1.SAVINGS-Long term home ownership is still a way to get big savings!!
2.TAX BREAKS-Interest deductions, rebates and tax credits are still available. They can add up fast.
3.EQUITY-Why build up a landlords equity? Invest in a home and build up equity for yourself and your family. And don’t forget about appreciation. If you buy a home for $200,000.00, and hold it for 15 years you will have built up equity equal to about $24,000.00 by paying down your mortgage, plus if it appreciated $25,000.00 you would have realized almost $50,000.00. What would you have if you were renting???
4.BUDGETING-If you are renting you will never know how much your rent is going to go up – and it will go up. If you own, you will know exactly what your monthly expenses will be and you will be able to budget.
5.SECURITY-You own it!!! It’s yours to do with what you like.
FSBO FOUNDER USES AGENT TO SELL MANHATTAN DIGS
For Sale By Owner .Com founder Colby Sambrotto recently abandoned his efforts to sell his 2 $million apartment himself and turned it over to a real estate broker. The Broker promptly sold the unit for $150,000.00 more than he had been asking. The For Sale By Owner.Com web site boasted that homeowners did not need real estate professionals to sell their properties. Hum! Kind of makes you wonder does it not?
HAVE YOU HEARD?
Foreclosures were reported to be down 7% in July. Here’s what they did not tell you- the decline was largely due to problems in getting notices into the hands of consumers rather than an improving housing market. It looks like more distressed homeowners have been able to stave off foreclosure.
DO YOU OWN RENTAL PROPERTY?
Rental property owners continue to enjoy the benefits of a struggling real estate market. If you are able you can buy investment properties that will give you a return on your money 5 to 10 times what you will realize putting your money in a bank. Food for thought.
AND FOR US SENIORS-
AARP has found that 32% of seniors believe their home values have deteriorated so badly that they will be forced to put off retirement. They found that seniors had planned to sell their large homes and downsize and use the profit to finance their retirement. The question is how long will this last.
THE BRIGHT SIDE-
Despite all the negative news we get these days there is a bright side. That is, we are probably half way or better through this economic crises. We are Americans and we are tough -always have been- so we can handle this even though it is rather unpleasant.