A Market Moving at the Speed of LifeJuly gave us a clear look at the Denver Metro market as it is: measured, patient, and increasingly shaped by life circumstances. Moves are happening less because
How to Build Wealth by Owning Real Estate
Dated: October 31 2022
Views: 17
Step 1) Buy a home
Step 2) Make your monthly mortgage payments
Yes. It is seriously THAT simple.
Mannnnyyyyy of the world’s millionaires have created their wealth, or a portion of it, by owning real estate. While there are many ways to invest in real estate, and capitalize from it, the simplest way is to build equity in a home. You spend thousands of dollars in rent, so why not, “put that money to work,” and put it towards a mortgage payment?
Most first-time homebuyers put down anywhere from 5-7% for their initial down payment, which is by far the biggest hurdle to home ownership. But, if you’re able to come up with that initial down payment, or receive assistance from a parent, or a Down Payment Assistance program, then you will increase your wealth through owning real estate. As you make your monthly mortgage payment, your loan balance will begin to drop. At the same time, the home will appreciate around the historical average of 4-6%.
Let’s just imagine that the real estate market appreciates at 5% year over year, for the next 5 years. If you were to buy a home today at $500,000, and it grew 5% each year for the next 5 years, then the home would be worth $638,140 at the end of that period. You’ve now created $138,140 in wealth for making a mortgage payment instead of a rent payment.
Seem simple? Because it is! Get started today by scheduling a call via our Calendly Page, or emailing me @ [email protected]
Josh Spector
Josh was born and raised in Denver, Colorado, and is passionate about our beautiful state. He graduated from the University of Colorado at Boulder in May of 2019, with a degree in Strategic Communicat....
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