's mortgage payment, and start building wealth of your own. Did you know that you can put someone else’s money to work for you? Say that you have $10,000 in the bank earning 1% interest (going rate). Real Estate in San Antonio is averaging 8 – 10% appreciation. You buy a home valued at $150,000 and use the $10,000 that you have in the bank as a deposit. Now you’re earning 8-10% on not only your $10,000 but you’re earning 8-10% on the bank’s $140,000 that you borrowed. Let’s do the math.
1% of $10,000 equals $100
8% of $10,000 equals $800
8% of $140,000 equals $11,200 add the $800 from above and you’ll earn a total of $12,000 in one year of owning a property valued at $150,000!! Now that’s making some money.
9. You could use the property tax and mortgage interest deductions. So, you look at the example above and say, “but I also have to pay interest to the bank”. That’s right, current interest rates are hovering around 6.25%, so you will earn (8% - 6.25%) 1.75% on your invested money. But, this is important, that not it ---- you’ll also be saving money on your taxes. Using your mortgage interest as a deduction on your taxes, you’ll be saving money on taxes also!
8. You want a vested interest in your community. Do you wish that you had a say in how the entrance to your neighborhood looks? How about the community spaces, are they well kept? Do you wish there was a group of women that could share child care within your neighborhood? Do you like to organize events? You can do all of these and more by owning interest in your neighborhood.
7. It’s mid-August and you can no longer tolerate waiting for your landlord to send someone to fix your air conditioner. How many times have you called the landlord and had to wait a week or more to get something fixed. No more YOU’RE IN CHARGE!!
6. You are working at a job where you won’t leave the country every other year.
5. You want to provide your family with a sense of stability and plant roots. Not only stability and roots, what about inheritance!! Build your wealth through home ownership.
4. There are more than twice as many people as bedrooms in your current residence. Is your place getting a little crowded? Need more bedrooms, more living space, a place for the kids to play and you don’t have to worry about the mess – buy a home of your own.
3. You want to paint the walls of your bedroom any color you please. Oh, the white walls. Like to jazz it up, you can do it.
2. You are tired of saving all your quarters for the Laundromat. A washer and dryer to use at any hour without having to leave your home.
1. When you say you are "going home," you want to really mean it!