Many people still believe that owning a home is the way to acquire wealth for retirement. However I have a few caveats:
- You will have to find a home and stay there for a long time. Hopping around will not work in a slowly appreciating market. (Slow = what it used to be. No more get rich quick)
- No home equity loans to buy toys. If you take out a loan on the home’s equity improve the home with it!
- Use a Realtor® who knows the area and the market you desire. And if you need information, go to him or her as a good source. Any Realtor worth their salt will talk to you about their area with no obligation intended.
Read on…….From the Article:
There is no shortage of experts that want to let us know how Americans feel about owning a home after the collapse of the residential market in the last five years. They MUST be devastated. They MUST feel trapped like prisoners in their own homes. They MUST be sorry they ever bought the house. These assumptions seem logical at times and can occasionally be supported by anecdotal evidence.
However, we want to go to the only people who truly understand how homeowners feel – the homeowners themselves. There have been three major surveys done this year that can shed light on the issue:
The National Housing Survey
This survey conducted by Fannie Mae showed:
* 96% of all homeowners said home ownership has been a positive experience.
* 64% consider buying a home as a safe investment. Buying a home was considered safer than buying stocks by over three times the number of people (64% vs 17%).
The top four reasons to buy:
1. It means having a good place to raise children and provide a good education
2. You have a physical structure where you and your family feel safe
3. It allows you to have more space for your family
4. It gives you control over what you do with your living space (renovations updates)
American Attitudes About Home Ownership