Homeownership is the dream of many and while it may be the only way for most of us to start to build a decent life, it’s a dream many don’t get to achieve.
As the world has become more and more digital, the costs of owning a home have skyrocketed.
A $3 million house can now cost a family of five more than a $200,000 one.
It’s a luxury that some may not be able to afford, but it’s also one that many homeowners have struggled to find, and not just for the money, but for the experience.
We asked our guest, real estate agent, and homeowner to share how they built a dream home for $2 million with the help of their own financial skills and expertise.
1.
The Plan: When I got married, my fiancé and I were looking to buy a house for our family of four and we decided to buy our first home in the New York City area.
We were also looking to save up for the down payment on our next house.
As we were working through the mortgage application process, I saw a picture of my fiancée’s house on the house website.
I had a feeling that this was the house I wanted to live in and I was so excited that I bought the house and bought it for myself.
I decided to rent the house for the first time, and I quickly realized that it was a great opportunity to build my home.
The price tag on the first house was just shy of $1 million, and that’s before taxes, insurance, and utilities.
I knew this was a good deal and I had no hesitation about investing in my dream home.
2.
The Details: I was looking to put my home on the market and was able to secure a $1.5 million down payment for the property.
The first two years of my mortgage payments came out to just over $1 mil.
The interest rate was low, and it came out very competitive.
My house was worth more than my monthly rent and my taxes were paid in a very short amount of time.
I paid $800,000 upfront and was saving more than I was earning in my current job.
I was able, thanks to my financial skills, to take the time to build this house for less than $2,000.
I also knew that the home would be a wonderful place to live and it would be perfect for my kids.
I rented the home out for four years and paid just under $1 per month.
My wife and I lived in our first house for just under two years, but our second home, for the next five years, was just under three million.
I did not make any significant payments, and my house stayed at the same price.
After four years of renting out our home, we bought our second house for $5.7 million.
The next year, we had a great deal to offer the house, but we had to give up some of our income and rent to finance the sale.
I took a one-year pay cut and used the money to pay off our mortgage, which was over $6 million.
After paying off our loan, we were able to purchase the house.
The cost of the house is $3.9 million.
As I was planning to live there, I also decided to upgrade my plumbing.
The upgrades included adding a faucet, and we also added new windows, new doors, and new flooring.
The new house is now worth $4.9 Million.
3.
The Results: The first year of my house purchase was great.
I started building a strong financial foundation and my family is very happy with the house we’ve built.
We’ve done well with our home and we now have enough money to start building another home in New York.
I’ve been fortunate enough to have worked hard on my financial foundation, and the improvements to the house have paid off for us.
I’m grateful that my wife and my kids have been able to live happily in our new home.
4.
The Future: My wife, who is now a mother, and her three daughters are all extremely grateful for the investment in their future.
I am excited to see the future of our family and have the ability to contribute to their education, as well as their career.
I have an amazing job and have made good money while working on the home.
I will be able do all of the renovations and additions that I have planned for the future.
The rest of my money will go toward my mortgage, and most of the expenses on the new house will be covered by insurance.
5.
The Process: The next steps are to complete the renovations, and then move into the house on a temporary basis, so that I can complete the full restoration work that is needed.
The renovations and renovations will take at least two