Here’s a closer look at real estate as an appreciating asset.
Today I’m delighted to be joined by our go-to attorney, John Voutiritsas, to talk about long-term home appreciation and why you shouldn’t always expect to build a ton of wealth as a homeowner.
People have a perception that when they buy a home, it will automatically appreciate. So here’s my question: If it’s an appreciating asset, how come you depreciate the value on your taxes?
According to John, you have to discard the belief that the primary reason you buy a home is to make money on it. You’re buying a home to put a roof over your head, grow your family, and make memories. You should not buy a home with the mindset that it will make you money in the future, unless you’re a home flipper, of course.
If you have any legal questions relating to real estate, feel free to reach out to John at (773) 968-9170. If you have any other real estate needs, don’t hesitate to reach out to me via phone or email. I look forward to hearing from you soon.