A home is the largest purchase many people will ever make. People who sell homes like to call a home an investment. The truth is, a good investment will give you back more money than you put into it. If you plan to sell it after living in it awhile with the hopes of making a profit, then it 'is' an investment. If you plan on living in it until you die, it is a 'purchase' for you. If you buy in the 'right' neighborhood, spend the time and money to maintain it, and sell it, you might make money on it. Lots of other factors go into making money on a house. I know lots of people who lost money on a house. The problem many people have is they become 'house rich and cash poor.' Yes, I know all about reverse mortgages. And sometimes they can be a good fit. However, it is best not get yourself in that kind of situation in the 'first' place. BTW, I can recommend some great Realtors to talk to if you are interested in buying or selling a house. I can also recommend some great mortgage brokers as well. Before you talk to a Realtor or a mortgage broker, talk to me, I have some valuable information about the best 'type' of loan to get for your needs. You would be wise to know that information first. I can improve your retirement situation if you buy and finance a home the 'right way.' Compare financial ideas 'long before' you buy or sell your next house. |