Think owning a home can make you happier? It sure can! Let’s connect to see if owning a home can brighten your day.
The Cost of NOT Owning a Home
Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
Zillow recently reported that:
“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which owning a home makes more financial sense than renting it.”
What proof exists that owning a home is financially better than renting?
1. We recently highlighted the top 5 financial benefits of Owning a home:
- Owning a home is a form of forced savings.
- Owning a home provides tax savings.
- Owning a home allows you to lock in your monthly housing cost.
- Owning a home is cheaper than renting.
- No other investment lets you live inside of it.
2. Studies have shown that a Owning a home net worth is 44x greater than that of a renter.
3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 in family wealth over the next five years.
4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment– along with a profit margin!!
Sick of renting? Take these Easy Steps to Owning a Home
So, are you tired of paying your landlord’s mortgage payment yet? If you answered yes, and you’d much prefer to be building your own wealth instead of your landlord’s, it’s time to start saving for a home of your own.
Yes, it seems daunting. It seems like it will take forever. But there are some very simple changes you can make that will have your savings account bulging in no time.
It requires discipline, but we know you can do it.
Sell what you no longer need or use
We have a friend who went through her home, every room, every cupboard and drawer and even the garage, to find items the family no longer used or wanted.
She put them up for sale on Facebook Marketplace and in one month she’d made more than $500. And, she hadn’t even sold everything. That $500 gave her down payment savings account a huge boost.
Next, she’s going to tackle their storage unit and hopes to make twice what she made selling things around the home.
Facebook Marketplace is but one online arena on which to sell things. Try posting to these sites as well:
Having trouble finding Facebook Marketplace? Check out the reasons why and how to fix them at BusinessInsider.com.
The key to making online sales is in your description of what you’re selling and, most importantly, your photos. Get tips at CNET.com.
Take in a roommate
If you have a spare room, consider renting it out. It’s one of the best ways to accumulate a lot of money quickly.
Not only will you make money by charging rent, but you can also charge the tenant for a portion of the utility bills.
Consider a side hustle
- Drive for Lyft or Uber
- Deliver food for Instacart, Uber Eats, Postmates, GrubHub, DoorDash
- Clean houses
- Mow lawns
- Walk dogs
- Offer handyman or woman services
- If you sew, create coronavirus masks and sell them online
- Grocery shop for the self-quarantined
- Offer errand running services
Advertise your services on Facebook Marketplace and Nextdoor.com.