The family home is your biggest asset. You should have a plan that includes a detailed budget for what you are going to do with the home. An investor would crunch numbers before buying a property and you should too.
There is no reason you can’t have a good property. It should be a consideration that you have good schools, enough space, and a good lot, but you also have to consider the cost of upkeep. I know that in the past ten years people stopped considering trading up, but that should be an option today with a few tips on how to do that. Number one is to buy what you can more than afford.
I’m getting to be a broken record about paying off a property, but it is the best way to build equity. Even if a property goes down in value, or price, you can more than make up for that by paying the property off. You save on the compounded interest payments by compressing the Note. Over on www.FixerFixer.com we talk about some home improvement projects, and also how to buy property as an Investment.
For here, our purpose would be to get you to be a ready, willing, and able buyer. You should know that Real Estate is the dirt, the lot, a property sits on, you should buy the best location you can afford, at that time. The structure should be sound with only what you, yourself, can afford to fix. Make big plans if you are capable, but remember that also takes money.
My next post will be about trading up, because most savvy home owners have done that. It’s a hassle, but it keeps the price for you affordable, while you build personal wealth.
About David Losh
In 1984 I got my Real Estate license and worked in a small company called Advance Properties. The owner was extremely interested in Real Estate, building, and land development. Most of his work was concentrated North of Seattle. Since the 1970s I had worked for Real Estate agents in Seattle as a contractor, mostly preparing properties for rent, and sale.
After a few years my skill level increased considerably concerning land use, building code, and development practices. Escrow, and lending offices were housed at the Advance Properties building so it was easy to get involved in all aspects of Real Estate. It was very much a family owned, and operated business.
Over the years my Real Estate license has been at a variety of Real Estate companies, and offices. Nothing compares to those early years, or that sense of family. Real Estate has gotten to be corporate owned.
My hope with this blog is to share with you some of the things I've learned. If you have Real Estate needs, or want contractor help, I refer freely to what best suits you. If you should choose to work with me you'll find a great resource.
My Real Estate license is at Skyline Properties in Northgate. Skyline is a locally owned company that is a desk fee office. There is a wide variety of diverse agents. It helps me with some of the other projects that I have, and mentoring that I do, to be able to work with people from other cultures.
Here in Seattle we are close to Vancouver BC and are the gateway to China. Boeing has a great trade relationship with China, as does Microsoft have with all of Asia. We are a culturally diverse community, and it helps me to be invlolved.
