Do you rent a house in Colac but want to become a home owner? If so, you're not going to like the saying 'Rent is dead money’. Let's face it, paying off someone else’s asset and consequently building wealth for them isn't a comforting thought! What would feel much better is knowing that our hard earned money was working towards paying off our own asset and building wealth for us! Now we know that home ownership isn't within reach to everybody but what if it were possible for you and you just didn't know it?
Build a House - Build a Future
Not only are mortgages one of the biggest financial commitments, they’re usually the longest. If you’re going to pay for something for years to come, then why not pay for something that invests in your quality of life and secures your financial future in your later years, not to mention having something to leave your children?
With current interest rates so low and first home owners grants, if you can afford to pay rent then you may be able to afford a mortgage. What if getting a home loan wasn’t as out of reach as you might think?
Speak to the right people
Home lenders can work with you to establish a realistic budget for you to plan from accordingly. If you're thinking about becoming a home owner, then you may have considered building. If you buy an existing home, chances are you'll pay the around true market value for that home. But when you build, the market value of the finished home may be more than what it cost you to build it. Given the right circumstances, when you build you create instant equity!
Equity is the difference between what you house is worth and the value of your mortgage. When you buy an existing home at true market value it make take some time, possibly even years to build the same amount of equity. Equity is gold as it can be borrowed against later throughout your life for all sorts of things, such as a car, boat, education, almost anything really.
Equity is so valuable even to the point that later on down the track, people have been able to use the equity in their home to borrow enough money to purchase an investment property and have 2 properties building wealth for them! Then in retirement, they sell the investment property, use the profit to pay off their home mortgage and go on to live happily ever after enjoying financial freedom. This is a whole another story though and you can see an example of it here https://urbanseed.com.au/property-investment-as-a-debt-reduction-strategy/
Building - It just makes sense!
If your interested in becoming a home owner via building, get in touch with us at Build In Colac via email [email protected] or call us on 0407889458. We can get you in touch with the right people who can share their creative pathways to home ownership and also introduce you to people who will help you to get the ball rolling!
If your interested in building, upgrading, downsizing or investing in property, there's no better time to start that now. It's easier than you think and a smart financial move for your future financial security. It's not about finding a house, it's about creating a home.