Speed Realty

Modern Agent Hot Takes: The 5 Year Rule

Let's say you only stay in your home for 5 years...can it can STILL be worth the investment?

I think so!! Let me explain...

💰 For starters, your house can appreciate and you'll likely make money when you sell it later, even after paying agent commissions.

💸 While the initial down payment can be significant, you have opportunities to save money in the future! Special tax breaks and not being at risk for a sudden increase in rent means more money in your pocket!

🎨 You can make upgrades to your home while you live there, which could make your house sell for even more in 5 years. And in the meantime you can enjoy living in a home full of upgrades!

💰 When you are ready to sell, you may be able to keep your current home and turn it into a rental. This way, someone else can continue paying making your payments and you can hold onto that home and let it appreciate even more over time while also moving into a home that better suits your needs!

☀️ Let's face it, nothing is hotter than creating wealth through homeownership! So even if your next house is not your "forever house," your opportunities for savings AND making a profit in the future are always possible!

That's it. That's the whole post.

My clients were set, so they thought, on a specific neighborhood that they wanted to find their next home. So, we set out on a Saturday morning to see all of the homes on the market in that neighborhood in their price range.

We should have known when we saw the homeowners' cars in the driveway when we pulled up for the showing that this would not be the house for them. I double checked I scheduled the showing for the correct time, and then decided to knock on the front door. The homeowner came to the door and let me know her daughter was showering and asked if we could come back in ten minutes. When we returned, their cars were gone.

As soon as we stepped inside, the smell of smoke took over. There was dog hair caked on the baseboards, and it was just dirty. We didn't even make it past the living room before my clients wanted to leave because they were so turned off. We basically walked right in and right out. (And this was not an underpriced home due to what it looked like inside--they actually had it priced competitively with other similar sized homes.)

You read about me reminding you often how important first impressions are when selling your home--they really are! If you want top dollar for your home, it's a must to prep it for sale by following steps I've mentioned before. If you'd like my free home selling guide that has many tips in it for what to do to prep your home for sale, let me know in the comments or DM me.

DAY 4: MONEY MINDFULNESS (Our Savings Challenge is *almost* over...can you believe it? Go back to Days 1-3 if you're just now joining us!)

Now that we've analyzed our previous spending habits and checked our credit scores (and debt amounts), it's time to track future spending.

Set up a Google Doc or start a note in your notes app and start tracking your spending. Do this for 30 days so you can become hyper aware of what you're spending money on as you're on the go.

Pro tip: When you *have* to write down your expenses in the moment, it will become a lot more evident as to what is adding up fast that is preventing you from saving for what it is you really want!

In business they always say an untracked number never grows, so it's important to keep a close eye on your savings and doing what you can to actively make it grow! Doing this for a period of time will really open your eyes and help you reach your goals.

One more challenge left...any guesses what it could be?