That leaves you with a net return of $24,000 of that $100,000. Over 10 years, your investment returned 2.4% per year, and we didn't even include the cost of roof, plumbing, paint and other maintenance fees.
A good general rule to keep in mind is that you will spend about 1% of your home's purchase price on maintenance each year, but those fees can be more expensive during times of high inflation.Don't buy a house expecting to make a true profit. Instead, only buy when you have enough income, whether it is passive or active, to fund the cost of mortgage, property taxes and upkeep.
When your home doesn't provide monthly cash flow, its value is always tied to having a homebuyer who is qualified to buy and who likes your home. You pay to live in it while you wait toTough times often benefit the value of rental properties and hurt single-family homeowners. When I go to sell a rental property, I only need to find someone who wants to make a profit, and that's not hard to do.
At best, a home is a place to call your own, and it can provide stability. But if your goal is to create wealth, there are so many other options, such as stock market or commercial real estate investing. I also don't believe that owning a home should be considered as the"American Dream." For the most part, it's simply a place to live — and there are always costs attached.
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MakeIt In Tanzania if you don't have a house you will suffer.