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Let’s Be Honest Here: Can Homeownership Make You Financially Better off?
How much is your home worth?
I have many friends and people somewhat close to me who embarked on the greatest adventure of their lives, buying their own homes.
When interest rates were low, expectations were so high that I often heard phrases like, “So when are you going to buy?” or “If you don’t buy when interest rates are low, you’re stupid, an opportunity like this will never come again!”
In my posts about buying or renting a home, I often indicated that I’m not a big fan of owner-occupied housing (at least not as an investment).
How Much Is My Home Worth?
You should ask yourself this question.
You yourself will probably overestimate the selling price of your property. A buyer will deduct $1,000 from the purchase price for each stain on the wall.
If you want to mortgage your house, you will be surprised how little money the bank will give you.
Only the Internal Revenue Service is even more generous than you are when it comes to valuing your property. But the office staff also wants to calculate the taxes on the property.
