Your House and Building Financial Security

By Dr. Glenn Mollette

As we approach Memorial Day, give thanks for our soldiers who gave and are giving sacrificially for our freedom.

One of the freedoms we enjoy is the freedom to own a house. The greatest asset of most people is the roof over their heads. Your house may be worth more than all of your cash, savings accounts and in some cases retirement funds combined.

If your house is paid for then congratulations to you. You have achieved a beautiful piece of the American dream. When I was 26 years old, I bought a house on a land contract. The house cost $80,000. Interest rates were 17% back then and a man sold it to me for no money down and 10% interest rate. The rate then was good and it was good for him. He was using the sale to fund his retirement for 20 years at about $800 per month. It was great for me because I didn't have a nickel to put down on the house. If you can buy a house this way then more power to you and the seller. Talk to an attorney and make sure the title is clear and the contract is solid before you enter into the agreement. A couple of years later I moved and sold the house and cleared $10,000. It worked out okay for me. The man got his balance owed plus interest.

You may not find a land contract deal and will have to go through a bank or other lender. The idea of entering into a 15, 20- or 30-year loan agreement is overwhelming. If you can handle a 15-year loan you will save tens of thousands of dollars. When you purchase a house on a 30-year loan the cost of the house depending on interest rates will almost double.

When you a pay a few years on your house you develop equity. You could borrow against the house in case of an emergency. Once you have paid for your house it's yours and you have a place to live. In your golden years if you decide you don't want the hassle of taking care of property you can sell it and utilize the cash to rent or buy something more economical. However, carefully assess if you really want to give up your space and be subjected to a land lord or rental association. You'll always be more independent in your own place if you can maintain what you have.

There are tax benefits to buying and owning property that you won't get when renting. You will also come out better financially if you are planning on living at least five years in your house.

A man or woman's house is his or her castle. Invest in a place to live if and when you can and give thanks for a country where we have the freedom to build financial security.

Dr. Glenn Mollette is a graduate of numerous schools including Georgetown College, Southern and Lexington Seminaries in Kentucky. He is the author of 13 books including Uncommon Sense. His column is published weekly in over 600 publications in all 50 states.



More Resources


Making the Most of a Small Bathroom
In bathroom terms at least, bigger doesn't have to be better - It's all just a case of making the most of the modest proportions you're presented with! And what's more, designing a bathroom that's small on space usage but big on style and functionality should be a lot more fun.The Click Bathrooms guide to maximising a modest bathroom follows three simple principles?1 - Make it seem biggerA great way of tackling a bathroom with limited dimensions is by creating the illusion of space.
Replacing Aluminum Frame Single Pane Windows
In our past articles I talked about all the steps required to properly replace your old wood sash windows with energy efficient vinyl windows. I told you how to measure for the new windows.
Sparkling, Clean Lighting Will Add The Perfect Touch To Your Home
When one thinks of the many factors that affect the look of a room, most people think only of the paint and furniture. In doing so, they overlook the most important factor: Lighting.
Planning Your Replacement Windows Installation
Windows are the eyes of a home. From inside, you see the outside world through them.
Choosing a Vinyl Replacement Window Contractor
Whenever I write an article, it's usually tailored to the do-it-yourself homeowner to help them save some money on the high cost of labor these days. This article is for the "not so handy" homeowner who wants to have new vinyl windows installed in their home.
Choosing Color Schemes: Colors and Physiological Response
Because colors have tremendous emotional impact, understanding how color affects human beings can help you create a harmonious, joyful home. But studies have also shown that color elicits physiological responses, as well.
Deck Decorating
On my blog, I once wrote about life on the Veranda - a favorite Southern, summer pastime.Picture a Charleston side-porch house, facing the obligatory magnolia tree, refreshing gin and tonics or the standard mint julep.
Upholstery Fabric Will Give Your Furniture a New Look!
Upholstery fabric will put some new life into your old and ragged furniture. If you notice that your furniture has been starting to look a little worn and shaggy recently, upholstery fabric may be just what you are looking for.
5 Steps for Creating a Garage You Can Love - and Use
A major US corporation recently launched a new line of products it hopes will create a $650 million retail business - appliances and storage devices designed to appeal to the 65 million garage owners in the U.S! According to a 1994 study by the U.
Fixer-Uppers: What To Fix
You've bought a house, a fixer-upper you can make some money on. What improvements and repairs should you make? First of all, you need to know this before you buy, as I explained in another article.
Warm & Toasty Outdoors with Patio Heaters
The Heat is On with Patio Heaters Any outdoor lover will tell you that the right patio heater will allow you to extend your love of the open-air life all year round. A 15-20 foot circle of heat can easily increase the outside temperature by 10-25 degrees Fahrenheit and that makes all the difference between having to stay inside and eating out.
10 Tips for Working With a Contractor
This is the year you're going all out. You're going to build a deck, add a porch, erect a gazebo or lay a patio.
Stair Railings Styles
The stair railing at home is more than a simple way to get from a floor to another. You can create an extension of your personal likes in decoration, with ornamental parts of wood, iron and other material easy to install that will increase the value of your home at the same time.
Chester Conservatory Build Process
1. The site of the proposed conservatory.
Hand Stripping Furniture
Directions for HAND Stripping.Work with plenty of ventilation, safety goggles or glases, and skin protection.
Would You Steel Your Household Appliances
Would you steel your appliances? That is a question many consumers are now asking themselves.The "in" style -----------------------Stainless steel household appliances are the "in" style right now.
Building a Garage Addition to Your Home
One of the most rewarding home improvements I made to my house was to build a garage addition. For years I contemplated building a garage addition while I scraped the ice and snow from my cars and waited for them to warm up during the winter months.
Installing Vinyl Replacement Windows In A Wood Frame Opening
When we left off last week, we had removed the old wood sash windows and prepared the opening for the vinyl replacement windows. Now it's time to install your new windows.
New-age Paint Thickening & Rheological Additives : Solvitex & Solvizen
For Paint Manufacturers worldwide, there has come a radical new development in the legion of Thickening Agents & Colloidal stabilizer for Aqueous Latex Paints. So far most of the companies producing aqueous Paint emulsions, the most preferred thickening agent was Hydroxy ethyl cellulose (HEC).
Hot Tubs: Without A Shadow Of A Doubt Guarantee Relaxation When You Dip Your Feet Into The Water!
A staple of healthy outdoor living, hot tubs equals to water therapy that pound our bodies with jaw dropping and heart stopping relaxation. Dating back to Roman times, baths served as a medical remedy in treating many maladies.

More Home Improvement Information:

Related Articles


Planning Permission Tips UK - Agricultural Plots of Land for Sale - The Latest Mug Punter Scam?
The first part of most years brings a flurry of trade shows aimed at the public & trade alike such as The Ideal Home Show, Interiors & just recently the Building Exhibition at the NEC. It never ceases to amaze me the amount of new gadgets & Gizmos (along with the usual tat) that companies invent for our consumption.
Planning Permission Tips UK - Conservatories - Dispelling a Myth
It's now well into the new year and the residential development scene has got off to a good start again. All this talk about 'slow down' certainly hasn't affected peoples desire to improve rather than move.
Your Home is Your Symphony
"Dr. Carl Sagan once wrote, "Somewhere, something incredible is waiting to be known.
Expansion for Heat Absorption
In the refrigeration cycle, the refrigerant must undergo a change in state in order for the heat to be absorbed from the environment.The refrigerant has the property of changing its state from liquid to vapor at normal room temperatures.
How To Choose The Canvas For Your Awning
The main factor for the canvas for your awning, it's to choose to do in PVC, because will be light and malleable.Between their advantages we have the following ones:It's resistant to the UV raysAllows any colorThey possess some protection coatings, as the following:Not to allow the fire propagationWith blockade against UV rays (with great resistance against the effects of the ultraviolet rays that discolour along the time)Fungicides (addictive that avoid the formation of mould and stains)Non oxidizer, to avoid the appearance of iron stainsAddictive to avoid negative effects to the aesthetics and the brightness, that could damage the coating and to reduce the useful life of the canvas)A varnish layer or lacquer in the coating (the varnish is not only designated for protection of the canvas from the UV rays, but also improves the self-cleaning characteristics; one of the used material for that is the Tedlar).
Microwave Convection Ovens - Double Benefits
Microwave convection ovens have both microwave and convection facilities. Microwave ovens cook the food with amazing speed by heating the food only and nothing else.
Be Cool and Comfortable While Saving Money
The cost of energy is on the rise, so if you want to have better air quality and feel more comfortable, you must be prepared to pay for it. People in homes and businesses are looking for ways to save money and still remain comfortably cool.
Flooring: Installing Ceramic Tile
Ceramic Tile brings a texture, richness and color to a room that Linoleum has yet to truly mimic. Tile floors can be installed in any room, however they are most frequently seen in Bathrooms and Kitchens.
Improving Your Bottom Line Through Vastu
The design of your office and home has a great influence on your financial success. If your work or living environments are in harmony with nature they have a positive affect on your prosperity.
Why Should You Need Tools for Everyday Living
How often you have used tools for your everyday living? The advantage for having power tools, automotive tools or garden tools in your house is really awesome. In an emergency condition, you might need tools to repair your things.
Interconnects for Your Audio/Video System - Choosing The Proper Cables
Research & DevelopmentI began designing audio and video interconnect cables in 1988. I was asked to develop custom interconnects for discriminating audio and videophiles, who wanted to see and hear the quality of their components and the source material without added personality from their interconnects.
What Two Words Will Double the Space in Your Home?
Just two words and a bit of explanation about them will help you to double, maybe even triple, the space in your home now. Those two words are "Go vertical.
Here Comes The Sun: Solar Energy is Becoming More Attractive for Mainstream Consumers
The price of a barrel of oil has never been higher ($62.00+ in summer 2005 even before the chaos caused by Katrina).
The Versatile Reciprocating Saw: The Power Tool of Your Dreams
A reciprocating saw is simply one of the handiest tools you can own. These tools are great for applications in the home or the jobsite.
Area Rug Buyers Guide
When you begin decorating your home there are some important factors to consider. Your floors will usually be the foundation for your design.
A Look at Steel Building Kits
Steel building kits are a comprehensive set of all the parts required to assemble a steel building. They contain everything right from pre-drilled holes to the bolts for joining the individual components together.
Pre-Fabricated Steel Buildings
More and more construction is being done with steel in recent years, as more people learn about the many benefits of using steel vs. other construction materials.
Pre-drawn House plans the Benefits and Styles
Pre-drawn house plans are those that are drawn by architects or home designers and then offered for sale, unlike those that are drawn for an individual, with input from the customer. While this method may be a great idea, there are definite benefits to purchasing pre-drawn house plans.
Creating Your Joyful Home: Dawning of Your Emotions
"I keep the subject of my inquiry constantly before me, and wait till the first dawning opens gradually, by little and little, into a full and clear light."-Isaac Newton (1642 - 1727)Creating a joyful home requires careful planning in order to choose the perfect interior design details.
A Guide to Commercial Steel Buildings
Commercial steel buildings are prefabricated and custom-designed for use as offices, stores, distribution centers, freight terminals, service stations, aircraft hangers, commercial garages and more. Since they can be molded into a range of shapes and sizes, steel buildings are finding applications in most any industry imaginable.