Growing Your Net Worth with Homeownership
Schell and Sivils • August 28, 2023
Imagine yourself in a few years. You're financially stable, living in a home you love, and well on your way to achieving your financial goals. Homeownership is a key part of this vision for many people.
Owning a home is a great way to build wealth over time. As the value of your home increases, so does your net worth. In fact, homeownership is one of the most effective ways to build wealth for people from all walks of life.
Here are a few ways that homeownership can help you grow your net worth:
- Appreciation: Over time, most homes tend to appreciate in value. This means that the value of your home will increase over time, even if you don't make any improvements to it. This appreciation can add up significantly over time, and it can make a big difference in your net worth.
- Equity: Equity is the difference between the value of your home and the amount you owe on your mortgage. As you make mortgage payments, you build equity in your home. This equity can be used to finance other investments, such as a new car or a college education for your children. You can also use your equity to downsize your home in retirement or to pay off your mortgage early.
- Tax benefits: Homeowners can deduct certain mortgage interest and property taxes from their federal income taxes. This can save you a significant amount of money each year.
In addition to the financial benefits, homeownership can also provide a number of other benefits, such as:
- Stability: Owning a home can provide a sense of stability and security. It can also be a great place to raise a family.
- Pride of ownership: There's something special about owning your own home. It's a place where you can make your own decisions and create your own unique space.
- Community: Homeownership can also connect you with your community. You may be able to get involved in local organizations or events, and you may build close relationships with your neighbors.
If you're thinking about buying a home, now is a great time to do it. Home values are on the rise, and there are a number of government programs available to help first-time homebuyers.
At Schell and Sivils, we understand the many benefits of homeownership. We're here to help you every step of the way, from finding the perfect home to getting the best financing. Contact us today to learn more about how we can help you achieve your dream of homeownership.
Here are some additional tips for growing your net worth through homeownership:
- Make a down payment of at least 20%. This will help you avoid paying private mortgage insurance (PMI), which can add hundreds of dollars to your monthly mortgage payment.
- Shop around for the best mortgage rate. A small difference in interest rate can save you thousands of dollars over the life of your loan.
- Make your mortgage payments on time and in full. This will help you avoid late fees and damage to your credit score.
- Take care of your home. Make necessary repairs and maintenance in a timely manner to protect your home's value.
- Consider renting out a portion of your home. This can be a great way to generate additional income and offset your mortgage costs.
By following these tips, you can grow your net worth through homeownership and achieve your financial goals.
Welcome to the April edition of our North Texas Real Estate Market Report! As your reliable real estate advisors, we are thrilled to provide you with the latest insights into the dynamic local real estate market. Our goal with these reports is to offer you valuable information that will enable you to make informed decisions, whether you are thinking about buying, selling, or simply staying updated on market conditions in the North Texas area. Check out the complete Market Report to stay ahead in your real estate endeavors! Remember, knowledge is key in real estate, and our aim is to ensure you have the information necessary to make confident choices in the local market. Thank you for selecting Schell & Sivils Home Group as your trusted real estate partner. We are committed to keeping you informed and empowered every month.
APRIL 6TH Children's Advocacy Center of Collin County 2024 Gala Renaissance Dallas at Plano Legacy West Hotel: 6007 Legacy Drive, Plano, TX 75024 | 6:30 PM The Children's Advocacy Center of Collin County, a nonprofit organization, stands as a beacon of hope for children and families impacted by child abuse. Mark your calendars for our annual gala, the cornerstone of our fundraising efforts. Delight in exquisite cuisine, captivating live entertainment, and much more! Ensure you're part of this paramount event in Collin County! APRIL 8TH Total Solar Eclipse at the Library Haggard Library: 2501 Coit Rd Plano, TX 75075 United States / 1:00 PM Enter the realm of wonder and witness the breathtaking spectacle of a total solar eclipse. Limited quantities of viewing glasses are available at all five library locations. APRIL 12TH Repertory Company Theatre Presents "Guys and Dolls" Courtyard Theatre: 1509 H Ave. Plano, TX 75074 | 7:30 PM Experience the Broadway classic, "Guys and Dolls," at The Courtyard Theater this April! Join the lively world of gangsters, gamblers, missionary dolls, and showgirls on stage. Delight in the perfect musical comedy that follows the antics of gambling men and the women who aim to win their hearts. APRIL 14TH Markets at Assembly Park Assembly Park: 1717 East Spring Creek Parkway Plano, Texas, 75074 | 11:00 AM Enjoy the beautiful weather with your family at Assembly Park in Plano. Lunch, shopping from 25+ local businesses, and games on the lawn. APRIL 18TH Queen Tribute Legacy Food Hall: 7800 Windrose Ave, Plano, TX 75024 | 7:00 PM Experience the electrifying nostalgia of the 70s with Queen Legacy, Texas's ultimate tribute to Freddie Mercury and Queen. Feel the raw energy and vocal power of the iconic band as you're transported back in time. Let yourself be captivated by the stage presence and theatrics that made Freddie Mercury legendary. APRIL 28TH Plano Bridal Show Plano Event Center: 2000 East Spring Creek Parkway, Plano TX 75074 | 12:00 PM Discover North Dallas's premier bridal event, featuring 110+ wedding businesses to craft your perfect day. Enjoy upscale vendors, a fashion show, door prizes, giveaways, and the latest trends.
As the frost thaws and the days grow longer, the spring real estate market is warming up. Spring 2024 is no exception, offering unique opportunities for buyers. Let’s uncover the secrets to making the most of this vibrant season in your quest for the perfect home. The Energetic Spring Market: A Lively Overview When spring arrives, the real estate market springs into action. You'll notice a palpable increase in 'For Sale' signs popping up like daffodils. This is due to a combination of factors - longer days, better weather, and a general sense of renewal encourage sellers to list their properties, creating a dynamic market full of fresh listings. Choice Galore: Variety is the Spice of Life The surge in listings during spring provides an array of choices unmatched at other times of the year. This variety is crucial, especially if you have specific needs such as a home office, a large backyard, or proximity to good schools. The sheer volume of listings increases your chances of finding not just a house, but a home that truly fits your lifestyle. Picture-Perfect Viewing: The Aesthetic Advantage There’s nothing like seeing a home bathed in the gentle spring sunlight, with gardens and trees in full bloom. This is the time when properties are at their most picturesque, offering you the chance to see them in their ideal state. It also helps you envision the potential for outdoor spaces, from gardens to patios. Community and Open Houses: Feel the Vibe Open houses are more frequent in spring, offering a valuable opportunity to explore different homes and neighborhoods. These events allow you to gauge the vibe of a community, meet potential neighbors, and even ask current residents what they love about living there. Ideal Timing: From Buying to Moving Purchasing a home in spring often aligns perfectly with moving in summer - a season generally more convenient for relocation. This timing is particularly beneficial for families with children, allowing them to settle into their new home before the new school year begins. Tips for First-Time Buyers For those new to the process, spring can be both exciting and overwhelming. Start with these steps: Get pre-approved for a mortgage to understand your budget. Define your needs vs. wants in a home. Don’t shy away from asking questions, whether to your realtor, lender, or the sellers. Stay patient and don't rush your decision, but also be ready to move quickly when you find the right home. Conclusion: Your Springboard to Home Ownership Spring 2024 offers a unique window of opportunity for homebuyers. With its lively market, diverse options, and pleasant viewing conditions, it’s an ideal time to step into the home-buying arena.
Embark on an unforgettable journey through Plano's outdoor wonders, where every trail, fishing spot, and nature area promises an adventure like no other. Here's an in-depth look at the excitement awaiting you: Trails Galore: Plano's trails are more than just paths; they're gateways to exploration and serenity. Discover the hidden gems of Arbor Hills Nature Preserve, where sprawling woodlands and rugged terrain offer a thrilling challenge for avid hikers. Traverse the winding trails, each bend revealing panoramic vistas and secluded spots perfect for quiet contemplation. For a family-friendly outing, Oak Point Park & Nature Preserve beckons with its gentle pathways and abundant wildlife. Keep your eyes peeled for deer, rabbits, and a myriad of bird species as you immerse yourself in nature's embrace. Fishing Hotspots: Reel in the excitement at Plano's premier fishing destinations, where tranquility meets the thrill of the catch. Cast your line into the tranquil waters of Bethany Lakes Park, where bass, catfish, and sunfish abound. Anglers of all ages and skill levels can test their mettle against these elusive creatures while soaking in the serene ambiance of the park. Seeking a more secluded fishing experience? Head to Oak Point Park & Nature Preserve, where secluded ponds offer a peaceful retreat for those in search of the perfect catch. Nature's Oasis: Dive into a world of natural splendor at Plano's enchanting nature areas, where tranquility and beauty converge. Embark on a kayaking adventure along the tranquil waters of Rowlett Creek Preserve, where lush vegetation and serene waters create a serene backdrop for exploration. With winding waterways and hidden coves to discover, every paddle promises a new and exciting experience. Prefer to keep your feet on dry land? Bob Woodruff Park offers the perfect setting for a leisurely picnic amidst scenic beauty. Enjoy a peaceful afternoon surrounded by towering trees, verdant meadows, and the soothing sounds of nature. Outdoor Sports Spaces: Plano's natural spots offer not only serene landscapes but also opportunities for outdoor sports enthusiasts. Russell Creek Park stands out as a premier sports hub, boasting seven cricket fields, along with fields for lacrosse, rugby, football, soccer, and baseball. High Point Park is another versatile facility, featuring numerous soccer, football, lacrosse, softball, and baseball fields, providing ample space for sports enthusiasts of all ages and interests. Plano Dog Parks: Bring your furry friend along for the adventure with Plano's diverse selection of dog parks. Bob Woodruff Dog Park offers a spacious, double-gated area with amenities like picnic tables, water stations, and waste disposal stations. Windhaven Meadows Park caters to both big and small dogs, providing separate play areas, LED lighting, picnic tables, and more. Jack Carter Dog Park, nestled along the Bluebonnet Trail, features separate areas for larger and smaller dogs, along with various amenities including benches, shade shelters, and even a dog rinse station.
On the horizon of Plano, an awe-inspiring celestial event is set to captivate residents and visitors alike: the forthcoming solar eclipse. It's a rare opportunity for locals to gather, to witness the grandeur of the universe and marvel at the intricate dance of celestial bodies. As the city prepares for this extraordinary occurrence, residents are encouraged to find a prime vantage point amidst Plano's picturesque neighborhoods, parks, and scenic spots to behold the spectacle and create lasting memories against the backdrop of this mesmerizing solar eclipse. Eclipse Watch Parties Plano is on the path of totality for the total solar eclipse on April 8. Make it a weekend getaway or come for the day; either way, Plano is total-ly the place to watch with two official viewing locations. WHEN April 8, 2024 WHERE Windhaven Meadows Park; Oak Point Park and Nature Preserve Plano, Texas
Easter Bunny Photos at Bunnyville Event Date: March 1st - March 30th, 2024 Event Time: Hours vary, check website for more details Event Description: Hop on over to Bunnyville at The Shops at Willow Bend to visit the Easter Bunny for fun and memorable family photos! Enjoy the festive atmosphere and capture precious moments with the Easter Bunny from March 1st to March 30th at Dillard's. Plano Farmers Market Event Date: Every Saturday, year round Event Time: 10:00 AM - 2:00 PM Event Description: Explore a wide array of fresh produce, artisanal goods, and crafts while supporting local farmers and artisans. It's a vibrant community event perfect for a Saturday morning outing. Marvel Trivia 2024 Event Date: March 19, 2024 Event Time: 7:00PM Event Description: Test your Marvel knowledge at Marvel Trivia 2024. Gather your friends and compete in a thrilling trivia night featuring questions about your favorite Marvel superheroes, movies, and comics. Texas Forever Fest 2024 Event Date: March 23, 2024 Event Time: 11:00 AM - 6:00 PM Event Description: Celebrate the food, music, and people of Texas at Texas Forever Fest in Plano's Haggard Park. This lively event, sponsored by H-E-B, promises a day filled with Texas culture, including delicious food, live music, and family-friendly activities. Farmstead Eggstravaganza Event Date: March 23, 2024 Event Time: 9:00AM - 12:00PM Event Description: The Farmstead Eggstravaganza is a delightful event held at the Heritage Farmstead Museum, featuring an exciting egg hunt, live demonstrations, and family-friendly activities. Visitors can join in the egg hunt, explore historic exhibits, enjoy wagon rides, and even capture memorable moments with farm animals at the photo ops area.
