sell but says he learned some valuable lessons as a first-time home buyer that help him continue to build wealth today. “I realized early not to be in a hurry to fix up my home. When I bought this house, it was a 30-year investment and I didn’t want to feel financially strained by rushing to put a lot of money into it,” he says. In addition, Majette says having a rental property nicely supplements his income.
WEALTH NOW AND FOR THE FUTURE
Both the Swaffords and the Gordons say their first home fits into their long-term plan to build wealth for their families. The Swaffords are determined to create a legacy of homeownership. “When we do get a bigger home, we can rent this one out for extra income,” say Christina and Raun Swafford. “Our hope is to be able to pass a home on to our kids.”
Over the last three years, the property values in the Gordons’s neighborhood have almost doubled. Purchasing their starter home has provided them with a base for more profitable real estate deals in the future. “We wanted a first home that would appreciate in value, and I hope we can sell it and realize a substantial profit,” says Karen. “This home will definitely lay a foundation to help us do more in terms of buying in the future.”
HOME BUYERSASSISTANCE PROGRAMS