Chapter 7 ( Home sweet Home)

at the beginning dave is talking about buying a house and roy assures him it will be the best investment he will ever make. and roy proceeds to tell them that todays lesson is on home ownership. he also assures them that renting is not throwing your money away. he tells a story how owning a home can be a great way to gain wealth. he shows how a monthly mortgage payment can be the same as rent therefore a better investment. the tax incentives with homeownership also make it appealing. he also explains how it is a source of pride going home to your own home at night. it is one of the best forced savings plans too. he also explains how in many cases a rent payment may be less than a mortgage payment. Home ownership must work together with the other savings means. he also alerts them to the possibility that real estate can go down in some cases. he suggest buying the worst home in a best area so it can appreciate, and to do minor improvements such as decks that will pay off. he also suggest to have an inspector look at any houses you are interested in. he says it is great to always make the biggest down payment possible which is easier for second tim home buyers. and as far as mortgages go there are many possible ways to pay it off early, and a 15 year mortgage is a better buy than a 30 year. Foreclosures are often another way to get a great deal. They left and he told them next month would be saving spending and credit management.