If you’re a homeowner and you’ve been saving up for the home of your dreams, you may be surprised to learn how much money you’ll actually save by purchasing your own.
“Most of the properties that we sell don’t have much in the way of equity,” says Michael Zabala, the founder of the real estate syndicate The Zabalas.
“We sell a lot of houses, and then a lot more people buy them.
We sell them for $50,000, and people spend $150,000 to $200,000 on them.
Most of the time, that’s it.”
For those of you who are not in the market for a home, there are several ways to save some cash.
“When you buy your own, you’re paying the mortgage, and you’re buying from a home that has less than 100 years on it,” Zaballa says.
“And if you’re looking for a house that’s not too old, you can look at newer properties.
And then if you want to save for retirement, you want your home to be as close to the value as possible.”
Read more on how to save a little cash.
Zabla, a real estate agent who’s been selling properties in Phoenix for the past three years, says most of the homes he’s sold are in “very old” neighborhoods, and they’re expensive.
But he says the Zabals are not alone.
“The trend right now is to buy a house with a lot less than a million dollars,” Zabsala says.
If you don’t already own a home in your state, you’ll need to consider some of the other options.
“A lot of people don’t want to sell their house, and instead they buy an apartment or condo,” Zabbas says.
But Zabalos says the biggest reason people are buying new homes in the city is that there are many more available.
“There’s a lot in the community of young people that are trying to get into the city and the suburbs, and this is a great opportunity to do that,” Zablas says, adding that he and his partners “buy in lots and lots of homes.”
If you want more of a challenge, Zabbals says you could also consider buying your property outright.
“But what I think the biggest thing that people want is to know where the house is,” Zafala says, and “to see the location, and to see the amenities.”