We don’t give investment advice about Tooele Real Estate but some things are just so simple.
Is your Tooele house your best wealth builder? Have you compared owning your own home in Tooele County with any other type of investment available to you and your family?
Think about it.
Is there any other money saving possibility that will allow you control and all of the benefits of an asset worth a couple of hundred thousand dollars for just a small percentage of the value? (people that are allowed to give investment advice call that LEVERAGE)!
I don’t think so!
And,…… you do it with money you will need to spend regardless. (rent).
Here is a partial post that I got from my friends at KCM about increasing wealth thru home-ownership, I’ve added all of the references to Tooele County;
And also, since Tooele County is the 2nd fastest growing County in Utah, it seems like I’m not alone.
I also included articles from other real estate professionals around the country to offer their take on Real Estate as an investment.
Hopefully that will help prove my point!
How Can I Increase My Family’s Net Worth?
Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.
The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
What Helps Build Home Equity If You Own a Home
If you already own a home (if your lucky it’s in Tooele county) then you have a leg up. A head start so to speak. You have already done the most difficult part, buying the property. If you have selected well in terms of location, neighborhood etc: the property should appreciate on it’s own. But it never hurts to give things a little push in the direction you want them to go.
If the goal is equity building, there are a few things you can do to make the house or condo more appealing (valuable).
Here are a few ideas from real estate pros to give you some ideas to give your asset a nudge in the right direction
To build equity faster, there are a number of things you can do, including … Some remodeling and improvement projects boost a home’s equity.
See these bathroom design and remodeling ideas to get you started. ….. Value report, homeowners who build a garage see a 62% return on investment.
. If you think you’ll be in the home for a while, go ahead and renovate so you can better enjoy the property. Otherwise, if you’re renovating for …
Buying a home is a great way to build family wealth.
As we’ve said before, simply put, home-ownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year’s results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.
Homeownership is the Top Contributor to Your Net Worth
Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth,
“The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below):
“Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”
Having equity in your home can help your family move in that direction, building toward substantial financial growth. According to the report noted above, people are not only creating net worth in the homes they live in, but many are also earning equity in rental property investments too. (See below):John Paulson said it well,
“If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”
There are financial and non-financial benefits to owning a home. If you would like to increase your net worth, let’s get together so you can learn all the benefits of becoming a homeowner.
As I said, I don’t give investment advice, but I do know a lot about real estate in Tooele County.
I know where to look for the best housing buys as well as the most desirable neighborhoods. And with over 25 years in the business right here in Tooele County I think I know a thing or two.
So, if you are renting & have decided you might like to explore how you could improve the family fortune and take advantage of money you are spending anyway, give me a call. Berna Sloan 435-840-5029.
If you are currently a home owner & think after reading this post you might like to consider moving up to the next level. I’d love to talk with you. Buzz me up.
We don’t give investment advice about Tooele Real Estate.
Originally posted on tooelehomes4sale.com 10/08/19