The Wistrick Team - Can Owning a Home Change Your Life?
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Expert Tips

Can Owning a Home Change Your Life?

October 29, 2020


Most people buy homes so they can put a roof over their head, be able to live in a part of town they enjoy, get into a good school district for their kids, or simply for more space. But that’s usually where their thinking stops. Sure, they want a good deal when they buy it, but most never think about the long-term financial impact.

 

I’ve said this many times before—real estate is the only financial investment in which you can live, raise a family, and make memories.

 

So can a home change your life? Yes, it can! We see it all the time. Over the last 17 years, I’ve witnessed firsthand how our clients have leveraged the appreciation from their home to get what they want. Here are some examples of what our clients are doing with returns from real estate investments … any of these ring true for your dreams?

 

Sell and move to the beach.
Sell and buy a beautiful vacation home in the mountains.
Do a cash-out refinance/home equity line of credit to install a pool, outdoor fire pit, or finish the basement.
Sell and use the equity for a down payment on a larger home.
Sell and use the equity to pay off debt, becoming financially free.
Sell and use the equity to buy additional investment properties.

 

The list of possibilities is endless! What is amazing about looking at your home through the lens of an investment is that it’s tax-free when you decide to “cash out.” Unlike selling stocks or tapping into your 401K early, as long as the home was your primary residence for at least 2 of the last 5 years, Uncle Sam won’t tax your equity.

 

So dream big and think about what your life could look like if you took that plunge towards something you’ve always wanted. The first step is dreaming. The second step is to call me, so I can help you determine how much equity you have or are positioned to see over time.

 

And let me just say this … simply buying any home is not always going to lead to financial freedom. For 17 years, we have been helping our clients strategically select homes that will pay bigger dividends down the road. So many factors go into making the right selection, such as studying market trends, school ratings, avoiding negative re-sale factors like busy roads, power lines, high percentage of rentals, and so on. We truly believe your home is an investment. The decision making process up front must reflect this.

 

Want to hold and let your investment appreciate more? Whatever you do, don’t ignore the monthly market report I send (we call them Homebeats) that tracks home values in your area. These reports are super valuable! Just like you regularly check on your bank accounts and other investments, monthly Homebeats are sent as a courtesy for you to also check on your home value each and every month!

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