Most people know that home ownership is good, but many don’t realize its potential as a centerpiece and foundation of wealth creation.
After helping homeowners and clients for the past 30 years, I can tell you, without any question, that the most significant source of savings for the vast majority of them has been the equity and wealth that was built by them owning the house that they live in. The value that people get out of stabilizing their lives with
a place to live,
a place to raise their families,
a place to make their own,
and a place to invest their financial resources
is really shocking when you look at it over long periods of time and with lots of different people.
Understanding Fiduciary Duty
What is Fiduciary Duty?
A fiduciary is someone legally required to have your best interest in mind. When buying a home, choose a real estate agent and mortgage lender who will act as your fiduciary, ensuring they put your interests ahead of their own.
Practical Fiduciary
At 5280Lend.com, we emphasize the importance of a practical fiduciary—someone who acts in your best interest even without legal obligation. Trustworthy professionals are crucial for a well-planned home buying experience.
Potential Savings Areas
Timing the Market
While it’s challenging to time the real estate market perfectly, owning a home for the long term is generally a sound investment. Don’t wait for the perfect conditions; start your home buying journey now to begin realizing long-term benefits.
Negotiating the Sales Price
A skilled real estate agent and mortgage lender can help you negotiate the best deal on your home. They understand market conditions and can guide you on when and how to negotiate effectively.
Negotiating Commissions and Interest Rates
You can negotiate the real estate agent’s commission and the interest rates on your financing. However, ensure that any reductions in commission do not compromise the quality of service you receive.
Practical Tips for Homebuyers
Find Trustworthy Pros: Choose real estate agents and mortgage lenders who have your best interest at heart.
Manage Your Project: Treat your home purchase like a project, with a clear roadmap and careful planning.
Negotiate Wisely: Understand where you can save money through effective negotiation.
Research Thoroughly: Know the neighborhoods you are considering to make an informed decision.