“Owning your own home is a great step towards one’s independence, but make sure your home is working as hard for you if not more than you work to keep it.” – Bryce Ward 7/3/2020
As of this writing, I am now 20 years old, and as much as I love living rent-free with my family, I feel it is time I need to start making my own way in the world. My first step to a hopefully long life of success, I plan to buy my first home within the next two years.
Why Buy A Home? Why Not Rent?
When it comes to my life, I always try to focus on the long term. Hence why many of my projects are centered around the idea of providing myself income to build upon. When it comes to renting over buying a home, I want to be able to invest in my own wealth. Renting long term just doesn’t make sense for me. By choosing to rent, I am paying to have the privilege to live in someone else’s home. I am not investing in my future if I am having to focus on paying this month’s rent so that a landlord can pay off their mortgage. Instead, by purchasing my own property, I am investing in my future by renting out the estate or being able to sell it further down the road.
My Ideal First House
For many Americans my age, the main reason for buying a home is to start a family. This is not true in my case. I want to have a house that will pay me back monthly in the long term. Ideally, my first home would be a duplex where I can live in one unit and rent out the other side. This way, I can continue to build up my wealth, and if I want to create a business or have a family, I will have a strong foundation to start off on.
Hey, thank you for reading this week’s post. Do you have experience purchasing a home or renting out your property? Tell me what you learned down in the comments. I would love to learn more about investing in estate and hear about your experiences.