A house is built by wisdom
and becomes strong through good sense. Proverbs 24:3 NLT
Why buy a house? Here are some important words associated with that question. Equity Appreciation, Legacy
Equity defined by dictionary.com points 4&5. The monetary value of a property or business beyond any amounts owed on it in mortgages, claims, liens, etc.: Over the years, they have carefully avoided tapping into their home equity for unnecessary expenses. Informal. Ownership, especially when considered as the right to share in future profits or appreciation in value.
What it means is that you eventually have access to large sums of money like $36,000.00. Consider it like a lifetime savings bank that you can deduct on your taxes. Here are some benefits: having money to pay for college, buying a new car with cash or even having money to pay for a funeral
A word to the wise: The rich ruleth over the poor, and the borrower is servant to the lender. Proverbs 22:7
Have you ever owed someone money that you’ve borrowed? When you see them and haven’t got their money (or don’t want to pay) you dodge them, right? With equity you join the varsity team.
Appreciation defined by dictionary.com point 4 describes appreciation as an increase or rise in the value of property, goods, etc. An example. You buy a house for $250,000.00 in five years the house has increased in value (because of your prayers and all the old ladies policing the neighborhoods with their brooms) to $360,000.00 You do the math 360k minus 250k equals 110k which all belongs to you. Would you consider this a gift or a blessing?
Legacy defined by dictionary.com point 1 describes legacy as Law. a gift of property, especially personal property, as money, by will; a bequest. If you really want to do something for your children, then leave them a paid in full house and money from an insurance policy (discussed later). This will give them a better life than what you have because they will have MONEY.
A good man leaveth an inheritance to his children’s children: and the wealth of the sinner is laid up for the just. Proverbs 13:22
These are just some things to consider when thinking about your upcoming New Year. When you commit it to pen & paper, it becomes a spiritual task for all of heaven to make happen on your behalf.